eCommerce industry experts predict the biggest trends and tips for 2024;
1. TikTok Shop
Launching last year, TikTok Shop hints at a shift in the way consumers, particularly the Gen Z demographic, discover products. As it is still very early days for the new commerce engine, brands will heavily test their TikTok Shop strategies in 2024.
Brett Bernstein, CEO at Gatsby comments “If you’re using Shopify, consider making it a new year’s resolution to link in more Sales Channels in 2024, especially TikTok, Instagram, and the Shop App. These channels make it easier to discover and convert new customers.”
2. Authenticity vs Social Scams
Brands that invest more in their social commerce offerings in 2024 will also work hard to convey trust and quality, too, so that new shoppers aren’t wary of taking a chance on an unfamiliar brand. For that reason, authenticity and real customer reviews will be important ways to establish trust in 2024, bringing user generated content and testimonials even deeper into social platforms.
3. Direct Service
If shoppers are interacting with your brand on social media, then they’re going to want to slide into your DMs, too. In fact, there’s a growing trend of shoppers preferring to reach out directly to customer service through DMs or texting. It stands to reason that this trend will only grow as social shopping becomes more accepted, so in 2024, customers will likely demand more of this real-time communication with brands — and they want it to happen wherever it’s most convenient for them. Adopting technologies and new processes that allow your customer service team to interact via DM or texting will be an essential strategy going into the new year.
4. Predictive Personalisation
Predicting your customers’ behaviours though can be complicated, as it requires robust data from all touchpoints — which is often scattered across platforms.
“The trick is to make sure you’re building a tech stack that talks to each other smoothly,” Tina Donati, Content and Partner Marketing Lead at Alloy Automation, explains. In 2024, brands will, consolidate their tech stack where they can and ensuring that connections between their software is seamless.
“Integrations between your commerce platform and your ERP system, CRM, marketing automation, helpdesk, loyalty app, etc. are the only way to make it easy to personalise customer touchpoints without a lot of manual work from your team,” Donati says.
5. Sustainability + reusable packaging
There’s a growing consumer demand for such sustainable and recyclable/reused/reusable packaging and in 2024 we expect to see more brands explore sustainable packaging options, reducing environmental impact while also deepening their connection with customers. Brands that want to introduce these reusable options should market them in a way that both motivates customers and creates positive sentiment.
6. Value vs Inflation
According to Retail Week, about 74% of shoppers expect retailers to lower their prices to reflect any increase in inflation in 2024. This signals that consumers are becoming more price-conscious, and brands may need to find ways to offer value while keeping prices competitive. Value, however, can come in many forms — quality service and free gifts, for example, can elevate a brand that cannot rely on discounting.
7. Subscription Stickiness
In 2024, we expect to see subscriptions become a more heavily marketed value exchange for customers that are seeking to get the most for their money. We expect to see more brands offering perks and convenience with their subscriptions, to keep customers hooked. Not only will these strategies improve customer stickiness, but the combination of flexibility and value makes it easier for brands to also upsell and cross-sell more effectively, too.
8. Short Form Video Showcases
Short-form video is a quick and entertaining format that is fast becoming a preferred way for younger consumers to learn about products, regardless of where they’re shopping. A report from Influencer Marketing Hub lists producing short-form videos as one of the top content marketing trends for 2024. As a result, many brands are leveraging these videos to better showcase product details and increase social sharing, and the format is ideal for branded, influencer, and user-created content. From quick product demos to behind-the-scenes peeks, these engaging videos are a great way to keep customers hooked and boost conversions.
9. Touchpoint Retention
Retention is no longer just about repeat purchases; it’s about product expansion — getting customers to try more products and categories. If you’re able to perfect the many touchpoints that lead to a repeat purchase, and fulfill multiple needs for your customer, they are more likely to remain loyal to your brand.
Anya Geimanson, Co-founder & CEO, Visually.io. suggests, “by offering personalised recommendations, post-purchase upsells, enticing incentives, and precisely targeted campaigns, brands can inspire exploration and purchases in new product categories,” she continues. “This comprehensive approach ultimately leads to enhanced customer retention and a larger share of their wallet.”
10. Optimising AI
AI and automation are becoming increasingly important for eCommerce brands, helping them tackle tasks that free up time for brands to innovate and strategise. But in 2024, we expect more and more brands to rely on AI and machine learning to analyze customer data and predict behaviours, allowing them to create more tailored marketing strategies that yield stronger results.
Meta, for example, launched its AI Sandbox that lets brands iterate and optimise their creative at lightning speed, resulting in a reported 17% improvement in cost-per-action and 32% improvement in overall ad spend. IBM also offers AI that allows brands to track and evolve their messaging using customer response, and Yotpo recently announced Tailor AI, a retention expert that can analyse your customer and performance data, and make recommendations for ways to improve. All of these insights will inform human-made decisions to build a stronger brand.
2024 promises to be an exciting year for eCommerce, with social platforms reshaping product discovery, increasing customer expectations for personalised experiences, the continued rise of subscriptions, a shift in retention metrics, and the growing importance of AI and automation.