Embracing Change In 2024: Top Four E-Commerce Trends Are Shaping the Industry Today
The value of e-commerce soared when the pandemic hit the world, and is now experiencing steadier growth.
E-commerce often remains a challenging force expected to distribute 47% of the retail growth by 2027. However, as you see the online view it has been growing. Retailers and brands must navigate new ways to find opportunities to get the right pace. Here are the three most significant trends that have been emerging trends and revamping the e-commerce landscape:
Image source Netflix
This is one of the crucial ways that are emerging in e-commerce marketing. The subscription business model has seen widespread adoption across various renowned sectors from streaming platforms to food, clothing, pet supplies, and gaming platforms, Streaming platforms like Netflix generated 33.7 billion dollars in 2023 by using the subscription model. It offers quality content that draws users across the world. This surge in popularity can be attributed to the mutually beneficial nature of subscriptions: they offer customers freedom of choice while providing businesses with a continuous revenue stream. Indeed, it is an ever-changing market landscape.
Image source Emotive Brand
Brands personalization, offering tailored options to meet individual preferences. With 47% of digital consumers seeking enhanced personalization, cutting-edge technologies like AI enable customized products and shopping experiences. For example, Starbucks has over 170,000 customization options on its app to increase the number of consumers.
Image source Brame
To combat high desertion rates, e-commerce uses strategies from the gaming world. By making gamified e-commerce, companies increase desired behaviours, leveraging rewards and competition to drive app engagement. Boston-based startup Jebbit, for instance, offers interactive elements like quizzes to enhance user experience and collect valuable data.
Image source Obsess virtual stores
Brands leveraging technology to create immersive online experiences that engage multiple senses. From visual and auditory content to evoking touch, smell, and taste, e-commerce is evolving towards a multisensory journey. L'Oréal's use of auditory tech to convey scent and Amorepacific's skin-measuring device exemplify this trend, pushing the boundaries of digital immersion.
What's the catch?
In a landscape where delivering a positive digital consumer experience is paramount, companies must stay ahead of these trends to secure online growth. Understanding and adapting to shifts in consumer behaviour and technological innovation will be key to gaining a competitive edge and fostering customer satisfaction.
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