If 2023 was a complex year, marked by an increase in interest rates, an increase in oil prices, geopolitical volatility and continued inflation, as well as the geopolitical uncertainty increased by the recent Israeli-Palestinian conflict, 2024 will also be a delicate year and highly competitive.
In fact, brands, and more generally merchants, will have to face a consumer who is certainly more demanding and more informed, while managing omnichannel and related growth and profitability at the same time.
We have therefore chosen, among the many trends that will guide consumer purchasing behavior and, in turn, e-commerce, the 5 top trends of 2024:
- SOCIAL COMMERCE
The first of the trends we want to analyze is the increasingly growing phenomenon of“social commerce”, which will continue to be powered by smartphones.
For example, Tik Tok is attracting more and more merchants to its marketplace, and, if we look at the United Kingdom, Tik Tok here has already added the possibility of shipping and logistics, an offer that can be considered a direct threat to Amazon.
Furthermore, even from the point of view of price comparison, consumers often compare online prices with those in store using mobile devices.
So, to ensure a strong presence across multiple social commerce platforms, it is important for brands and businesses to ensure that consumers’ shopping experience is mobile-friendly and easily accessible across various social platforms.
- VIDEO CONTENT AND LIVE STREAMING
It is evident consumer preference for video content and live streaming.
According to recent research by Feedvisor, in fact, 92% of consumers watch digital video and 27% live stream every week.
Indeed viewing videos online is on the rise, and short-form videos, ranging from 10 to 60 seconds, are emerging as a significant content marketing trend. Powered by tools like Instagram Reels and YouTube Shorts, these short videos are becoming the medium of choice, particularly for Generation Z, those born between 1997 and 2012, present on all social networks, and Generation Alpha, born between 2013 and today.
The suggestion for brands is therefore to also consider video content in their marketing strategy, to effectively show, tell and educate their products and the values of the brand itself.
Businesses must also create visually engaging and authentic video content that resonates with their target audiences on these platforms.
- ARTIFICIAL INTELLIGENCE
Artificial Intelligence and related personalized experiences are of fundamental importance especially in the digital world.
It is now impossible not to consider voice and text commands for interactions with brands, as well as a continuous omnichannel support offer that aligns with consumer preferences, guaranteeing availability 24 hours a day, 7 days a week.
By using advanced tools powered by artificial intelligence, providing real-time assistance and personalizing experiences based on individual needs, companies can meet these expectations, fostering a loyal customer base.
Looking ahead, the role of artificial intelligence goes beyond this year’s buzzword, driving rapid advances in search, overall ecommerce, and services. Marketing will benefit from more efficient AI solutions, including automatically generated text and images, improved media operations and real-time feedback, shaping a new landscape in the coming year.
- EMERGING GENERATIONS
Another must, as well as a trend for 2024, is the adapt shopping experiences to emerging generations, especially Gen Z.
Indeed, appealing to the purchasing habits of each generation will become a key objective in 2024. Gen Z (born between the late 1990s and the early 2010s) is currently the second largest generation, making up 21% of the population global, and which has a strong inclination towards social platforms for its purchasing preferences, relying heavily on platforms such as TikTok for product research.
At the same time, companies need to keep an eye on the emerging Gen Alpha, born from 2013 onwards: while they may not yet have disposable income, it is important to understand the purchasing behaviors of their Millennial parents.
- INCREASINGLY CONNECTED CHANNELS
Last but not least, the last trend we have chosen to analyze is increase in interconnection between the various channels
In 2023, the initiative “Buy with Prime” (BWP) by Amazon ushered in a new era of connectivity, allowing shoppers to seamlessly log in and make purchases on direct-to-consumer websites using their Amazon Credentials.
Following this initiative, Amazon recorded an increase of 25%.
In this evolution, the market landscape and competition among retailers intensifies as they compete for the attention of today’s consumer, who navigates interconnected channels when researching and purchasing prices.
You must therefore actively manage your channels to ensure consistency and at the same time you must adopt multi-channel pricing systems with dynamic management capabilities, including the possibility of collaborating with specialized optimization solution providers.
Conclusion
In conclusion, the trends of 2024 reflect the trends already mentioned last year, but with a much greater value and power.
For a brand, or more generally for those who operate in digital commerce, following these trends to exploit a competitive advantage represents (in part) the key to success.
