E-commerce is continuously expanding—no surprise there! This year has been no exception; we’re witnessing the emergence of fresh trends. The rapid evolution of trends can be attributed to the evolving customer base. It’s actually a positive sign if you find it challenging to keep up with your audience; it indicates that you’ve reached a broader audience than initially anticipated. But how do you satisfy a constantly changing group of consumers, both in their purchasing behaviours and numbers? That’s where the trends we’re about to introduce come into play! So, get ready, and let’s dive in!
E-Commerce and Trends: Why Is It Important to Keep-Up?
Recent trends are a guideline for every growing business. Not following them can cause some high-level risks, and if your company is not at a place where it can play games, it can cost you your business. While a world of non-trend-chasing e-commerce can stay in business, falling behind competitors is inevitable.
In 2024, we stepped into the highest competition businesses have ever seen. Customers are evolving their expectations, holding companies accountable, actually reading terms and services, and keeping up with the consequences of your promises. Failing to meet these unique needs and not answering in your customer’s favoured language will definitely result in a failed business.
It is not the 80s anymore when you produced exceptional products or services and could rely on your customers to be advocates simply because you were useful. Now, you have to be more than useful.
“In the U.S., even when people love a company or product, 59% will walk away after several bad experiences, 17% after just one bad experience.” PwC
What causes bad experiences?
- Bad customer service
- Delays due to errors
- Bad shipment
- Slow check-out process
- Website crash
- Lack of user-friendly interface
- Bad company values
- Bad content (product explanations, ingredients, store information, etc.)
As you can see above, customers can have a bad experience just like that. One error can turn tens or thousands of customers off. But how do you keep them with you? With trends, we are about to tell you!
4 E-Commerce Trends to Grow Your Business
E-commerce success requires more than just a website and product listings. To thrive, businesses need to follow trends in consumer behaviour and preferences. Here are five e-commerce trends that can elevate your business growth!
1) 24/7 Customer Service: Chatbots
Providing service round-the-clock customer service is no longer a luxury but a necessity. Imagine you are a customer who had a breakdown because of a wrongful charge or a shipment accident at 3 o’clock in the morning, and now imagine the anxiety and the anger that comes with it.
Customers are human, and humans are scared of the unknown and being left in the dark. We all know your working hours end at 5 pm, but for them, it starts after. Your customer base needs 24/7 assistance, not the other way around; interaction and keeping up with their constant demands are more important than you think.
“53% of customers say generative AI will help companies better serve customers.” Salesforce
Artificial Intelligence (AI) powered chatbots are changing the way brands engage with their customers. While human agents have exceptional skills in providing empathy and problem-solving, chatbots complement their efforts by handling common inquiries and delivering instant responses at all times.
What Do You Gain?
According to the Ultimate 2023 Customer Trends report, 94% of customers are more inclined to make repeat purchases due to positive experiences, while 82% have endorsed companies based on exceptional customer service; moreover, 80% are forgiving of mistakes when excellent service follows.
- Chatbots boost satisfaction with quick assistance and issue resolution.
- Customer satisfaction gained through chatbots leads to increased retention and positive referrals.
- They reduce response times, freeing agents for strategic work.
- Plus, by putting in the effort, you instantly foster loyalty by showcasing dedication to service and innovation.
What can go wrong?
Chatbot trend has existed for almost 2 years; what is new? Customers who engage with AI chatbots are talking, and it’s not all positive. According to Verint’s latest digital customer experience report;
- 44% of customers feel that AI fails to prevent issues from reaching customer service.
- 32% noted that AI did not expedite the resolution of customer issues.
- When chatbots can’t answer questions, 71% of users feel frustrated.
- 43% are dissatisfied if not given the option to talk to a human
- 36% have a negative experience if chatbots ask too many questions without solving their problem.
There is too much to be done in the context of chatbots. You have to include more options and answer customers’ exact questions. If the chatbot’s answer leads to nothing, many customers feel disappointed and left angry at their desks, feeling a lack of accomplishment. Study your audience to answer them thoroughly with chatbots; don’t overlook the power of improving.
2) Picture-Perfect Purchase: Augmented Reality
“The global augmented reality market size was estimated at USD 56.3 billion in 2023 and is predicted to hit around USD 1,465.25 billion by 2033, poised to grow at a CAGR of 38.33% during the forecast period from 2024 to 2033.” Precedence Research
With Pokemon Go’s AR virtual game, we all became addicted to going outside and catching Pokemons. The best thing about the game was how enjoyable it was to witness things that were hidden or invisible and to explore and manipulate what seemed real.
AR in e-commerce allows customers to visualize products in ways traditional online shopping cannot. It addresses the frustration of buying a product, such as a shoe, based solely on images, only to be disappointed when it doesn’t meet expectations upon arrival.
“More than nine in ten Gen Z respondents were willing to see what a piece of furniture or decoration would look like in their home using AR. Only 64 percent of respondents in the silent generation said the same.” Statista
According to Statista, Gen Z comprises about 25% of the world’s population and is the majority of digital customers. This tech-savvy group is comfortable shopping online. By leveraging AR technology, you can cater to this audience and your customers can virtually try on products, seeing how they look and fit in real-world environments before purchasing. This not only enhances the online shopping experience but also reduces the likelihood of post-purchase dissatisfaction. Plus, it is a fun way to interact with a brand!
3) Short Content for E-Commerce
According to Retail Dive, the majority of consumers, specifically 72%, show a preference for video content over text-based marketing. Using podcasts and short video content to educate customers about how a brand’s offerings address their needs or challenges. You can also create a platform for customers and influencers to share short videos on how the product turned out, how it’s used, how it looks, etc.
Short-form video content;
- Captures attention effectively
- Provides a concise explanation of products
- Increases conversion rates (as the brief and captivating nature of short-form videos encourages immediate action from viewers)
- Offers a creative outlet for customers and brands
- Is more effective than images
What can you do?
Trendyol, a popular e-commerce platform based in Turkey, implemented short video content in its mobile app. This initiative greatly enhanced user experience and provided a dynamic way for customers to explore products.
Integrating a “stories” section featuring influencers trying on products in your mobile app or website is a logical step for e-commerce businesses. This feature leverages the popularity and influence of social media personalities to promote products in an authentic and relatable way. By showcasing real people using and enjoying the products, brands can build trust with their audience and drive engagement.
4) Sustainable E-Commerce Experience
“The undeniable ease of having products delivered has an environmental impact: in the biggest urban areas worldwide, carbon emissions due to e-commerce logistics are forecast to hit around 25 million CO2 metric tons by 2030.” Statista
The e-commerce industry is undergoing a transformation with the adoption of sustainable solutions and companies are actively trading traditional ways of doing with sustainable approaches. Over half of the consumers worldwide are willing to pay extra for sustainable products that can be reused or recycled; a rapid rise of interest in eco-friendly practices is seen.
“72% of respondents reported that they were actively buying more environmentally friendly products than they did five years ago, while 81% said they expected to buy even more over the next five years.” Business News Daily
This movement presents an opportunity for businesses to expand their market share and build brand loyalty by prioritizing sustainability in their product offerings. By embracing eco-friendly practices in e-commerce, companies can attract more customers, increase sales, and remain competitive in the global marketplace.
Online retailers can now establish sustainable practices from purchase to the final delivery of products. To create sustainable online trade, companies must focus on;
- Reducing paper consumption.
- Optimizing packaging to minimize space during transport.
- Prioritizing recyclable materials.
- Selecting eco-friendly transportation methods.
- Using QR codes for returns.
- Climate offsetting options for deliveries.
The high competition and the need to improve made companies more careful and customers, unfortunately, lazy. A new mindset emerged where the convenience of our homes is more important than anything else. We consume, pay the price for the delivery, and return it if we don’t like it. But now, we as a mass realise that the price paid is not by us but by the environment. Prioritizing sustainability increases customer awareness and meets their expectations and contributes to a greener and safer world for future generations.
Final Words
Keeping up with e-commerce trends is vital for businesses looking to grow. From round-the-clock customer service with chatbots to the exciting world of augmented reality, each trend offers new ways to improve the customer experience and boost sales. Prioritizing customers and aiming to grow your audience is possible through trends. Each trend needs a good execution and a better team to help you with. Contact Appcent today to take the next step in your digital journey!