Every now and then you stumble across a statistic that makes you realize just how far we’ve come from the days when we talked about “looking something up on the World Wide Web”. Long before social media, wi-fi and iPhones, the advent of the internet was a novelty for some, a concern for others and, according to at least one prominent newspaper’s headline in 2000, a “passing fad”1.
Needless to say, that theory didn't come to pass. Instead, the highly respected business publication Forbes recently highlighted that of the 8 billion people in the world today, 64% use the internet2. That is an incredible statistic - 5.12 billion online citizens, double the number of only a decade ago and an overwhelming number of whom are helping make eCommerce one of the world’s biggest growth sectors. How big? Big enough that a Euromonitor International study is predicting consumers will spend almost $11 trillion on goods and services bought online this year3.
Befitting an industry that is on the move, eCommerce entrepreneurs and operators must stay abreast of the trends impacting the market. This article will explore seven factors set to define the eCommerce world in 2024 and how one in particular – the power of outsourcing – is making life easier for businesses and shoppers alike.
7 eCommerce trends to watch in 2024
1. Voice search
Whether your standard greeting is “Hey Google” or you prefer seeking help from ‘Siri’ or ‘Alexa’, anyone who owns a smart speaker knows the impact they have made on our lives. Loop Ventures is predicting that 75% of U.S. households will own a smart speaker by 20254 and that means millions of people will be using voice search to shop online, order food and book appointments – and eCommerce businesses will need to increasingly focus on keywords and content.
2. Augmented reality (AR)
The rise of AR means it has never been easier for online shoppers to visualize products in real-world context and, in turn, make better informed purchasing decisions. This is especially so on social media platforms such as TikTok and Instagram, with retailers able to use filters to provide interactive and engaging AR experiences. Look for eCommerce businesses to embrace the power of AR in 2004, particularly in sectors such as apparel, furniture and home improvement.
3. Conversational chatbots
Where online shoppers once bemoaned chatbot experiences as feeling robotic and awkward, technologies such as generative AI and large language models have changed the game. Interacting with chatbots has never felt more human and personalized, with conversational AI and first-party data ensuring simplified product searches, personalized responses and streamlined purchases. The technology is also only getting better so you can expect more investment in eCommerce chatbots in the coming year.
4. Viral videos
Video content has long been king on social media platforms and eCommerce sites have well and truly taken notice. Along with attracting attention from potential customers, videos can offer them deeper insights into products including how they are used and what they look like from different angles. It is also not just about promotion, with many brands having success using video in post-purchase and review pages. People have never had more access to video content and eCommerce businesses need to be in the picture or risk being left behind.
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Source: E-commerce Market Size, Trends, Growth, Report By 2032 (precedenceresearch.com)
5. Headless commerce
Don’t worry if you haven’t heard of headless commerce yet – but be very worried if you fail to get your head around it soon. Put simply, headless commerce is a separation of the front end of an eCommerce application (i.e. your storefront and user experience) from the back end (ie: your data and business logic). That means both ends operate independently, which allows eCommerce teams to make storefront changes faster, improve integration and deliver richer personalization. This is one for the techies but it is a huge trend to watch.
6. More payment options
It used to be so simple – “do you wish to pay by cash or card?” Not anymore. Customers want payment options such as Apple Pay, Google Pay, PayPay and Venmo, while the likes of ACH, wire transfer and cryptocurrency are also increasingly on their wish list. It is essential that eCommerce sites make offering popular and alternative payment options a priority as they will undoubtedly lose buyers given shopping elsewhere is as simple as the click of a button.
7. Outsourcing
The rise of eCommerce has put immense pressure on businesses to source specialized tech talent, which is a challenge at the best of times let alone amid a global shortage of workers proficient in areas such as data analytics, cybersecurity and software development. The good news is outsourcing destinations such as the Philippines are nurturing rich talent pools of skilled professionals that are allowing eCommerce businesses to cost-effectively scale their teams, rapidly accelerate digital projects and let in-house staff focus on the tasks they do best. Given such benefits, outsourcing in eCommerce will continue to grow in 2024.
Summary
While it is crucial to stay abreast of the latest eCommerce trends, it is equally important that businesses do not blindly copy strategies or implement new technologies without proper planning. The insights above are an excellent guide into evolving customer expectations and how eCommerce sites can meet them. The challenge now is to identify what works best for one’s unique consumers and deliver the richest and most enjoyable online shopping experience possible.
