2024 is already speeding by, and the ecommerce industry is emerging at a rapid pace to match its progress. It is a dynamic industry that has revolutionized the way we shop and do business. With recent technological advancements and evolving consumer preferences, it’s essential for your business to stay ahead of the curve and remain competitive.
Several emerging trends are poised to reshape ecommerce in 2024. I will highlight the key ecommerce marketing statistics to watch this year and share tips on how to leverage them effectively. Here are a few trends that will shape online retail for the year, which no site worth its salt can afford to overlook.
Ecommerce Marketing Statistics of 2024
Social shopping is gaining traction
Various social media platforms have integrated eCommerce features, with many consumers already opting to make purchases through Instagram and Facebook. One of the ecommerce marketing statistic reveal that the global social commerce industry was valued at $2.4 trillion in 2023 and will grow to $8.5 trillion by 2030.
This ecommerce marketing statistic is good news for retailers and brands alike, as there is even more reason to focus on creating compelling content for social media since this could encourage clicks and conversions without having to worry about perfecting separate landing pages.
AI is on the rise
The era of artificial intelligence-enhanced customer service is upon us, with many ecommerce sites adding chatbots to answer customer questions quickly and accurately.
This will take off further in 2024 further since the AI-enabled ecommerce market is expected to reach $16.8 billion by 2030, rapidly growing at a CAGR of 15.7% over the next eight years. Additionally, customer-service analytics is the most prevalent implementation of AI in marketing and sales, where 57% of survey takers in emerging economies reported its adoption.
Keeping this ecommerce marketing statistic in mind, online retailers should adopt them. They can take online courses on machine learning to understand how AI influences this sector and why it is getting better with time is sensible.
Personalization is a paramount concern
Whether you are catering to site visitors, targeting existing customers with email campaigns, leveraging SMS marketing to attract new users, or responding to queries sent via social media, making people feel like they are getting a bespoke experience when engaging with your brand is more critical than ever this year.
Some ecommerce marketing statistic have found that almost three-quarters of consumers will not be won over by marketing messages unless they are conspicuously personalized, even if there is a growing call for tighter controls over how user data is deployed by the sites they visit and the brands they engage with.
Ecommerce firms will need to tread a fine line between optimal personalization and ensuring users feel like their information is adequately protected. The ecommerce marketing statistic below illustrates global revenue from customer experience personalization and optimization software and services from 2020 to 2026 (in billions U.S. dollars). With competition at an all-time high, personalized marketing is the key tactic your retail/e-commerce strategy needs to safeguard market share from competitors.
Sustainability is a selling point
Eco-friendliness used to be a fringe issue in the world of eCommerce. Still, growing awareness surrounding climate change and the carbon footprint of the retail sector has made sustainability a mainstream matter. The undeniable convenience of product delivery comes with an environmental cost: in the largest urban areas worldwide, carbon emissions from e-commerce logistics are projected to reach approximately 25 million metric tons of CO2 by 2030. Considering this ecommerce marketing statistic, ecommerce retailers will be expected to ensure a greener supply chain while meeting consumer demands for fast and affordable delivery.
Consumers are clamoring for the companies they shop with to address potentially problematic practices across the board, from sourcing the materials used to make products to the recyclability of the packaging they are contained within.
The sustainability of home delivery services is also under increased scrutiny, not just from an emissions point of view but also because of how this can impact congestion. The firms that prove they are making changes to processes and going green will be best placed to appeal to shoppers in 2024.
AR is a viable option
Augmented reality has been around for years, but it is only starting to be adopted in any meaningful way in the retail space. One of the ecommerce marketing statistic reveal that 32% of consumers currently use augmented reality (AR) while shopping. Looks like this the trend that will never fade!
High-profile examples of AR deployment in consumer-facing services include the recent launch of a new in-app feature by flat-pack furniture giant IKEA. Customers now use their smartphones to preview what products will look like in the corners of their homes, using 3D modeling and built-in cameras to help them decide without having to visit a brick-and-mortar store.
AR is also being embraced in the fashion retail market, with apps allowing customers to get a fitting room experience on the move. This could save eCommerce sites a lot of cash since users will not have to order several different versions of the same garment to see which is the best fit since they can work this out in an instant with AR.
An omnichannel approach will work wonders
Pure-play online retailers may have changed the retail market forever and caused problems for their brick-and-mortar competitors. Still, there are signs that even the most prominent brands may be coming to the idea that omnichannel is the way to go. Companies with a strong omnichannel approach achieve a customer retention rate of around 89%, whereas those with a weak omnichannel strategy have a retention rate of just 33%. These ecommerce marketing statistics highlight the importance of omnichannel approaches in the ecommerce industry!
The fact that Amazon has opened even more real-world outlets is the primary indicator that customers are being served effectively online and in-store for the best results. This has been possible with the help of advanced omnichannel marketing software. One trending software is Omnisend.
Conclusion
The ecommerce marketing landscape in 2024 is evolving at a lightning pace, driven by technological advancements and shifting consumer behaviors. Key trends are reshaping the industry. Additionally, the demand for greener supply chains and the critical role of omnichannel strategies in customer retention cannot be overlooked.
Staying informed about these ecommerce marketing statistics and trends is essential for any online seller looking to remain competitive and meet the demands of today’s consumers. By leveraging these insights, businesses can refine their strategies, enhance customer experiences, and drive sustained growth in an ever-changing market.
