The ecommerce world has had tremendous growth over the years. For a lot of industries, it has taken precedence over traditional commerce.
It has become a self-sustaining machine where ecommerce dictates customer behavior and customer behavior dictates the ecommerce market.
To help you somewhat predict this machine’s behavior, I give you the most relevant ecommerce trends you need to know about today.
Let’s dive right in.
Ecommerce Trends to Watch in 2024
As of right now, there are over five billion internet users in the world; that’s almost 63% of the global population. People with the internet means potential ecommerce customers.
Here’s what it means for the ecommerce world.
While AR/VR is in its infancy, it’s becoming an important tool in ecommerce marketing.
Since the introduction of 3D holograms in Star Trek and the AR/holographic shark from Back to the Future, people have been looking for the tech to arrive in their lives.
And, we’ve gotten it in the shape of VR and AR. So why isn’t the tech widespread yet?
For VR, the biggest drawback is the massive headset. While companies like Meta have been trying to normalize said headsets with the Metaverse, there’s still a long way to go.
That’s why augmented reality is a much better starting point when it comes to marketing.
For a while, AR was hard to achieve because of two reasons – one was that it’s still graphically intensive, and common devices and computers needed to be advanced enough; and two, internet connections needed to be super fast, not only in broadband connections but also mobile connections.
Right now, we’re on the verge of going beyond both those issues. The cost of tech has reduced where people can now afford decent hardware and with the introduction of internet services like 5G and Starlink, bandwidth is no longer a challenge.
For this reason, there has been an uptick in the use of AR (and VR where applicable) in various ecommerce stores.
How do we know it’s not a fad? It’s because the tech has not only been wanted for a while now, it has been implemented for a while too by some companies.
For example, Ikea first introduced AR in 2013 which turned into their Place App by 2017, 3 years before Pokemon Go showed us what AR could do.
Timberland introduced their Virtual Fitting Room where people can try out outfits without wearing them. Similarly, Puma and Snapchat collaborated to launch a feature Dress Up that lets you try out shoes.
So, the tech has been in use for a while, but mostly for global brands. However, smaller brands are now making use of it too. For example, many ecommerce brands are using AR for WooCommerce – the plugin lets brands showcase their products using AR.
Meanwhile, Shopify has a dedicated AR feature for brands willing to opt in.
Using AR and VR is a great way to not only showcase products but also to answer common questions about dimensions, colors, and more.
Voice commerce is becoming a major part of most ecommerce stores.
With devices like Amazon’s Echo, smart speakers and assistants are becoming common among many households. However, people not only use these devices to have them play music or control their homes.
They also use it to place shopping orders and reorders. This is why many major retailers have already started to take the initiative to enable customers to place orders through smart speakers.
However, making it more common has had its challenges. Voice commerce works with complicated technology including ASR (Automatic Speech Recognition) and NLU (Natural Language Understanding).
The former allows people to use their normal speech and voice and the latter is the computer’s ability to understand it while also understanding grammatical nuances.
We are at a point where conversation with voice assistants has become smooth enough that people are beginning to trust the process enough to order stuff now.
Right now, around 36% of people would rather use their voice assistant to shop than buy it through their mobile app or visit a physical store.
Meanwhile, 71% of people would rather use their voice assistant to search for something instead of physically making the search.
That’s a significant enough percentage to not focus on. This is why many ecommerce brands are making use of voice-powered plugins. According to Statista, there will be around 8.4 billion digital voice assistants by the end of 2024.
Considering that 80% of consumers who have used voice assistants to make a purchase are satisfied, this is a massive market.
Inflation is affecting the way people shop online.
Current inflation levels and global economic health are not in good shape. This is not a secret. And this is in turn affecting ecommerce as a whole.
Ecommerce is bound to have positive growth there is no denying that. However, currently, global annual retail ecommerce sales are growing at a decreasing rate.
Meanwhile, emerging economies like China and South Korea account for a good majority of ecommerce sales growth.
At the same time, the European Union hit a double-digit inflation rate with Turkey reaching an inflation rate of 68%.
Due to the rising inflation rates, discretionary sectors get hit the most, including the clothing and consumer electronics industries.
Almost 50% of consumers around the world report that they have either stopped or reduced their purchases of shoes, clothing, and accessories as a response to increasing prices.
On top of that, we’re also witnessing record food inflation. Couple all that with massive layoffs, especially across tech companies and you get limited online retail sales growth.
In response to inflation, 36% of global consumers said that they have started comparing prices online.
Another response from people is that people have started buying and selling second-hand items.
Meanwhile, 58% of US consumers plan to further increase their re-commerce habits in the next 12 months.
According to Mintel’s 2024 Global Consumer Trends, consumers are reassessing what counts as value for them. Consumers now have diverse ideas as to what quality is as they become more realistic in what they perceive as value.
So, what can ecommerce retailers do? Offering easier returns and more budget-friendly options is one way.
Furthermore, it will also help to focus on providing value beyond cost-savings, such as rewards with perks and bonuses, providing better service, and offering sustainable solutions.
AI chatbots are making customer service faster and more efficient.
Meanwhile, 20% of business owners want to use chatbots to offer complete customer support. 18% want to make sure they provide automatic answers to common questions.
You may be thinking that AI chatbots are limited to customer service only but some businesses also use them to sell or upsell to customers.
It can be as simple as an automated message or CTA at the end of a customer service request.
Or, AI chatbots can also provide full-fledged sales services. It means you need to feed the AI all possible information about your products and services, along with your organizational rules, policies, and offers.
Then, develop specific sales campaigns that follow certain buyer journeys and let the AI chatbot handle relevant questions.
However, I believe this is only useful to ecommerce stores that have massive inbound traffic but not enough conversions, especially if their sales and marketing teams are limited.
It can also be useful for B2B ecommerce stores and SaaS companies where the product or service isn’t too expensive; because expensive services in B2B often require a more personal/human touch.
At any rate, AI chatbots have become a necessity today, especially in saturated industries. You might not have even noticed when you last talked to an AI chatbot.
Currently, the ecommerce world has the highest acceptance of AI chatbots. Almost half of all ecommerce customers accept or even prefer talking to AI chatbots during their buyer journey.
Reiterating my previous point of using AI chatbots to sell, you can boost your ecommerce revenue by 7-25% if you use chatbots to send customers who abandoned their cart a private message a few hours later.
It’s not dissimilar to a well-established email campaign but since not everyone shares their email during cart abandonment, it’s an excellent alternative.
That said, with all new tech, there comes a point where customers may feel they’re not given enough attention.
Things may get to a point where you need to explicitly tell people you’re not a robot to keep them interested.
And, that brings us to the continuous importance and relevance of personalization.
Personalization remains one of the best ways to sell in ecommerce stores, especially when powered by AI.
Personalization in the form of curated experiences, personalized customer service, and nitpicked offers and promotions is in high demand.
This isn’t a new or revolutionary insight but it’s important to reiterate it every once in a while. However, what’s new within this is the use of AI to bolster personalization.
For starters, ecommerce stores are using AI to provide personalized product recommendations to customers. These recommendations are based on the customer’s browsing behavior, clicks, and previous purchases, among other elements.
Furthermore, AI-enabled personalized services refer to AI chatbots and AI customer service. Provided that an AI has been given enough information, it can successfully answer most queries so customers don’t need to sift through blogs and knowledge bases or contact someone.
Data from Emarsys shows that over half of ecommerce customers are satisfied with AI-based product recommendations and AI chatbots.
Furthermore, 53% of customers are optimistic about AI-powered ecommerce stores and 58% of shoppers support the further integration of AI in ecommerce stores.
Moreover, 55% of shoppers support the adoption of AI-specific technologies like AI-enhanced virtual try-ons in fashion ecommerce stores.
On top of that, 39% of shoppers want AI to help them find new products. 29% want AI to improve retail marketing experiences, making them more personal.
Now that we have a solid case for AI, let’s see what shoppers aren’t fond of.
Data from Emarsys shows that 44% of shoppers think that most of the marketing emails they receive aren’t relevant. On top of that, 23% of shoppers believe that ecommerce sellers don’t personalize content to meet their needs.
25% of shoppers think that retailers don’t understand them as a person, and thus can’t trust their recommendations. And, 25% of shoppers find it hard to return items citing lacking customer service as an issue.
Right now, all of these issues are being actively addressed using AI. I think that ecommerce brands that don’t leverage AI in this way will remain a step behind the ones that do.
B2B Ecommerce Trends
Right now, B2B companies expect to get more than half of their revenues from digital channels in the next two years. B2B companies are undergoing the same ecommerce boom as B2C companies.
AI is helping B2B ecommerce companies improve productivity through digital automation.
While 32% of B2B ecommerce companies are already using AI, 45% have started to experiment with it and plan on implementing it fully in the near future.
That means in a couple of years, almost 8 out of 10 B2B ecommerce stores will be utilizing AI in some capacity.
Typically, B2B often means large volumes of technical information and data that need to be converted into visual depictions, product descriptions, and configurations. This requires a lot of resources and investment, along with the ongoing management of the information.
However, AI is helping cut down the time and resources required to do this. That means B2B ecommerce companies can push a product or feature to release much more quickly than before.
Right now, 64% of B2B ecommerce organizations sell internationally; which requires them to have a certain level of operational efficiency.
Having a digital content catalog as a B2B company is crucial; robust product content is often what makes the difference when customers are choosing a company.
And, generative AI reduces the level of effort required to create digital product content catalogs. It also allows B2B companies to automate the process of answering queries to a certain level.
Furthermore, as mentioned before, AI helps B2B companies to create more personalized messaging and promotions too. However, the difference is that in B2B sales, AI has a relatively limited role.
In this case, AI helps bring in leads but conversion is still the job of B2B sales teams. That being said, B2B professionals say that using AI helps them save approximately 6.4 hours a week.
On top of that, 82% of executives from B2B ecommerce companies believe that AI will help them differentiate themselves from competitors.
But, this begs the question, if every B2B ecommerce company started using AI, wouldn’t we eventually reach the point of saturation again?
B2B self-service buying may just become commonplace.
Considering that Millennials and Gen Z are and will be the majority of B2B buyers, it’s important to note what makes them make a decision.
A McKinsey report found that B2B buyers may use as many as 10 channels during their buying journey. Going deeper into that research, we find that Boomers typically need 5 sources or channels to make a decision while Gen X requires 6 sources.
Meanwhile, Millennials and Gen Z require on average around 8 sources to get to the final decision stage during their buyer journey.
Actively working on so many channels is, of course, not a sound strategy. On top of that, buyers today don’t like to waste time on unnecessary phone calls and meetings but instead want information to be readily available, including product features, pricing, and other information.
Buyers today take, what I like to call, the path with the least friction. So, if there’s any form of gate or disconnect between them and the information they are looking for, it’s likely they’ll shift focus to a competitor.
This is why providing B2B self-service today is not an option but a form of necessity.
Another McKinsey report found that 71% of B2B buyers are willing to spend more than $50,000 without ever talking to a salesperson in a single transaction; 27% are willing to spend up to $500,000 or more.
As B2B buyer committees get increasingly younger over time, sales cycles are growing, along with the number of content points required to engage them and keep them interested.
If you try to push all those points as a seller, you become salesy, you take trust out of the matter, and you throw respect out of the window.
However, self-serve content respects the buyer’s process, increases trust, and shows buyers that there’s a certain level of understanding without direct contact.
Independent sources of information include free trials, analyst rankings, user reviews, and community forum advice.
The survey showed an increasing interest in said independent sources instead of vendor-controlled sources like marketing materials, brand websites, and ads.
This shift toward authenticity by the younger digitally-native generation can be driven by adopting a self-service B2B approach.
B2B companies are investing more in ecommerce channels than ever before.
B2B companies today understand that a basic ecommerce site today simply does not suffice anymore. This is why most B2B companies treat ecommerce as a full-service channel today, with some fully investing in it.
For the most part, B2B companies are trying to make sure their ecommerce channel is appealing across the fold. 40% of B2B companies are currently making it so that their ecommerce channel is more appealing than offline channels.
Another 40% are making sure that their ecommerce channel is at least on par with traditional and in-person channels.
This shift toward ecommerce channels is further exacerbated by customer demands. One report found that 6 out of 10 B2B companies report that at least 21% of their regular customers ask for online integration capabilities.
If you’re wondering how helpful this shift has been for B2B companies, another report found that 19% of B2B companies managed to grow their B2B ecommerce revenue by over 25% in the last 12 months.
Furthermore, 29% of B2B companies witnessed B2B ecommerce revenue growth between 1-10%.
Overall, 90% of B2B companies had positive revenue growth using ecommerce channels.
This has also prompted further adoption of B2B connected commerce – connecting buy eProcurement or ERP systems with supplier ecommerce systems. This is done through invoice automation and purchase order automation, among other systems.
It’s a relatively necessary investment that offers better revenue streams, reduced transactional friction, and more optimized order-to-cash processes.
However, these systems require significant investment and because of current economic conditions, many suppliers are deferring investment. But doing so and underinvesting, these suppliers bear the risk of losing their competitive edge.
So, despite current economic conditions, investing in connected ecommerce systems is bound to offer a much higher return on investment.
B2B companies are finally investing in their ecommerce sites just as much as they do in online marketplaces.
57% of B2B companies do business on their ecommerce site now. As more B2B companies invest in ecommerce channels, we’ll see a transition from using online marketplaces to using brand ecommerce sites.
Compared to B2C companies, yes, B2B companies are a little behind on the ecommerce maturity curve. So, what’s the reason?
Primarily, it’s two things – budgetary constraints as building digital channels requires significant investment, and a lack of understanding of the senior management with regard to the benefits of ecommerce channels.
However, there are other factors too, such as how multiple selling channels may divert resources from ecommerce channels. Or, certain employees may feel like they could lose their jobs due to the degree of automation that comes with mature ecommerce channels.
Regardless, while the adoption has been slow, it’s ongoing.
It’s important to note that while investing in its own ecommerce site is the right way, the final level of ecommerce maturity is complete eProcurement integration capabilities – fully investing in connected commerce.
eProcurement integration includes purchase order automation, invoice automation, and PunchOut tech.
Right now, at least 33% of B2B companies have been successful in integrating all three technologies.
The report also found that more than half of the B2B companies surveyed say that they offer personalized buying experiences and custom product catalogs. That means these companies are able to provide advanced levels of B2B ecommerce.
At any rate, if you’re a B2B company that hasn’t yet taken advantage of connected commerce, you can either do the integration in-house, hire a systems integrator, or make use of an integration platform.
B2B ecommerce is slowly getting the B2C experience.
As mentioned in previous points, as Millennials and Gen Z become B2B buyers, there’s a shift in how B2B selling works. For the most part, most B2B companies have shifted focus toward digital channels.
According to Gartner, 80% of B2B sales interactions will happen in digital channels by 2025. As B2B becomes a buyer-centric digital model, 33% of buyers now want a seller-free sales experience.
The report also found that 50% of Chief Sales Officers are shifting focus from being leaders of sellers to leaders of selling—a subtle but important change.
To stay ahead of the curve, sellers need to deliver B2C-like ecommerce experiences. That includes the basics like price availability, tailored content, accurate inventory information, and transparency with sales claims.
It also includes a shift in what sales channels sellers are optimizing for. In this case, it means having a mobile-first approach for starters.
So, introducing digital channels as part of your B2B strategy is only the tip of the iceberg; having a mobile-first approach is a better start.
Another case for B2C-like experiences is the proliferation of B2B marketplaces. Marketplaces like Alibaba and Amazon Business are dominating the B2B world because they simplify B2B transactions to the point where they’re indistinguishable from B2C transactions.
This is why B2B executives consider such B2B marketplaces as a top channel for B2B purchases today.
B2B marketplaces give B2B buyers access to customer ratings, product reviews, and allow them to compare products. 73% of B2B buyers want a personalized B2C-like experience and this is what they get here.
And, considering that 83% of B2B buyers prefer paying and ordering through digital commerce channels like such marketplaces, they are the future of B2B selling.
Therefore, if you’re wondering if your B2B ecommerce strategy seems similar to B2C strategies, know that you’re on the right path.
Ecommerce Growth Trends
Ecommerce growth across the world has been monumental, especially in developing economies like China, India, and Indonesia.
This has given brands like Shopify and WooCommerce to become the medium for this ecommerce boom.
WooCommerce is leading the charge in providing merchant services.
According to the report, there are currently over 13 million live stores across 100 different ecommerce platforms. These are the ones that can be easily tracked.
At any rate, considering that number, WooCommerce has a market share of 36.4%.
WooCommerce is followed by Shopify which has a total of 2.39 million active stores globally. Third place is Custom Cart with over 1.7 million active stores.
Wix and Squarespace follow a bit after that with 710,000 and 309,000 active stores, respectively.
WooCommerce’s success is attributed to a lot of things but what stands out is it’s open source and free. That’s why more than 25,000 stores transfer to WooCommerce from other ecommerce platforms.
According to Maciej Swoboda, CEO of WP Desk, one of the biggest plus points of WooCommerce is its community. The rapid availability of custom developers, designers, and countless forums that offer help, advice, and services.
Regardless, there’s a good chance that we’ll see WooCommerce take over additional market share over time. Especially as more startups and small and medium-sized stores pop up globally.
Despite several ecommerce platforms being available, custom cart growth remains consistent.
Custom cart refers to any merchant that has a custom or modified implementation of their online store, instead of using platforms like WooCommerce or Shopify.
Some examples include Amazon, Nike shop, Alibaba, and so on.
Right now, there are over 1.72 million custom cart merchants. The year-over-year growth of custom cart stores was 58% in Q2 2024.
To provide some context, in Q2 2021, there were only around 532,000 active custom cart stores.
Side note – if you’re wondering how you find out when a custom cart store was created, the most accurate way is to use historical DNS data.
Moving on, most custom cart stores also use social media to engage with customers. However, with these stores, Facebook and Instagram are the most popular.
Currently, 29.4% of custom cart stores use Facebook, and 27.5% use Instagram.
That’s followed by YouTube which accounts for 10.3% of custom cart stores.
When it comes to the type of ecommerce store, custom cart stores are dominated by apparel, home & garden, food & drink, and business/industrial stores.
It’s interesting that apparel brands use custom cart stores the most, especially when platforms like Printify and Printful exist.
The most plausible explanation is that because of the extreme saturation among apparel brands, differentiation becomes a necessity. And, custom cart stores can offer that differentiation.
Other than that, custom cart stores are most common in the US with over 290,000 active stores (16.9% of total stores). It’s followed by Russia with over 100,000 stores, and Germany and the UK with 67,000 and 55,000 stores, respectively.
You might be wondering where China is in this case.
The reason there is a lack of custom cart stores in China is that most brands opt for China-based ecommerce platforms like TMall, JD.com, and Pinduoduo.
Social commerce is growing just as fast as traditional ecommerce.
Facebook is followed by Instagram with a 12% market share in social commerce platforms.
Despite TikTok’s explosive growth, it still lags behind Facebook, Instagram, and YouTube.
In 2023, social commerce sales hit a massive $1.3 trillion globally. And, according to Grand View Research, the global social commerce market will hit $6.2 trillion by 2030.
Therefore, it’s safe to say that a decent amount of ecommerce sales come from various social platforms. This is why every ecommerce platform today offers social integrations.
This also shows that ecommerce businesses that aren’t taking advantage of social platforms are missing out on potential revenue.
Based on this, every social platform is trying to take advantage of this new wave of commerce.
For example, in September 2023, TikTok revealed the TikTok shop – a social commerce platform for Live and in-feed shopping, product showcases, affiliate programs, and more.
Considering that almost 70% of Gen Z are prepared to buy goods directly from TikTok, it’s a huge opportunity.
Furthermore, a 2022 study found that 50.2% of US internet users made a purchase of a product after they saw it being used by an influencer.
Considering that the typical social media user spends around 2 hours and 23 minutes a day on various social platforms, it’s one of the biggest potential markets for not only selling but also exposure.
Ecommerce Statistics
The world of ecommerce is so big at this point that every ecommerce-related statistic you’ll look at will seem nonsensical. Regardless, here are a couple of statistics to help you paint a picture of where the world is when it comes to ecommerce.
Total retail ecommerce sales in 2024 are expected to top off at $6.3 trillion globally.
Based on Statista’s research the global retail ecommerce industry projects a 39% growth until 2027.
To put that into perspective, the world’s GDP today is around $88 trillion. That includes every single country, every single dollar, and every exchange of goods and services over the year.
That means ecommerce sales account for almost 7.2% of the entire world’s GDP today.
It’s no secret that some countries are playing a larger role in making that possible. For example, one of the biggest players in the ecommerce world is China.
Retail giant Alibaba (and AliExpress) is currently the largest ecommerce retailer in the world. It currently has a 23% market share globally.
However, growth predictions show that Amazon will be surpassing Alibaba in sales by 2027 with total sales that may cross $1.2 trillion.
In terms of online retail sales as part of total retail sales, China stands at number one with more than half of the country’s transactions being ecommerce transactions in 2023.
Indonesia comes in second with 32% of total sales being ecommerce sales. Indonesia is followed by the United Kingdom and South Korea.
That being said, there’s another thing you need to keep in mind when viewing these numbers as a whole.
Ecommerce retail sales don’t only include consumer-based items. It includes B2C, B2B, DTC, and CTC products. It also includes consumer-to-business, business-to-government, and consumer-to-government products.
Therefore, it’s likely that a large part of that total sales number can be attributed to B2B and government-related sales where high-ticket items are sold.
9 out of 10 purchases online are made using a smartphone today.
According to the Pew Research Center, 76% of adults in the US make online purchases using smartphones.
For comparison, Google’s data shows that in 2019, 61% of online purchases were made using a smartphone.
It makes sense because of how dependent people are on smartphones today. Research by Deloitte found that 7 out of 10 people use their smartphones as soon as they wake up.
Furthermore, data from YouGov shows that 45% of global consumers tend to use their phones for online shopping at least once a day. In the US, 33% of consumers tend to make online purchases using smartphones at least once a day.
This is why we’re seeing a mobile-first approach in both B2C and B2B settings. This is also why social commerce has been on the rise.
However, despite this, there is a catch. Regardless of how many online purchases are made using smartphones, when it comes to high-value or expensive online purchases, consumers prefer using a desktop or laptop.
Therefore, it’s important to analyze whether your pricing reaches the point where people are wary enough to prefer a computer over their smartphones.
Expert Insights on Ecommerce Trends
Ecommerce is beginning to dominate the buying and selling process globally, and tech like AI, VR, and IoT are accelerating this shift.
McKinsey’s ecommerce Global Initiative calls this shift NeXT commerce – where companies put digitally driven commerce as the primary driver of their organizations to provide experiences and engagement that customers expect.
To rise to those expectations, every business function needs to be customer experience-oriented.
“My job was to build capabilities across the entire enterprise, so I embedded e-commerce teams in functions, including supply chain, product management, and sales.”
Jessica Hauff, GM of ecommerce at Mars Petcare
Furthermore, part of that experience includes having excellent content experiences placed across the customer journey.
“What you’re selling is not just about your product, but it is actually about the overall experience you provide. And content is how you design and build this experience in different ways.”
Irem Isik, Head of Marketing at Storyly
On top of this, the ecommerce world is not indifferent to other factors like sustainability.
“Consumers are increasingly demanding eco-friendly practices from the brands they support, and businesses are responding by making sustainability a core part of their strategy.”
Fed Alcius, CEO of StoresGo
When it comes to B2B, there is a growing shift toward a digital-first approach too. With generative AI in the mix, there is unprecedented growth.
“B2B marketplaces are the fastest-growing mainstream digital sales channel I have seen in 25 years of covering any kind of ecommerce.”
Mark Brohan, Senior VP at Digital Commerce 360
“Generational shifts in the workplace are turning the business buying process on its head.”
Amy Hayes, VP at Forrester Research
For B2B businesses, ecommerce maturity reaches something called connected commerce.
“Connected commerce is a vital part of digital transformation and remains ahead of customers’ future expectations of quality support and service.”
Michael Eichinger, COO at Bay Supply
The verdict is that B2B ecommerce will eventually be similar to B2C ecommerce in its flexibility, convenience, and strategies.
Conclusion
Despite economic uncertainties, data shows positive growth for ecommerce across the world.
Factors for this growth include generative AI that is fueling the content, customer service, and automation needs of ecommerce brands.
Along with AI, we have better implementation of AR/VR, voice commerce, and IoT, all of which help make ecommerce a better shopping experience.
Furthermore, with the availability of ecommerce marketplaces and platforms like WooCommerce and Shopify, it has become easier for brands to sell online.
The same goes for B2B where the presence of marketplaces has accelerated ecommerce growth in the sector.
Wrapping up, I would say the lines of ecommerce, social commerce, and other forms of online commerce are only going to get blurrier as we approach an omnichannel approach to digital buying and selling.