As we settle into the new year, you may be wondering what the future looks like for ecommerce. Whilst we don’t have a crystal ball that can predict the future, we can share some insight into the latest trends in ecommerce and what we expect to see in 2024.
We're looking at the state of ecommerce this year, the rise of social commerce, the growth of virtual shopping experiences, and the push for sustainability. Then, we're sharing our tips on how to prepare your store for the future.
Let's dive in!
The State of Ecommerce in 2024
Research by Shopify shows that ecommerce is now growing at a slower pace than during the pandemic. However, it’s still taking a significant amount of total retail sales worldwide. In fact, by the end of this year, one in every five global retail sales will be made online.
In Australia, forecasts for ecommerce sales in 2024 remain high. The Aussie ecommerce market is predicted to reach $91.5bn AUD by 2025. However, challenges in rising inflation, shipping costs, and global supply chain issues could see this figure drop.
Here are some fast facts on the ecommerce sector in Australia:
Now, let’s take a closer look at some of the major ecommerce trends we expect to see in 2024.
Rise of Social Commerce
The current rise of social commerce is expected to continue growing in 2024. This is because customers are becoming more familiar with using social media platforms not only for research and discovery, but also, to make purchases.
According to Shopify, Gen Z now uses social media to research brands more often than they use search engines. This means that if your brand isn’t selling on socials, then you’ll be missing out.
Social commerce enhances your customer’s experience. It also brings other benefits, including:
- Streamlines the buying process
- Converts customers where they are
- Drives brand discovery
- Establishes social proof
Growth of Virtual Shopping Experiences
We expect 2024 to the the year that virtual reality and artificial intelligence become mainstream. There is an increasing demand for store owners to provide a virtual shopping experience for their customers. With VR and AI, customers can immerse themselves in the shopping experience from the comfort of their own home.
Implementing AI and VR into your ecommerce business is a surefire way to increase customer satisfaction, customer engagement and conversion rates in 2024.
Growth of App Ecommerce
Another important trend for 2024 is the growing demand for brands to be mobile-first. Making your ecommerce store mobile-friendly is just the beginning. Now, more businesses are using apps that are fit for purpose and can make the user experience much more seamless.
Utilising an app for your store is well worth the investment because it will:
- Make your store more competitive
- Better serve your mobile customers
- Set you apart from the crowd
- Boost visibility and sales
Expanding Omnichannel Options
In 2024, we are expecting to see further expansion in omnichannel options. Being multichannel means businesses must be able to sell to and communicate with customers through multiple channels at any given moment. This could mean having a website, Facebook shop, and an Instagram account.
Omnichannel is like the next level up. It’s about building multiple channels into your ecommerce site. Creating a seamless experience for your customers is key. Businesses who have a robust omnichannel experience retain almost 89% of their customers, so it’s worth investing in.
Growth of Green Commerce
Despite budget concerns, customers are willing to spend more with brands that meet their sustainability values. As this trend grows, your customers will be keen to know what you are doing to help the environment. This is known as green commerce.
2024 is your chance to examine the impact of your business on the environment and find ways to improve your sustainability. Think about:
- How you can reduce your carbon footprint
- Choosing carbon neutral delivery modes
- Being transparent with your customers and sharing your sustainability story
- Registering to take part in 'Green Friday', an Australian online sales event for those who want to shop with sustainable businesses
Just be careful to ensure that your sustainability efforts are genuine, otherwise your customers will criticise you for ‘green-washing’ and shop elsewhere.
How to Prepare your Ecommerce Store for 2024
Feeling overwhelmed by all the new trends and technologies? Wondering how to keep up? Here are some simple tips to keep your store ahead of the game:
- Set goals
- Stick to successful platforms - you don’t need to be everywhere at once, focus on the platforms where you can best serve your customers
- Update your social media profiles - even if you’re not ready for social commerce, it’s still important for your brand to look fresh and engaged
- Be brave and try new things
Looking to Level Up your Ecommerce Store in 2024?
At Margin, we provide holistic digital marketing solutions for your business. We fuse premium digital with compelling content to deliver exciting campaigns.
Get a free consultation to help increase your digital footprint.
