8 E-Commerce Trends for 2024 You Can't Ignore

We're stepping into a new year in ecommerce, and it's more competitive than ever. You must stay up-to-date on the latest ecommerce trends so you don't lose your role in the ecommerce scene.

Remember Henry Ford's words: "If I had asked people what they wanted, they would have said faster horses." 

Just as Ford stepped outside the box, the ecommerce industry challenges you to expand your horizons and explore new possibilities.

In this blog, we'll discuss the biggest trends from 2023 that will help you plan for 2024.

Ecommerce Trends in Technology

Artificial Intelligence

We see AI everywhere, and ecommerce is no exception.

At its core, AI simulates human intelligence using algorithms and big data. When used in ecommerce, it analyzes and responds to consumer behavior while giving you actionable insights.

Recently, AI has become popular for personalization due to its ability to easily customize user experiences.

A survey found that 80% of consumers are more likely to buy from a brand that gives them a personalized shopping experience. So who doesn't want loyal customers?

As a leader in so many areas, Amazon is in AI too. They actively watch ecommerce trends and experiment with AI. Whether it's dynamic pricing, personalized search, or a better customer journey, AI plays a critical role at Amazon. 

Mobile Shopping 

We live in a world where smartphones are everywhere, so it's no surprise that 79% of smartphone users shop on their mobile devices. 

Mobile shopping is one of the hottest trends in ecommerce as it gives customers the freedom to shop whenever they want.

It's safe to say you're losing a lot of sales without a mobile-friendly ecommerce site or app. Modern customers expect this convenience along with seamless digital payments. So, make your 2024 action plan mobile-friendly.

Dynamic Pricing

Pricing plays a key role in e-commerce. So, no strategy will work without adjusting prices to match the latest price trends. 

In 2023, dynamic pricing took its first steps. There will be a lot of interest in this trend in 2024. Ecommerce players will benefit from it in the following ways:

• adapt to market changes.
• respond to competitor actions.
• sync prices with customer behavior. 

If you don't use dynamic pricing, you risk losing a competitive edge and disappointing customers. So, make sure your prices are dynamic in 2024, especially for Key Value Items (KVI). 

Pro tip: In 2023, digital price tags became popular. These tags make price updates fast and easy by eliminating the hassle of manual work.

Customer Experience Trends

Social Commerce

We can't ignore social media when discussing ecommerce growth trends. Today, social media is more than just a way to connect with online shoppers. It's a powerful tool for sales.   

You can use apps like TikTok Shop, Instagram Shopping, and Facebook Shops to make more sales. These platforms are especially great for small businesses to reach and engage with their customers at a reasonable price.

Work with Influencers

The digital world values influencers, and their preferences shape brand strategies. This means their influence extends beyond customers to ecommerce marketing.

Picture this: You have a solid social strategy. Now combine it with smart influencer marketing campaigns.

Yes, the results will blow your mind!

The Next Big Trends

API-Driven Ecommerce Strategy

API has become a popular trend in ecommerce, especially for companies looking to integrate data seamlessly.

What is it?

APIs connect different software applications, integrating them seamlessly. In a nutshell, an API helps systems “talk” to each other.

Why is it an ecommerce trend?

• It connects different platforms and tools. It integrates CRM systems, inventory management tools, and payment gateways.
• Your ecommerce business needs change as it grows. APIs let you adapt your system to new requirements without rewriting everything.
• It gives you access to huge datasets, analyze customer behavior, and personalize shopping.

Personalized Experiences

Customers aren't happy with standardized offerings anymore. That's why ecommerce personalization trends continue to grow. 

Today, brands spend a lot of time and resources analyzing buying patterns and behaviors. It's not just about increasing sales. It's about understanding customers and making each interaction meaningful and personalized. 

Augmented & Virtual Reality

When online stores first emerged, consumers were skeptical about giving money to a website. Today, consumers have many safety nets. Despite that, there is still some uncertainty since things may not fit perfectly. That's where Augmented Reality (AR) comes in. 

Keep in mind: VR and AR aren't the same thing. 

AR combines the real world with computer-generated images, sounds, or other things. Virtual reality (VR) puts the user in a computer-generated environment that seems real.

Brands are embracing AR and VR to offer a more engaging shopping experience.

One good example is Valentino. The brand has partnered with Farfetch-owned augmented reality company Wanna. With the Wanna Wear app, shoppers can now virtually try on Valentino's Urban Flows Fall 2023 men's collection. 

Likewise, IKEA hasn't missed this ecommerce trend. The IKEA Place mobile app enables customers to see 3D product images in their homes using Apple's ARKit technology. So, they can see how a piece of furniture fits into a room.

Plus

Ikea launched a QR code experience featuring a 19-foot blue bag statue. When a visitor scans the QR code, an AR animation appears displaying a stream of Ikea products.

Digital Shelf Analytics

It is no surprise that digital shelf analytics is also a hot topic with so many products competing for visibility and brands trying to stand out.

It's a familiar scene. In the same way that traditional retailers analyze product performance on physical shelves, online retailers are now optimizing their digital stores.

Visibility Performance

Online product positioning is becoming like in-store placement. Brands are focusing on their product's search ranking across various marketplaces, so they can maintain top placement.

Content Validation

There's a growing demand for product content management. Brands focus more on accurate descriptions, quality visuals, and multimedia to get people to click.

Using analytical insights, they're finding content gaps and refining presentations.

Price Optimization

Pricing is becoming more data-driven. Rather than just monitoring competitor prices, brands analyze insights and make real-time adjustments.

Mindsite's Advanced Analytics

Our digital shelf analytics ensure you stay on top of ecommerce trends. Contact us today and explore how our solutions can contribute to your 2024 strategy.