Exclusive Insights: How E-commerce Will Evolve in 2024

Exclusive Insights: How E-commerce Will Evolve in 2024

Michal Hlavacek

Michal Hlavacek

Founder & CEO of WDNN.dev

Published: January 1st, 2024

Reading time: 4 minutes

There are three main areas that will further shape e-commerce in 2024: AI personalization, sustainability and social shopping. Online stores will have to adopt these to stay competitive. On top of these, integration of online and offline channels will also play a role.

E-commerce in 2024: It's personal

The world of e-commerce is evolving faster than ever. This year, we will witness a rise of new cutting-edge AI technologies. AI and machine learning will further personalize the way we shop with product recommendations, UI changes, and virtual assistants.

By crunching piles of customer data, AI will be able to deliver customized experience for every customer. Real-time tools will suggest products as customer browse the store, leading to higher engagement and sales. We're also starting to see personalized promotions, price adjustments and loyalty programs. We expect this trend to grow in 2024.

Another category taking e-commerce by storm are virtual assistants, helping with both pre- and post-purchase journey. Recommendation engines fed with past purchases as well as apps helping track packages without human intervention are a thing already, and automated return/refund processes will likely be next to enter massive adoption.

E-commerce in 2024: It's sustainable

Sustainable is not a niche word in e-commerce, and we should all get used to it because it's here to stay. More and more customers look for eco-friendly packaging and carbon free shipping. Ethical sourcing is also starting to resonate across industry. Transparency in sourcing area can really help you build brand loyalty with certain group of shoppers.

When we look into future, there will be much more focus on circular economy among customers. They won't just throw away items but will fix, reuse or turn them into new products instead.

Companies will use circular economy principles, promoting product repair, refurbishment, and resale to minimize waste.

But that's not all. AI is peeking into this area as well. Companies like Amazon already use AI to predict product demand and optimizing inventory levels. Why? Reduced costs, optimized inventory levels, higher customer satisfaction - products are more likely to never be sold out.

E-commerce in 2024: It's social

Bringing your products to social networks in 2024 will be more important than ever. Reach of social shopping is growing each year and its impact on bottom line of your store is non-negotiable. You should consider adding shoppable content, collaborate with influencers, and doing brand livestreams, as these are pillars of what we call "social commerce".

Content generated by your customers can turn them into micro-influencers, strengthening their relationship with you and bringing their followers to you. Focus on collecting user-generated content. It shows authentic review of the produc and builds trust, so use it to encourage customers to buy from you.

Livestreaming can also turn out to be a future trend. Imagine live shopping events - creating urgency, excitement and boosting sales.

Also, don't be afraid to use social media as an extra support channel. Many customers prefer chatting through social media over traditional options like phone or email.

E-commerce in 2024: It's online, offline, and everywhere between

Maybe you've already heard the term: Omnichannel. It means that you should be present wherever customer is ready to buy, and remove as many obstacles as possible for them. The best customer data platforms (CDP) can help you unify customer information from all the different sources, which ties back to personalization we discussed earlier.

Click-and-collect is another example of how e-commerce changed over years. It blends the benefits of online and in-store shopping, and is especially suitable for fashion industry, significantly lowering returns.

Speaking of fashion, Augmented reality (AR) is another example of how customers can try on those new shoes without leaving their sofa. Virtual try-ons are definitely on the rise and they will help reduce returns and boost sales.

Navigating the changes in E-commerce

Gone are the days of "build it and they will come". If you want to have a success with your online store in today's world, you have to invest in new tech and bring the best talents to stay competitive.

As the whole industry get more data-driven, it's critical to be able to analyze and evaluate data properly. Customer data adds another complexity to this as you have to also consider privacy and compliance with regulations.

Our team at WDNN.dev can help you plan your expansion into AI, personalization, omnichannel or anything else related to e-commerce. We closely watch all the trends and we help businesses manage their online presence and deliver the best experience to their customers.

Conclusion

If you focus on AI-driven personalization, omnichannel experience, sustainability and social shopping, you can stay ahead of the curve. Partnering with strong partner like WDNN.dev can provide you the tools, expertise, and support needed to thrive in the e-commerce world of today, and tomorrow.

Happy New Year everyone! 🎉


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