Top E-commerce trends for 2024

As another year comes to an end, we look at the top e-commerce trends set to take the e-commerce industry by storm in 2024.

This year we have seen a rise in m-commerce, artificial intelligence demand, and social media shopping. These trends are only expected to continue to develop and become more prominent in the e-commerce space. To stand out in a crowded online market, now is the best time to identify emerging trends for the next year.

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Going into 2024, consumers are still feeling the pinch of the cost-of-living crisis and high inflation rates. This means consumers are likely to spend less as they have less money within their budget. To survive another year of trading, this year e-commerce stores are encouraged to review and improve selling strategies to incentivise customers to keep coming back.

With access to the latest trends and innovations in the e-commerce world, e-commerce store owners can begin planning for the year ahead and adopt new trends to kickstart the year ahead.

Here are our top e-commerce trends for 2024 that we predict will transform how consumers shop and how e-commerce business owners can boost sales and growth.

How trends prepare e-commerce businesses for the future

E-commerce is a growing industry and is changing all the time. Preparing for the future could be the difference between success and failure as an e-commerce store operating in a crowded market.

Picking up and implementing the latest trends can significantly help e-commerce businesses to streamline strategies and improve the shopping experience for consumers.

By keeping up with the latest trends and consumer preferences in e-commerce, online stores benefit from a competitive advantage in the market and stand out to consumers. This helps to establish brand loyalty, improve brand awareness, and boost sales to predict the future of business.

Short form video

Fuelled by social media apps such as TikTok and Instagram, short form video has become a legitimate way for e-commerce traders to promote products and their business.

One advantage of using short form video to boost sales and brand awareness on TikTok is that currently, the app favours content relevancy over number of followers. This means brands can generate hundreds of views while having a modest follower count.

It is worth noting that TikTok is known for its authenticity and ‘unpolished’ content. To get the best results, e-commerce brands should ensure video content is organic and doesn’t come across as promotional. To do this, brands and align their online content strategy with trending audio sounds, effects, and video concepts.

Direct customer service messaging

Traditionally, most consumers message e-commerce retailers directly through the e-commerce platform where they made their purchase. However, more and more consumers are reaching out to e-commerce brands via Instagram DMs.

For e-commerce stores, this means in 2024 it is important to refine customer service strategies to ensure customer service solutions span across multiple platforms. Without monitoring all inboxes on Instagram, X (previously known as Twitter), and Facebook could mean online businesses could see a decline in sales and customer satisfaction.

Big e-commerce business may see the value in hiring developed customer service teams and investing in customer relationship management software. Alternatively, AI automated chatbots can also respond to social media messages professionally, personally, and timely.

Livestream shopping

Live shopping is the modern QVC shopping channel for Gen Z consumers. It aims to close the gap between physical stores and online storefronts allowing consumers to try on and test products before making a purchase online.

Amazon, TikTok, YouTube, Shopify, and Instagram all have in-app livestream shopping functions as social media apps begin to invest and consumers recognise the value and convenience of livestream shopping.

Livestream shopping has been on the radar for a while but is set to really take off next year. This method of advertising is interactive as well as immersive and is a great way of interacting with consumers to build genuine connections.

During livestreams, e-commerce brands can run promotions, answer frequently asked questions, and answer non sales related questions to connect with the audience and encourage sales.

Next steps

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Ensure you keep on top of your finances and tax obligations by outsourcing to an accountant. This means that you don’t need to worry about your end of year accounts, payroll, or bookkeeping requirements.

At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success. We offer e-commerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.

Our team of accountants and Xero-certified advisors have experience working with both small start-ups and family-run online stores to large-scale, international retail and e-commerce brands.

If you’ve got an online store, we have the best solution for you. Providing you with a financial arm to your business through our sector experience, and skills with innovative technologies.

To see how we can help you maximise the scalability of your e-commerce brand all year round, get in touch with Unicorn Accounting today. Or click here to get a free quote.

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