Trends That Will Shape The eCommerce Industry In 2024

The e-commerce industry is constantly evolving, and to stay ahead of the curve, you need to be aware of the latest trends. We will discuss some trends that will shape the eCommerce industry in 2024.

1. Kirana Tech

Kirana Tech refers to the new generation of physical stores which leverage technology to provide a superior shopping experience. They have adopted mobile payments, QR code scanning, and video discounts, among others, to compete with e-commerce platforms.

Kirana tech aims to reduce the offline and online shopping gap by offering lower-priced products than e-commerce platforms.

With ever-increasing competition from e-commerce, traditional brick-and-mortar retailers are now exploring ways to set themselves apart from their online counterparts.

2. Quick Commerce

In the past, online shopping involved receiving goods at your doorstep after placing an order online. Nowadays, customers expect the execution of transactions in a matter of seconds.

Some e-commerce companies have already started offering same-day delivery of products purchased online. This trend will become widespread in the next few years.

For customer extended retention, e-commerce businesses must provide instant gratification. There are many ways in which companies can do this.

For example, Alibaba uses facial recognition technology to help shoppers at their Hema supermarkets locate items on shelves and pay via Alipay – its mobile payment service. Additionally, incorporating innovative technologies such as the Beaconstac QR code generator can streamline the shopping experience and accelerate the checkout process.

In addition, many e-commerce retailers offer payment through Bitcoin as the prices have continually increased over time giving customers more disposable income.

The objective is to streamline the human resource process by offering convenience and reducing the manual effort involved in managing such services.

3. Supply Chain Tech

In the past, businesses had to purchase expensive software and hardware to track their products as they moved from one production stage or distribution to another.

However, with the increasing digitization of supply chain management techniques, companies can now invest in inexpensive sensors that fit on a single pallet and provide real-time updates about inventory movement.

As a result, companies can reduce the lead time required to ship products from one location to another. This move has a significant advantage as it helps speed up order fulfillment for e-commerce businesses, directly contributing to customer satisfaction.

To provide a seamless experience, e-commerce players need to ensure that they have efficient supply chains in place.

For example, Amazon has been using drones for some time now to deliver packages at their warehouses across various markets.

While these efforts have not been entirely successful, considering many countries do not allow commercial usage of drones yet, it is still a step forward in this direction.

We expect more advanced technologies such as driverless trucks and on-demand warehouses on wheels.

4. Rollup Commerce

A majority of e-commerce players in emerging markets follow the inventory model. Businesses maintain their warehouses and supply chain to store products. Eventually, this leads to huge logistics costs passed on to customers.

Companies need to implement new ways of doing business if they want to stay afloat for the long term. A new strategy gaining momentum is rollup commerce – a concept where companies consolidate demand by piggybacking on established platforms like Amazon or Alibaba.

Brands that adopt this approach need not worry about market reach or logistics since these platforms will take care of it on their behalf.

5. Social Commerce

Social commerce has become a popular trend in recent years as consumers increasingly use social media for both entertainment and shopping. It enables brands to showcase their products in a more personal and engaging way, using techniques such as influencer marketing, user-generated content, and live shopping events. The use of social media also allows for real-time customer interactions, where businesses can address customer inquiries, concerns, and feedback, helping to build a stronger connection with their audience. Additionally, social commerce provides valuable data insights, such as customer demographics and purchasing behavior, which can be used to inform future marketing and sales strategies.

Overall, social commerce offers a new and innovative way for businesses to reach and engage with their target audience, leading to increased sales and customer loyalty.

Conclusion

With the advent of new technologies, e-commerce businesses can now offer better services without spending vast amounts of money.

While it will take time for such developments to become mainstream across multiple markets, these changes are critical for the survival of traditional brick-and-mortar retailers. I hope you liked this article on trends that will shape the eCommerce industry in 2023. Thanks for reading!