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E-Commerce is constantly evolving with the rise of new technologies and smart devices. As the competition becomes fierce, customer expectation increases.
Consequently, brands should keep up with the latest E-Commerce trends in the competitive space.
As we near the end of 2023, it’s crucial to understand the latest E-Commerce trends that can work as an ‘X’ factor for the digital marketing industry. These trends can be a game-changer for startups and the stalwarts in the E-Commerce industry.
This post will focus on the E-Commerce trends that matter the most in the coming year. Reading through these pointers will give you better insights into E-Commerce and how to leverage these to keep up with the competition.
Adoption of Payment Methods, Including Crypto and Pay Later
As an alternative to credit cards, first crypto and then Buy Now Pay Later have emerged as two of the preferred payment methods for the E-Commerce industry. Crypto payments enable fast transactions with low fees and provide fraud protection.
The BNPL industry is predicted to grow by 1200 percent from 2019 to 2024. The flexibility of choosing between the monthly, quarterly, or custom monthly installments makes this payment a more viable choice.
There are various third-party payment gateways that enable cryptocurrency payments for merchants. Payment gateways like Stripe, Planet, and Fondy enable BNPL payment along with crypto payments, credit cards, and others.
Increased Video Usage
Video content is one of the most consumed mediums in 2023, and the trend will likely increase in the next few years. 84% of consumers say their buying decisions are influenced by the brand’s video because product videos offer more clarity and bring details into product offerings.
E-Commerce brands will leverage video promos, tutorials, product videos, and testimonials to engage with customers on platforms like YouTube, Instagram, and TikTok.
E-Commerce Chatbots to Enhance Customer Experience
The concept of conversational commerce has made chatbots an active tool for communication on web pages, mobile apps, and social media. The adoption of chatbots has increased by over 92% since 2019, making it a more convenient choice for merchants.
Using AI chatbots has revolutionized sales and processes and enhanced the customer experience by personalizing the conversations. Furthermore, AI-driven chatbots are easy to set up and quick to deploy. They don’t need to be trained for weeks.
AI to Bring Hyper Personalization
AI uses advanced technologies like machine learning, natural language processing (NLP), and deep learning to create personalized brand messages and content for its users.
In 2024, AI will be driven highly by hyper-personalization. Based on customer data, the models will provide tailored product recommendations, ease product discovery, and track and analyze the buyer’s behavior and even the browsing behavior.
The predictive models will efficiently track the most potential products to sell, cutting down the complicated steps to the buyer journey.
That said, leveraging the AI models with your E-Commerce strategy will certainly influence sales conversion and boost customer satisfaction rates.
Prevalence of Voice Search
Voice search has grown among shoppers in the last few years, thanks to voice assistants like Siri and Alexa. Around 70% of the users now opt for the voice-based search rather than typing the keywords. You will miss out on a large fraction of buyers if you haven’t optimized for the voice search.
That said, retailers should quickly adapt to voice commerce by largely focusing on conversational keywords and local SEO. Using voice-based search will reduce friction, increase search accuracy, and make website navigation more user-friendly.
Refer to this amazing guide by SemRush to optimize your site for voice search and local SEO.
Image Search
Imagine you are in a retail store and like a product but don’t feel like paying the full price. Next, click a picture and use image search to find a similar product at a lower price online.
Image search is a great tool for visually searching for products using personal photos and adding them to your wishlist. As the majority of shoppers shift towards mobile commerce, around 50% of online shoppers use images to shop efficiently.
Pinterest, for example, has introduced an image search feature that enables you to zoom in on an object to find similar products.
AR & VR to Visualize Purchases
Who would have thought that you could visualize your couch at your home setup before purchasing it? Thanks to Augmented reality, which enhances customer engagement using 3D visualization of the products.
With video content becoming a standard for E-Commerce, VR will continue to pace up in 2024. Furniture giant Ikea has already adopted this feature that uses 3D technology to test your products in the room setup.
Technologies like these encourage customers to test the products visually and make a purchase decision.
More than 75% of consumers prefer mobile shopping compared to 15% on desktop and 6% on tablet. The mobile commerce market has witnessed significant growth from $52.1 billion in 2020 to $127.5 billion in 2023.
To simplify the mobile-first experience for consumers, brands should focus on various aspects, including:
- Use mobile-first design instead of responsive.
- Create mobile order and pay app to reduce queues.
- Link apps with digital wallets to ease quick payments.
- Allow social media login instead of a long sign-up process.
For instance, Starbucks created a mobile order and pay app in 2015 that saw a surge in orders by 2021.
Around 47% of social media users consider buying products from social media platforms.
In 2024, E-Commerce sellers will be willing to sell their products through social media platforms, and thus, the term refers to social commerce.
Social media is the new hotspot for shoppers to check out trendy outfits, furniture, and whatnot. Instagram, TikTok, and Facebook have morphed into a sales platform with features like shopping posts and in-app purchases.
For example, you can open an Instagram shop to display your products, add the products to the storefront, and run ads to promote your shop directly.
Even if you own an E-Commerce store, selling on social media can boost your revenue.
Conversational Marketing
Conversational marketing doesn’t merely mean using chatbots or voice assistants. The new age conversational marketing encompasses voice search, omnichannel capability, and live video streaming.
Brands should not just stick to their website but expand their horizon to social platforms, emails, and messaging platforms like WhatsApp. For example, Domino’s leverages social media platforms like WhatsApp, Facebook, Twitter, and Messenger for orders and customer interaction.
Another conversational marketing strategy involves live-streaming videos. E-Commerce brands can seamlessly live stream the product demos, engage in questions, and reflect the product descriptions. Amazon, for example, launched Amazon Live to live stream its products. Shopify and TikTok closely followed suit by offering product catalogs on live stream.
Focus on Multi-channel Customer Support
Customer support isn’t just limited to email and phone support. As social media progresses, customers prefer DMs over emails for faster assistance.
Everyone expects quick responses, and social media is the fastest and most convenient channel for communication.
In the next few years, more E-Commerce businesses will use the omnichannel strategy for customer support and service. Businesses also consider investing in CRMs to manage multi-channel interactions.
Use of Marketing Automation
Automation is ubiquitous in this modern age. AI and machine learning will enable automation in E-Commerce, enabling faster customer acquisition, email campaigns, follow-ups, customer responses, and even payment processes.
With dozens or more automation tools in the E-Commerce industry, we will likely see these trends next year:
- Inventory Management: Use data analytics and patterns to predict demand patterns, helping E-Commerce businesses optimize their inventory levels, reduce costs, and enhance overall operational efficiency.
- Cross-channel communication: Marketers will use automation tools that enable cohesive communication across various channels to ensure a personalized experience.
- Data regulations and compliance: Some automation tools will emphasize adherence to data protection regulations to secure customer information.
Collect More Zero-Party Data
As customers become more concerned about their privacy and the need for personalized shopping experiences increases, zero-party data becomes prevalent.
Zero-party data refers to the data that consumers deliberately provide rather than collect from customer behavior.
Brands will focus more on quizzes, surveys, polls, and other ways to collect zero-party data from consumers. Zero-party data gives you a list of data, including email addresses, phone numbers, birthdates, purchase intent, demographic information, communication preferences, interests, and hobbies.
In the next few years, E-Commerce brands will focus more on conversational popups, quizzes and surveys, giveaways, and other smarter ways to collect zero-party data.
Focus on Sustainable Methods
Sustainability isn’t a buzzword anymore, and not just in the books. As society focuses more on the environment, brands shift their focus towards eco-friendly and sustainable methods. Corporate responsibility isn’t lip service anymore but a major factor that impacts purchase decisions.
Today, 60% of shoppers prefer paying more for sustainable packaging, whereas 42% of shoppers are more interested in buying eco-friendly products.
In 2024, more E-Commerce brands will invest in eco-friendly packaging, using recyclable methods and reducing carbon footprints.
All in all, investors are more driven towards ESG (environmental, social, and governance) policies to promote sustainability in E-Commerce.
Deeper Customer Segmentation
Customer segmentation isn’t a new practice for businesses. As your traffic scales and your niche widens, the need for segmentation becomes highly coveted. The reason why segmentation works more effectively is because every customer is not on the same journey.
For this, brands will use diverse factors to segment the customer base. In 2024, brands will rely on data analysis and market research to understand the segmentation.
Bump in ROPO (Research Online, Purpose Offline)
This can be a goldmine for the businesses that operate offline as well. ROPO is a tool that can track and measure your digital efforts to determine how effective they are for your in-store purchase.
ROPO collects information from various channels and methods such as social media, emails, geolocation, payment methods, site data, analytics tools, CRMs, and various other mediums to find which ads or pages have led to in-store purchases.
By next year, the majority of brands will adopt the ROPO to track down their digital ads. Well, why not?
By adopting the ROPO right way, businesses can save costs, maximize conversions, reduce customer churn, and find what’s working for their customers.
Influencer Marketing on the Rise
Influencer marketing is a powerful word-of-mouth marketing tool that holds immense potential in the upcoming years. In the age of short video format and viral trends, brands will turn their head towards micro and nano influencers.
Micro-influencers with 25,000 followers or less are expected to gain 60% more engagement than the macro-influencers. As the engagement rates on Instagram decline, businesses prefer influencers with a more engaged following rather than a large following.
This will help brands widen their reach on social media while spending a low budget working with the influencers. It will be a win-win for the business and influencers.
Author’s Note
As I said at the beginning, there is no order or ranking for these trends. E-Commerce is growing at a rapid pace to meet customer demands. It is evident why you would need to focus on these trends.
Hence, the best way to stay competitive is to know your customers’ demands and stay updated with the latest E-Commerce trends.
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