eCommerce 2024: trends, data and forecasts for the future
The eCommerce market has experienced growth in recent years, accelerated significantly by the pandemic. The restrictions caused by the pandemic have led to an increase in online shopping, with habits persisting even beyond the health emergency.
Both opening a new online shop and improving an existing one require an understanding of the eCommerce trends of 2024 in order to face the new year prepared.
Here is an analysis of the current situation, with important tips from Black Friday 2023 statistics and an overview of trends to consider before the New Year.
eCommerce in 2023: a push from Gen Z
Generation Z has become a major driving force for online shopping. Representing the majority of the world's population, young adults are now the main online consumers.
According to reports from Black Friday 2023 by NielsenIQ - a global data measurement and analysis company - which analysed Foxintelligence data for Western European countries, GenZ continued to show the lowest participation rate compared to other age groups during Black Friday.
Therefore, an eCommerce trend in 2024 will certainly be to address the specific needs of this generation, focusing on personalised shopping experiences, sustainability and social responsibility on the part of brands.
eCommerce in 2024: a new definition of brand loyalty
Google data reveal that more than 73% of users expect brands to respond to their needs. This requires brands to maintain consistent values, avoid controversy and promote sustainability. Brand loyalty is now based on shared values, with younger generations ready to switch brands if these values are not met.
In terms of data, this Black Friday for eCommerce was quite indicative for Western Europe: again according to NielsenIQ research, Germans and British were the most active, with 48% participation.
Flexible payments and facilitated returns
Against a backdrop of economic uncertainty, young people prefer instalment payments, free returns and the possibility to easily obtain reimbursement for their purchases. Security of personal data is a priority, with a large proportion of users concerned about the security of financial information.
Transparency in policies and the use of encrypted systems become essential to gain consumers' trust: PayPal, Klarna and Stripe are currently the most popular systems in this respect.
Eco-sensitivity and second-hand, trends and possibilities
The second-hand and refurbished market is growing rapidly, with TechCrunch data showing 82% of global consumers buying or selling second-hand products.
eCommerce will have to adapt to this trend, offering durable products and promoting marketing policies related to reuse, sustainability and ecological awareness.
Social Media, Buyer Persona and Platforms
The advent of social media has transformed the concept of buyer personas into buyer communities. Companies now have to convince an entire community through next-generation groups, channels and social media, which never excludes surprises (see the TikTok Shop experiment, set to grow in referral numbers).
That being said, NielsenIQ confirms that during Black Friday 2023, Amazon was the most used eCommerce in the UK, Germany, Ireland and Austria: expectations confirmed, in short, but the situation is evolving and all to be known. Around here, as an amazon advertising agency, we know that Black Friday is always the time when campaigns there take off!
SEO and Search Engine Optimisation
Implementing these trends requires a search engine optimised website, hence user-friendly SEO for eCommerce. If you are reading this, you will know that we are also an SEO agency with a few years of experience in the field!
Metadata optimisation, proper indexing of key pages, image optimisation and user experience become key to attracting and retaining organic traffic: the shopping cart fills up if the user finds what they are looking for on your Shopify or eCommerce site more easily.
Technologies and sales channels: new (but also great classics)
To prepare for 2024, it is essential to invest in advanced technologies such as artificial intelligence and virtual reality. Exploring new sales channels, such as social media (TikTok) and live streaming (Twitch), can be key to reaching new customers.
Also according to NielsenIQ data, during Black Friday 2023 the average spend per person was €192, with considerable variability: 3% of consumers spent over €1,000, while 6% limited their spending to less than €10.
These figures underline the need for online retailers to anticipate marketing strategies, considering the impact of previous promotional events and tailoring offers to meet the needs of a diverse consumer base.
After the data: what trends for eCommerce in 2024
The year 2023 is almost upon us, and for us it was the year of even more total immersion in online retail, with the important certification as a Shopify partner agency.
Which trend will arise next year?
In conclusion, 2024 is shaping up to be an exciting year for the eCommerce world, with revolutionary trends that will redefine the digital landscape. The steady growth of online sales, Generation Z's push towards personalised and sustainable shopping experiences, the redefinition of brand loyalty based on shared values, and the adoption of eco-sensitive practices are just some of the driving forces behind this evolving industry.
The importance of adopting flexible payments, promoting sustainability policies, and capitalising on the reuse market are keys to remaining competitive. The growing influence of social media in shaping buyer personas and the rise of new sales channels, such as TikTok and Twitch, add an element of dynamism to the digital environment.
SEO for eCommerce, website optimisation and investment in advanced technologies such as artificial intelligence are becoming indispensable to keep up with consumer needs. The year 2024 is an opportunity to anticipate trends, customise marketing strategies and adapt to changing market dynamics.
The key to continued success in the world of eCommerce in 2024 will be agility, adaptability and proactive adoption of new challenges and opportunities as they arise. Be ready to innovate and capitalise on emerging trends to drive your eCommerce towards continued success.