The eCommerce industry continues to grow. A steady, year-on-year increase in demand is driving a CAGR of around 11% for the global eCommerce market (forecast for 2023 to 2027).

And, as it grows, technological advancements and buying trends are forever shaping its evolution.

As a business owner, it's crucial to stay informed about current buying and marketing trends to keep your company ahead of the curve and future-proof your selling strategies. 

So, what are the latest happenings in the world of eCommerce? And what's next?

Why keep up to date?

It's important to remember that a positive, user-friendly shopping experience not only leaves a lasting impression but can also make or break a sale. 

Although investing in changes and new strategies can be costly and time-consuming, it's an investment that pays off. In fact, the B2C marketplace sales in the US alone are expected to reach a value of $2.1 trillion by 2024. 

Understanding current trends and buying habits helps expand your business's reach and increase sales. Not only that, but it also places you in a much more informed position to predict future progression and allocate funds accordingly. 

What do customers want from eCommerce?

With digital commerce cementing itself as the new norm, pressure on businesses (especially small independents) to keep up with customer expectations is higher than ever. 

Customers trust that items will be reliably well-stocked – and aren't afraid to take their money elsewhere if this isn't the case. They expect to be able to find the products they want quickly, with a smooth transaction and fast delivery rates. 

In fact, a recent survey by OnTrac found that 60% of customers would shop elsewhere if their order wasn't expected to arrive in two days or less. 

As technology and buying trends are advancing and changing, so too are customers' expectations for their eCommerce experience.

Top eCommerce trends for 2024 

1. Voice-enabled shopping 

With the increase in voice-enabled smart devices in the home (think Amazon Alexa and Google Home), voice-activated searching is becoming the go-to method for many online shoppers. 

These smart home devices are making the process of searching for products quicker and easier than ever before. And their uptake is on the rise – studies suggest that the global sales of these voice-enabled devices will exceed $30 billion by 2024. 

With this in mind, it only makes sense to adapt your brand's website accordingly. Where possible, enable voice-activated searching for products and take advantage of keywords and local SEO to optimise your page's visibility and increase traffic. 

2. Simplified, transparent returns 

As the popularity of online shopping increases, so too does the number of returns.

While eCommerce has many benefits to consumers – like its unrivalled convenience – it doesn't offer the opportunity for buyers to physically try on or try out products before committing to purchase. 

And while returns can be time-consuming and inconvenient, they are, ultimately, part of the eCommerce experience. 

Recent studies estimate that between 20% and 30% of online products bought are later returned. Shoppers are adopting a "give-it-a-go" attitude to eCommerce, buying more freely with the expectation that, should they need to initiate a return, it will be handled quickly and efficiently. 

As a result, businesses are having to evolve to meet these expectations – investing money and manpower into returns departments to ensure an easy transaction for their customers. 

A practical solution to this rise in returns is employing a third-party service to do the hard work for you. Here at Stowsafe Fulfilment, we handle returns from beginning to end, giving you the freedom to focus on the more lucrative aspects of your business. 

3. AI and machine learning 

Like most things tech-based, 2024 will see eCommerce embracing the power of artificial intelligence (AI). The technology has the potential to boost sales, create personalised shopping experiences and help prevent fraud. 

Thanks to the latest advancements in AI, businesses can offer customised recommendations and marketing, tailored to customers' personal preferences. 

And by using machine learning trained in certain algorithms (such as labelled and unlabelled data), businesses can detect fraudulent transactions with greater accuracy, speed and scalability. 

Making sure your company utilises this technology is a surefire way to improve customer experience and boost the likelihood of a sale. 

4. Predictive analytics to manage stock

It's no secret that the new breed of eCommerce buyers is shopping with bigger expectations and higher standards for their consumer experience. One of these expectations is that the product they want will be readily available to them. 

And they aren't afraid to shop around if it isn't. Studies show that around 46% of customers won't think twice about buying elsewhere if their supplier of choice is out of stock. 

"Stockouts" can be one of the hardest logistical problems for retailers to overcome – but a new solution is set to gain significant traction in 2024.

Predictive analytics can prevent stockouts by analysing a variety of data – such as previous eCommerce sales and current economic trends – to predict future demand. 

5. AR in eCommerce

Much like the rise of AI, augmented reality (AR) technologies are changing the face of eCommerce as we know it. 

Many larger companies, such as IKEA, are already implementing AR into their selling strategies. Most often, brands use the technology to allow customers to "artificially experience" products before buying. 

By enabling buyers to view digital products in real-world environments, AR may help overcome the "try-on or try-out" problem: the failure of eCommerce to provide tangible opportunities for product evaluation.

Around 16% of US customers already name AR as an invaluable tool for buying online and this number is expected to increase as the technology advances. 

6. The rise of Q-Commerce

One of the most challenging trends business owners are seeing take hold is the rise of Q-Commerce – or Quick Commerce. 

Influenced by companies like Amazon, Q-Commerce is providing customers with lightning-fast delivery options. 

Long gone are the five-to-seven-working-day delivery expectations. This growing trend is driving a surge in demand for speedy, convenient access to goods. 

With around half of consumers saying they'd shop at another retailer if they feel that delivery times are "too long", it's more important than ever for businesses to ensure they can compete with these larger retailers and offer the same service. 

Stowsafe Fulfilment is a trusted UK provider of eCommerce fulfilment services. Our flexible, scalable service ensures we can deliver the best of your brand – whether you want bespoke packaging or custom kits. To learn more, get in touch with a member of our friendly team today.