15 Ecommerce Trends in 2024 To Boost SMEs' Sales
As a small or medium-sized enterprise (SME) in the ecommerce industry, staying ahead of the curve on the latest trends is crucial for success. With ecommerce sales in the United States projected to reach $908.73 billion in 2024, the competition is fierce, and customers' expectations are higher than ever. By understanding and implementing the latest trends, SMEs can enhance their business performance, improve the customer experience, and drive growth, all while staying competitive in the ever-changing ecommerce landscape. Don't miss out on the opportunity to stay ahead of the game - let's explore the top ecommerce trends that SMEs should be aware of in 2024 with GCT Solution!
Seamless Omnichannel Experiences
SMEs should strive to maintain a consistent presence across all online platforms and optimize the omnichannel customer experience by unifying things on the back-end. This includes integrating data from different channels, such as social media, email marketing, and ecommerce platforms, to provide a seamless shopping experience for customers.
According to a study by Harvard Business Review, companies with strong omnichannel strategies retain an average of 89% of their customers compared to 33% for companies with weak omnichannel engagement. By providing a consistent and seamless shopping experience across all channels, SMEs can build customer loyalty and increase sales.
|
Case study: A fashion retailer, Everlane, has integrated their in-store inventory with their ecommerce platform, allowing customers to check product availability and reserve items for in-store pickup. This creates a seamless shopping experience that can lead to increased customer satisfaction and loyalty. |
Artificial Intelligence (AI)
AI is revolutionizing ecommerce, with retailers harnessing data analytics and AI to offer more personalized content to users and allow users to customize loyalty. AI-powered tools can help predict sales, customize products or ads, and guide customers through the purchasing process.
AI can also help SMEs automate tasks, such as inventory management and customer service, freeing up time and resources for other areas of the business. According to a report by Juniper Research, retailers are expected to spend $7.3 billion on AI by 2022, up from $2 billion in 2018.
|
Case study: A home goods retailer, Wayfair, uses AI-powered product recommendations to suggest complementary items based on a customer's purchase history. This can lead to increased sales and a more personalized shopping experience. |
Example of suggested recommendations from Wayfair using AI
Social Commerce
Embracing social commerce is crucial for SMEs that want to remain competitive, with social media platforms becoming essential for ecommerce. Social media stores are expected to continue to be a popular sales channel for ecommerce businesses, with social media commerce expected to reach $2.9 trillion by 2026.
Social media platforms, such as Instagram and TikTok, offer SMEs the opportunity to reach new customers and build brand awareness. By integrating social media into their ecommerce strategy, SMEs can create a cohesive and engaging shopping experience for customers.
|
Case study: A small beauty retailer, Glossier, has built a strong following on Instagram and uses the platform to showcase their products and engage with customers. They have also integrated their ecommerce platform with Instagram, allowing customers to make purchases directly from the platform. |
Sustainability and Eco-friendliness
Customers expect ecommerce platforms to offer eco-friendly options, reduce packaging waste, and embrace sustainable practices. In 2024, this trend is expected to intensify, with consumers prioritizing sustainability and eco-friendliness when making purchases.
SMEs can differentiate themselves by offering eco-friendly products, using sustainable packaging materials, and implementing green initiatives, such as carbon-neutral shipping. According to a study by Nielsen, 66% of consumers are willing to pay more for sustainable brands.
|
Case study: A small food retailer, Imperfect Foods, sources and delivers imperfect and surplus produce, reducing food waste and offering customers fresh and affordable options. They use eco-friendly packaging materials and offset their carbon emissions through carbon credits. |
Stronger Security and Privacy Measures
Consumers are gravitating toward platforms that prioritize their personal data security, and governments are likely to introduce more stringent regulations. Retailers must invest in advanced security technologies and adopt transparent practices to build trust with their customers.
SMEs can implement security measures, such as two-factor authentication and encryption, to protect customer data and build trust. According to a study by PwC, 85% of consumers are more likely to do business with a company that prioritizes data security.
|
Case study: A small electronics retailer, Anker, uses two-factor authentication and encryption to protect customer data and build trust. They also have a clear and concise privacy policy, explaining how they collect, use, and protect customer data. |
More Personalized Subscription Models
Retailers will offer subscriptions tailored to individual preferences, not only in terms of product selection but also in the frequency and timing of deliveries. These highly customized subscription models can enhance customer loyalty and supply a steady revenue stream for businesses.
Subscription models can also help SMEs predict revenue and manage inventory more effectively. According to a report by Zuora, subscription businesses grew revenue 5.5 times faster than S&P 500 companies in 2020.
|
Case study: A small coffee retailer, Blue Bottle Coffee, offers a subscription service that delivers freshly roasted beans to customers on a regular basis, with the option to customize the frequency and type of coffee. This has helped them build a loyal customer base and increase revenue. |
Voice Search
The increased prevalence of voice search will require businesses to optimize their ecommerce sites for voice search. According to a study by Netsuite, voice search is projected to account for 50% of all searches by 2024.
SMEs can optimize their product descriptions and meta tags for voice search, using natural language and long-tail keywords. By providing concise and relevant information, SMEs can improve their visibility in voice search results and increase sales.
|
Case study: A real-world case study for voice search optimization is the success of Domino's Pizza in using voice search to increase their sales and reach. Domino's has integrated voice search into their mobile app, allowing customers to place orders and track their delivery status using voice commands. This has helped to improve the user experience and make it easier for customers to order pizza, resulting in a significant increase in sales. |
Augmented Reality (AR)
AR-enhanced shopping experiences will allow customers to virtually try on products or see how a certain something would look in their home. This trend is expected to become more popular, with businesses using AR to provide immersive and engaging shopping experiences.
AR can also help SMEs reduce returns and increase customer satisfaction. According to a study by Retail Perceptions, 61% of consumers prefer retailers that offer AR experiences.
|
Case study: A fashion retailer, Warby Parker, uses AR to allow customers to virtually try on glasses before making a purchase. This has helped them reduce returns and increase customer satisfaction. |
Hyper-personalization
Personalization will go beyond basic customization, with retailers using AI and data analytics to offer tailored experiences to individual customers. This trend is expected to continue, with businesses using data analytics to offer personalized recommendations, promotions, and content.
Hyper-personalization can also help SMEs build customer loyalty and increase sales. According to a study by Epsilon, 80% of consumers are more likely to make a purchase from a brand that offers personalized experiences.
|
Case study: A small book retailer, Book of the Month, uses data analytics to offer personalized book recommendations to their subscribers. This has helped them build a loyal customer base and increase sales. |
Privacy and Transparency
Consumers will demand more transparency from ecommerce platforms regarding data collection and usage. Retailers must be transparent about their data practices, provide clear privacy policies, and obtain explicit consent from customers for data processing.
SMEs can use privacy-enhancing technologies, such as differential privacy and secure multi-party computation, to protect customer data and build trust. According to a study by PwC, 75% of consumers are more likely to do business with a company that is transparent about its data practices.
|
Case study: An electronics retailer, Fairphone, is transparent about their data practices and uses secure multi-party computation to protect customer data. They also have a clear and concise privacy policy, explaining how they collect, use, and protect customer data. |
“Human as a Premium”
Ecommerce platforms will focus on providing a more human touch, with personalized customer service and a focus on building relationships with customers. This trend is expected to continue, with businesses using AI and data analytics to provide personalized customer service and build relationships with their customers.
SMEs can differentiate themselves by offering personalized customer service, such as live chat and video consultations. By providing a more human touch, SMEs can build customer loyalty and increase sales.
|
Case study: A small beauty retailer, The Detox Market, offers personalized consultations with skincare experts, building a relationship with customers and providing a more human touch. |
Direct to Consumer (DTC)
Brands will continue to focus on DTC strategies, bypassing traditional retail channels and building direct relationships with customers. This trend is expected to continue, with businesses using DTC strategies to increase customer loyalty and control their branding and marketing efforts.
DTC strategies can also help SMEs reduce costs and increase profitability. According to a report by Digital Commerce 360, DTC sales grew 45.5% in 2020, compared to 14.8% for overall ecommerce sales.
|
Case study: A small fashion retailer, Everlane, has a successful DTC strategy, selling directly to customers through their ecommerce website and building a direct relationship with customers. |
You may also like this article:
D2C ecommerce trends 2024
Subscription Models
Subscription models will continue to grow in popularity, with retailers offering personalized and customized subscriptions to customers. This trend is expected to continue, with businesses using subscription models to increase customer loyalty and provide a steady revenue stream.
Subscription models can also help SMEs predict revenue and manage inventory more effectively. According to a report by Zuora, subscription businesses grew revenue 5.5 times faster than S&P 500 companies in 2020.
|
Case study: A small food retailer, Imperfect Foods, has a successful subscription model, delivering imperfect and surplus produce to customers on a regular basis. This has helped them reduce food waste and build a loyal customer base. |
Generative AI
Generative AI will turn ecommerce into a conversation, with consumers welcoming the convenience and personalization offered by this technology. This trend is expected to become more prevalent, with businesses using generative AI to provide personalized recommendations and content.
Generative AI can also help SMEs automate tasks, such as content creation and customer service, freeing up time and resources for other areas of the business.
|
Case study: An electronics retailer, Anker, uses generative AI to provide personalized product recommendations based on a customer's browsing history and preferences. |
Zero-click Search
Zero-click search will become more prevalent, with ecommerce platforms optimizing their content for voice search and conversational AI. This trend is expected to continue, with businesses using zero-click search to provide quick and convenient answers to customer questions and increase visibility in search results.
Zero-click search can also help SMEs improve their search engine rankings and increase organic traffic. According to a study by Ahrefs, 50.3% of all searches on Google result in no clicks.
|
Case study: A real-life case study of zero-click search is the success of Domino's Pizza in using Google's featured snippets to increase their visibility and brand awareness. By optimizing their website and content for featured snippets, Domino's has been able to appear in the highly-sought-after position zero of the search engine results page, providing relevant answers to question-based queries related to their business. |
How Outsourcing Ecommerce Development Helps SMEs Stay Ahead of The Latest Trends?
By outsourcing ecommerce development, SMEs can take advantage of the latest trends and technologies to optimize their online presence and improve their business performance. Here are some ways that outsourcing ecommerce development can help SMEs stay ahead of the curve:
Firstly, ecommerce development companies have the expertise and knowledge to implement the latest technologies and tools that are shaping the ecommerce industry. For example, AI-powered solutions are becoming increasingly important in ecommerce, with AI being used for everything from personalized product recommendations to automated customer service. By outsourcing ecommerce development, SMEs can access the expertise needed to implement these solutions effectively.
Secondly, outsourcing ecommerce development can help SMEs to optimize their supply chain and logistics operations. An efficient supply chain is essential for customer value creation, and delivery experience remains the foundation of a successful ecommerce business. By working with an ecommerce development company that has experience in supply chain management and logistics, SMEs can ensure that their operations are optimized for efficiency and customer satisfaction.
Thirdly, outsourcing ecommerce development can help SMEs to create immersive and engaging customer experiences. Companies are starting to leverage immersive experiences and dedicated programs to drive customer loyalty and engagement. By working with an ecommerce development company that has experience in creating immersive customer experiences, SMEs can create engaging and memorable experiences for their customers.
Finally, outsourcing ecommerce development can help SMEs to stay up-to-date with the latest trends and innovations in ecommerce fulfillment. Ecommerce businesses are constantly looking for ways to improve their fulfillment operations, and emerging trends such as automation and direct-to-consumer (DTC) selling are becoming increasingly important. By working with an ecommerce development company that has experience in ecommerce fulfillment, SMEs can stay up-to-date with the latest trends and innovations in this area.
Final Thought:
In conclusion, ecommerce trends in 2024 are focused on personalization, sustainability, and convenience. Taking advantage of these trends, SMEs can enhance their business performance, improve the customer experience, and drive growth. By providing a more human touch, prioritizing security and privacy, and offering personalized subscription models, SMEs can differentiate themselves in a crowded market and build lasting relationships with their customers. And if you are looking for an ecommerce development service, contact GCT Solution now without further ado!
If you are seeking a seasoned IT provider, GCT Solution is the ideal choice. With 3 years of expertise, we specialize in Mobile App , Web App, System Development, Blockchain Development and Testing Services. Our 100+ skilled IT consultants and developers can handle projects of any size. Having successfully delivered over 50+ solutions to clients worldwide, we are dedicated to supporting your goals. Reach out to us for a detailed discussion, confident that GCT Solution is poised to meet all your IT needs with tailored, efficient solutions.
References:
NetSuite: Ecommerce Trends
Amazon: Top Trends in Ecommerce Fulfillment in 2024
Forbes: The Future of Ecommerce Trends to Watch in 2024
Juniper Research: Retail AI Spending to Reach $73bn by 2022
Retail Perceptions: Augmented Reality Retail Stats and Facts
Epsilon: Consumers Prefer Brands that Make Shopping More Personalized and Convenient
PwC: Digital Trust Insights
Zuora: Subscription Economy Index
Digital Commerce 360: Direct-to-Consumer Sales Grew 45.5% in 2020
Ahrefs: Google Zero-Click Searches
.png "gct-solution-blockchain-vs-cloud(1)")
.png "gct-solution-blockchain-for-iot-security(1)")
