As we dive into 2024, the world of e-commerce is set for exciting and transformative changes. With technology and consumer preferences evolving rapidly, online shopping is becoming more convenient, personalised, and sustainable than ever before.
Below we go through our top 5 trends to look out for in 2024.
1. More than just a passing trend - the circular economy is here to stay
A shift toward recycling and repairing products has been on the increase for years. Sustainable products now enjoy significant popularity among both consumers and B2B buyers. According to our survey of 9,000 consumers around the world, 53% of shoppers want the option to purchase from vendors with sustainable business practices, while a Gartner report found that 70% of the Supply Chain Top 25 have included circular economy principles as part of their innovation and design strategies. Buyer demand combined with ESG commitments and regulations that require manufacturers to recycle key components will see refurbished and recycled products in high demand in 2024.
Dropship and marketplace platforms provide a springboard for companies to commit to the circular economy. By providing increased interconnectivity among operators and third-party sellers, the marketplace model makes it easier for companies to integrate efficient supply chain strategies and refurbished products into their operations. Marketplaces also provide a platform for refurbished goods, creating new channels for products that may not have otherwise had a second life.
- Accelerated Use of Mobile Shopping
One trend in e-commerce rapidly gaining momentum in 2024 is the accelerated use of mobile shopping. With the ubiquitous presence of smartphones, consumers are increasingly turning to their mobile devices for making purchases. This shift is driven by convenience, as mobile apps and responsive websites provide seamless and user-friendly shopping experiences, allowing customers to acquire the products they desire with a few taps on their phones. In response to e-commerce industry trends like this, businesses are optimising their platforms for mobile, enhancing the checkout process, and implementing innovative features to cater to the ever-growing mobile-savvy audience. - Social Commerce Continues to Grow and Evolve
Social commerce, the amalgamation of social media and online shopping, has evolved into an e-commerce force to be reckoned with in 2024. With features like in-app shopping, live-streamed product showcases, and influencer partnerships, social platforms are becoming veritable marketplaces. Consumers trust the recommendations of friends and influencers, making social commerce a powerful channel for brand discovery and shopping. To sum up, the integration of social elements into the shopping experience is changing the way we explore, choose, and buy products online.
- Greater personalisation demands are driven by Millennials
The workforce is increasingly dominated by millennials or digital natives who are determining both the trajectory and method of the businesses they operate within. About 73% of millennials provide input into companies’ buying decisions and 34% act as decision-makers. 4 A primary consequence of this is an emphasis on personalisation in B2B engagements. This approach is informed largely by tailored experience of modern B2C transactions, where the millennial generation has become accustomed to high customer engagement in their B2C relationships. They employ this same approach in B2B contracts.
This refocus places more weight on the business buyer experience; the ideal transaction is personal, amiable and inspires brand loyalty. B2B e-commerce transactions have since moved from focusing on providing a cost advantage for B2B buyers to providing a personalised experience tailored to fit their strategic needs.
- Personalisation: Tailoring experiences for maximum impact
Enhancing customer experience (CX) should be a top priority for B2B marketers. Slow load times are the most significant frustration factor, impacting 18% of B2B visitor sessions, a Contentsquare study reveals. Additional pain points include rage clicks and multiple-use targets. This further highlights the need for optimised website performance, mobile ordering apps and user-friendly design to improve customer satisfaction. Every customer interaction is important, whether on a desktop or mobile device. You need to provide a consistent, positive experience at every touchpoint. Making mobile interactions enjoyable can be a great way to attract more B2B customers. Deliver personalised and positive experiences for buyers who are browsing on their phones. This can also help create mental availability on mediums other than desktops.
