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Looking ahead to what 2024 will bring can feel overwhelming, can’t it?

The good news is, while there’s so many big changes happening, there’s really only a few that are actually going to affect how you do business directly.

And these few changes are where your biggest growth opportunities are waiting!

In today’s Deep Dive, we’ve cut through all the noise. We’ve identified the 5 trends to prioritize in 2024, so you can calmly scale your business to new heights.

Let’s dive in (to 2024)!

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Get Ahead of the Ecommerce Curve: 2024 Trends that Will Dominate

We’ve had, let’s say, a bit of an awkward relationship with tech since AI jumped into adulthood.

ChatGPT hasn’t yet turned out to be the superstar it was poised to be. But other AI tech is changing how we do ecommerce quickly and substantially.

Especially in making business more human-focused.

The Personalized Customer Experience

The ecommerce market has grown year over year for the past 5 years. It was expected to close in on $1 TRN in sales this year, according to Statista. Needless to say, more stores are going to continue to pop up.

This means there’s an increasing need to personalize customer experiences and marketing.

And consumers are expecting this: 59% of consumers believe businesses should use the data they collect from them to personalize their experiences.

They expect personalized customer service interactions, product recommendations, emails, and even store design.

If you can provide this experience, you’ll increase customer retention, as 80% of ecommerce business leaders have found.

A study from Accenture found that 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations.

So using AI to personalize your marketing will be key to unlocking growth in 2024.

AI-Driven Ecommerce Marketing

AI's role in ecommerce marketing is becoming increasingly pivotal.

According to a report by Statista, the AI market in marketing is expected to grow from $27 billion to $36 billion by the end of 2024.

While most personalization functions are going to be limited to the big brands with massive data sets, there are ways for SMEs to use personalization in their marketing:

• Personalized landing pages: tools like leadinfo (no affiliation) allow you to tailor landing pages for ads and SEO to specific audiences, without having to build multiple pages

• Personalized and automated emails: Activecampaign’s Site Tracking (no affiliation) lets you send personalized emails to your site users based on their behaviors. Plus, it’ll send emails when they visit their inbox most!

So when building your 2024 marketing strategy, shop around for as many tech and tools as possible to personalize your marketing.

Social Commerce Will Get Even Bigger

Last year, social commerce generated about $728 billion in revenue, and forecasters predict the market will expand to over $6.2 trillion by 2030.

Facebook currently dominates social commerce.

The platform is expected to see 67.8 million buyers in 2024 while Instagram is predicted to see 45.3 million buyers and TikTok is predicted to see 35.8 million.

If you haven’t TikTok’d your store yet, it might be time

Research shows that 15.8 million new social buyers will flock to TikTok by the end of 2026.

TikTok executives say their global ecommerce sales will top $20 billion in 2023. Total sales were just $4.4 billion in 2022.

Even Pinterest, a bit of a dark-horse platform when it comes to ecommerce sales, is seeing growth.

In May 2023, the platform launched a partnership with Amazon that’s aimed at making it easier to shop on Pinterest.

In the third quarter of 2023, Pinterest reported a 6% year-over-year increase in sales to jump to a total of $708 million.

The key is to success on these visual platforms is to create content that integrates shopping experiences seamlessly. And to use AI to allow shoppers to buy with one click through your visual content.

Sustainable Ecommerce: Aligning Values with Business

Surveys by Statista show 60% of Americans made a second-hand purchase between June 2022 and June 2023. That was an 11% increase over the previous 12 months.

This trend isn’t just to do with the rising cost of goods. It’s also to do with consumer’s care for sustainability.

A survey from NielsenHQ and McKinsey found that consumers are willing to pay more for products with ESG claims (environmental, social, and governance.)

A 2023 survey of American consumers showed that 74% of people want to purchase sustainable products, and 68% of consumers are willing to pay more for sustainably sourced products.

You don’t have to convert into a sustainable brand to take advantage of this trend. But if you can improve the sustainability of your business operations by implementing more environmentally-friendly manufacturing, or more sustainable product packaging, then not only do you help the planet, you make you connect your brand with a larger audience.

Make Your Brand Human, For Humans

The story of 2024 in ecommerce is based on making your brand fit into our human culture. Connecting with people personally, engaging socially, and caring for the planet.

These are the areas to focus your 2024 growth strategies in the noise of a massively changing market.

Thank you for reading today’s deep dive.
We hope you have a happy New Year! 🥳

See you next year!

Inspiration for today’s Deep Dive came from Exploding Topics.

The Early Checkout Team

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