E-commerce is expanding. Here’s how to ride the wave.
As eager customers happily welcomed back in-person shopping post-pandemic, overflowing digital carts are also on the rise, with experts forecasting the number of online sales to rise from roughly 6 to 8 trillion US dollars by 2026.
However, the e-commerce wave brings fierce competition, requiring brands across the globe to deliver a personalised, seamless digital shopping experience by tapping into the ever-evolving trends shaping the industry.
From balancing artificial intelligence with human touch to addressing growing concerns surrounding data privacy, here’s everything you need to ensure your e-commerce business comes out on top.
2024’s biggest e-commerce trends:
Embracing an omnichannel shopping experience
According to research, 73% of customers are now shopping across multiple channels - ranging from online shops and third-party marketplaces to social media platforms - to research, compare, buy, and seek support before purchasing. And, in times when speed is of the essence, the end-to-end shopping process needs to be seamless, with minimal disruptions.
To provide the best brand experience, online retailers should be engaging with their customers on three or more channels (which reportedly results in an average engagement rate 251% higher than single-channel retailers), including their website, social media, and third-party marketplaces like Amazon. Plus, by unifying back-end systems, customers can seamlessly continue their buying journey regardless of where they left off.
Balancing artificial intelligence with human touch
As technology advances, artificial intelligence has already made its stamp on the world of e-commerce, but this is just the beginning. Love it or hate it, the brands that effectively leverage AI now are more likely to come out on top, utilising the technology to enhance customer personalisation, optimise supply chain logistics and inventory management, refine digital marketing strategies to reach their target audience more effectively, and so much more.
But, to maximise AI’s capabilities, brands must understand the associated risks and potential ethical implications, while maintaining a ‘human-first’ approach built around transparency and trust.
Social media shopping
Social media shopping is booming, especially in the United States, with an estimated 106.8 million people shopping via social media in 2023 alone. Younger millennials and Gen Z are the most influential social shoppers, with 83% of Gen Z consumers starting their shopping on social media. This trend is set to grow, with experts predicting 118 million Americans shopping on social media by 2027.
In response to this surge, more brands are adopting a mobile-first approach to UX design, making it effortless for users to discover and purchase directly from their favourite social apps, primarily Instagram and TikTok. This not only earns brands social currency but also elevates consumer expectations across the board.
Customers seeking sustainability
With the effects of climate change being felt across the globe, increasingly sustainability-savvy customers, particularly the younger generation, are in pursuit of eco-conscious brands that can prove they’re doing their bit for the planet.
However, as greenwashing continues to run rife, online shoppers are careful not to have the wool pulled over their eyes. Now more than ever, e-commerce companies should be doubling down on sustainability practices, backed by genuine results.
The importance of data privacy
While today's e-commerce customers crave a personalised, seamless shopping experience, they are also keenly aware of any shady data practices that may be at play.
According to Gartner, by the end of 2024, 75% of the world’s population will have their personal data protected under privacy regulations, and any businesses failing to comply will be met with hefty fines or serious legal ramifications.
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