Matt Boone | MG Studios LLC.
As an ecommerce business owner, staying ahead of trends is critical to your success. With 2024 fast approaching, now is the time to start preparing your business for the top ecommerce trends on the horizon.
The Rise of Social Commerce in 2024
The rise of social commerce, or the use of social media platforms for online shopping, is poised to accelerate rapidly in 2024. Major social networks have invested heavily in shopping features and partnerships, and more consumers are getting comfortable making purchases directly within social apps.
The Power of Social Influence
Social platforms have enormous power to influence purchasing decisions. According to studies, over 70% of consumers rely on social networks to discover new products and brands. Seeing friends post about items they love on social media makes people much more likely to consider and buy those same products.
Seamless Social Shopping Experiences
Leading social networks are working hard to integrate seamless shopping experiences within their apps. For example, you can now shop for products directly within Facebook, Pinterest and Snapchat without leaving the app. These in-app shopping experiences are highly convenient and help to convert interest into sales. Expect social platforms to continue refining their shopping experiences to boost social commerce.
The Rise of Social Influencers
Social influencers and micro-influencers will play an increasingly important role in social commerce. Brands are partnering with influencers who have a high degree of influence over their followers. When influencers promote products on social media, they are essentially recommending them to their followers, which can drive high conversion rates. The power of influencers will only grow stronger as a driver of social commerce in 2024 and beyond.
In summary, social commerce is poised for significant growth thanks to social influence, seamless in-app shopping experiences and the rise of influencers. Merchants should focus on optimizing their presence and partnerships on major social platforms to benefit from this trend. Integrating social commerce into your ecommerce strategy will be key to success in 2024.
Top Payment Trends for Ecommerce in 2024
To stay ahead of the competition in 2024, you must adapt to emerging payment trends in ecommerce. Two of the top trends to prepare for are:
Frictionless Payments
Consumers will expect seamless checkout experiences. Frictionless payments, like one-click buying and biometric methods (e.g. facial recognition, fingerprints), will become more widespread. Adopt systems that allow customers to complete purchases in just one or two clicks using saved payment and shipping information.
Alternative Payment Methods
In addition to credit cards, consumers will demand more alternative payment methods. According to studies, over 80% of customers abandon their cart if their preferred payment method isn’t available. Thus, you must provide options like:
Digital wallets: Services such as Apple Pay, Google Pay, and PayPal are convenient and secure. Integrate them into your checkout.
Buy now, pay later: Plans like AfterPay and Klarna allow customers to pay for purchases over time with no interest. Partner with providers to offer installment payment options.
Cryptocurrency: Although still niche, more customers will want to pay with cryptocurrency like Bitcoin. Accepting crypto payments may give you a competitive edge with tech-savvy consumers and those concerned about privacy.
To succeed in 2024, optimize the customer experience by streamlining checkout and accepting the payment methods your customers want. The key is giving people the flexibility and convenience to pay however they prefer. Stay on the cutting edge of payment technology and you’ll be poised for ecommerce success in the coming years.
Leveraging AI and Emerging Tech for Enhanced Ecommerce Experiences
As an ecommerce business owner in 2024, you will have numerous opportunities to implement artificial intelligence (AI) and emerging technologies to optimize your customers’ shopping experiences. AI-powered product recommendations, chatbots, and voice assistants will allow you to provide personalized experiences at scale.
Implementing AI for product recommendations based on customers’ browsing and purchasing histories has become table stakes. Sophisticated machine learning algorithms can analyze huge amounts of data to determine what products your customers are most likely to buy. These hyper-personalized recommendations, displayed prominently on product pages and in dedicated sections of your site, have been shown to drive increased sales.
Chatbots and voice assistants offer convenient ways for customers to get answers to simple questions, check order statuses, and more using natural language. Integrating these AI technologies into your ecommerce platform and branding them to match your business will set you apart.
As an ecommerce consulting firm, XYLO stays on the cutting edge of these technologies so we can help our clients leverage them to the fullest. Our experts continually research the latest AI and emerging tech trends to determine how they apply to ecommerce. We provide recommendations and implementation guidance to ensure you are optimizing your use of these tools to provide the best possible customer experiences.
By proactively implementing these technologies with XYLO’s help, you will be poised to meet your customers’ needs and expectations in 2024 and beyond. Ecommerce businesses unwilling or unable to make these investments will struggle to compete as AI and emerging tech shape how we shop. With our merchant services and business growth consulting, XYLO gives you the insights and tools to stay ahead of these trends.
Conclusion
As an ecommerce business, staying on the cutting edge of trends is critical to success and growth. The ecommerce landscape is constantly shifting, and 2024 will undoubtedly bring more changes that shape how you acquire customers, optimize the shopping experience, and operate your online store. By preparing now for trends like the rise of social commerce, growth of voice search, and popularity of subscription services, you'll be poised to adapt quickly and gain a competitive advantage. Success in ecommerce requires constant innovation - keep learning, testing new strategies, and pushing your business to the next level. The future of ecommerce is bright, and by embracing these upcoming trends your online store can thrive in 2024 and beyond.