Top 5 Ecommerce trends for 2024
Top 5 Trends in ecommerce industry in 2024
Trends in ecommerce industry have changed dramatically in the past three years. According to e-Marketer, online retail sales will reach $6.39 trillion, with ecommerce taking up 21.8% of total retail sales. If you want to stay on top of the latest industry developments, keep up with these ecommerce trends in 2024.
Subscription models
Subscription model area growing trend in the e commerce world. This business model provides a recurring service to subscribers. Offering a recurring service makes it easier to predict monthly revenue. Subscription services are also an effective way to quickly build brand loyalty.
This upcoming year will be a pivotal year for subscription services. With one-click purchasing becoming the norm, abandoned cart figures will decline. As automation takes over, subscription models will gain traction and become the new norm. For ecommerce brands, these trends will mean substantial changes for the future.
Personalized products
Personalized products are growing in popularity across many different industries. Nike now allows consumers to create their own custom shoes that ship out in four weeks. From shoes, to cars, to shirts and hoodies, everything is now customizable online. Established brands are already incorporating these trends in ecommerce industry into their business models and smaller ecommerce businesses are expected to follow suit in 2024.
Buy now and pay later
Convenient payment options and personalized outreach
The Covid-19 pandemic has changed the way we shop. Consumers are increasingly gravitating toward online shopping because of its convenience. Providing your customers with convenient payment options will make online shopping even easier. A lack of payment options can cause a potential customer to leave the site before converting. Pay Safe’s report noted that Gen Z shoppers are more likely to use multiple payment methods than older generations. You can provide various payment options, including Cryptocurrency, to stay on top of the industry standards.
Show your customers that you care with personalized outreach. Many businesses have already integrated this feature into their email marketing campaigns. In 2024, it will be a standard across all forms of messaging. “Thank you” emails, customized discounts, and after-sale surveys are a few examples of personalized outreach.
Outsourcing to a fulfillment center
Over the last two years, remote work has become increasingly popular due to the COVID-19 pandemic. Outsourcing your order fulfillment to a fulfillment center allows your team to manage your fulfillment remotely. This drastically reduces the number of employees you need to have on-site at any given time.
Outsourcing your fulfillment is also a cost-effective approach. Shipping costs are higher than they have ever been. Outsourcing your fulfillment can help you lower your shipping costs while getting your orders out the door faster. As your business grows, you will need more space, equipment, and crew members to accommodate the flow of orders coming in. Outsourcing your fulfillment allows you to expand your business and keep up with all the current ecommerce trends.
At Universal Fulfillment, we can help you stay on top of all the latest industry trends in 2024.
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