E-commerce Trends 2024: Where Is the Industry Heading?

The e-commerce landscape is changing in more ways than ever in 2024. What should e-commerce sellers look out for as the year unfolds?

No one has a crystal ball or a time machine that shows them what will happen to the e-commerce industry in 2024. However, we can make estimated guesses based on emerging trends from 2023.

Here’s what we might see in 2024.

Top 10 E-commerce Trends for 2024

1. Economic uncertainty will likely continue to prevail in 2024 and impact consumer’s shopping habits. This will mean that e-commerce sellers must offer competitive pricing. 
2. China’s grip on fast fashion and social commerce is likely to grow, most notably with the dramatic rise of Temu, Shein, and TikTok Shop in 2023.
3. Amazon is staying at the top of the food chain. Amazon’s marketplace is still the first place many shoppers head to when shopping online.
4. Retailers are spending more on brick-and-mortar in 2024. This doesn’t mean e-commerce is becoming less vital; more so, it suggests that retail stores are becoming more experience-focused.
5. Consumers continue to demand sustainability from sellers. However, many consumers are skeptical about trusting sellers’ sustainability claims.
6. Omnichannel selling is becoming even more critical to e-commerce sellers. “[Retailers] who use 3 or more channels increase customer engagement 251% more than single-channel retailers,” according to Geert Leeman of The Future Of Commerce.
7. Data privacy laws are getting stricter globally. Because of this, it is becoming increasingly important for e-commerce businesses to protect consumer data or face legal consequences.
8. AI will be used in more areas of e-commerce. Some key areas include personalized product recommendations, digital marketing strategy, and supply chain management.
9. Subscription services such as Amazon Prime will continue to be popular with buyers. By 2026, the global e-commerce subscription market could reach almost $1 trillion.
10. Retail media is on the rise. We’ll likely hear more about Walmart Sponsored Search and Amazon Ads in 2024. Revenue from retail media is expected to exceed television by 2028, according to an article by Chemi Katz of Forbes.

However the e-commerce industry evolves in 2024, Sellercloud is your best bet at staying on top of it all. Book a demo today.