eCommerce has seen a lot in the last decade, not to mention the last few years, with influences including the global pandemic.
At a time where the barrier to entry of setting up an eCommerce business is low — it’s easy to set up a Shopify store and launch an Instagram account — the path to scale is often unclear or daunting. This leaves brands, businesses, and agencies wondering how to stay ahead of the competition, and move their respective industries forward.
As 2023 draws to a close and we start planning for 2024, it’s obvious that the eCommerce landscape will continue to shift. Where timing is everything, certain trends hold the potential to change the way we engage with customers, and, in turn, significantly impact business revenue.
From ecommerce payments trends, Shopify ecommerce trends, mobile ecommerce trends and retail ecommerce trends; this article will explore the top Australia ecommerce trends and global eCommerce trends expected to emerge in 2024.
1. Personalisation and AI: An Intimate Shopping Experience
Personalisation has been a buzzword in ecommerce business trends for a while now, and 2024 will be no exception, thanks to Artificial Intelligence (AI). And while we’re not yet worried about robots taking over, we do know that AI-powered personalisation will continue to allow businesses to use customer data to their advantage: delivering highly personalised shopping experiences based on their age, location, spending behaviour, and other preferences.
Yes, sometimes this can feel a little creepy, but on the other side, when a customer feels like a brand (and its online presence) truly understands them, it not only enhances their experience but also impacts chances of conversion and increased revenue.
- Improved Customer Experience: When it comes to ecommerce design trends, AI algorithms can now analyse customer data, enabling businesses to recommend products, content, and discounts or offers, specific to individual preferences. The result? More personalised, more enjoyable shopping.
- Revenue Boosting: By offering personalised product recommendations, businesses can increase the opportunities of upselling and cross-selling, driving higher average order values and increased revenue.
2. Growth in Social Commerce: TikTok Shop
Social commerce is nothing new, but it’s popularity and infiltration of our social feeds is becoming an everyday experience, which will only grow more in 2024. Platforms like TikTok have introduced shopping features, making it easier for brands to reach customers (young and old) where they spend a significant amount of time. This trend will not only improve customer experience but also provide an additional, direct revenue channel.
- Improved Customer Experience: The seamless integration of shopping within social media platforms simplifies a user’s purchase journey. Customers can naturally and effortlessly discover products while scrolling their social feeds, speaking to the emotional and rational benefits of convenience and immediacy.
- Revenue Boosting: Social commerce streamlines the path to purchase. Brands can tap into a large and engaged user base on platforms like TikTok, and with the right marketing strategies, this can result in significant revenue growth.
3. Voice Commerce: Hands-Free Shopping
Voice commerce is another trend influencing the eCommerce landscape for 2024. With the adoption of voice-activated devices like Siri, Amazon Echo, and Google Home, customers are now shopping without having to leave their home – or even bed. This not only enhances the customer experience but also presents opportunities for businesses to increase sales.
- Improved Customer Experience: Voice commerce offers a hands-free shopping experience, which is time-saving and mentally convenient. Customers can simply ‘announce’ their order to their relevant device, making the purchasing process quick and effortless.
- Revenue Boosting: To capitalise on voice commerce, businesses need to optimise their product listings for voice search. Implementing voice-specific promotions and deals can also help boost sales and revenue in this channel.
4. Augmented Reality (AR): Virtual Try-Before-You-Buy
Augmented Reality is quickly becoming one of the biggest game-changers in eCommerce. AR allows customers to interact with products virtually, providing them with a ‘real-world feel’ for how products will work and fit into their daily lives. This elevates the customer experience, drive sales, and also reduces the event of return sales.
- Improved Customer Experience: AR allows customers to visualise how products will look in their own environment, such as trying on virtual clothing or placing virtual furniture in their home. This immersive experience can increase confidence in their purchase decisions.
- Revenue Boosting: Reducing return rates is a goal for any business, representing significant financial benefit. When customers have a more accurate idea of what they’re buying through AR, they are less likely to return products, which can lead to increased sales, as well as reduced operational costs.
5. The “Metaverse”: A New Dimension of eCommerce
The concept of the Metaverse is often debated amongst our own team and at dinner parties with family and friends. This ‘virtual shared space’ where users interact with each other and digital objects, is gaining momentum (as well as critique). In the context of eCommerce, the Metaverse offers an interesting opportunity for businesses to create immersive, interactive shopping experiences. It can bring customers closer to products and brands where they’ve never had access before, and ultimately, boost revenue.
- Improved Customer Experience: The Metaverse allows businesses to create virtual stores or showrooms, where customers can interact with products and even “try them on” using avatars. This level of immersion or gamification creates a different, personalised, and engaging shopping experience.
- Revenue Boosting: The Metaverse can serve as an additional revenue channel. Brands and businesses can host virtual events, launch exclusive products, and provide a platform for social interaction, all of which can result in increased sales and revenue.
In Conclusion
Next year is going to be another year of innovation, change, and growth, with both D2C and B2B ecommerce trends influencing its pace. For businesses and brands, embracing these trends including personalisation and AI, leveraging the power of social commerce, and exploring voice commerce, augmented reality, and the Metaverse, will provide the opportunity to not only improve customer experience but also significantly boost revenue.
Are you looking to elevate your customers’ ecommerce experience? Our team would love to help. Contact us for more information or reach out [email protected] to arrange a chat.
