Ecommerce trends 2024 - what's working now

Kasey Luck
23 Nov 202210:49
EducationalLearning
32 Likes 10 Comments

TLDRThe video script outlines key trends shaping the eCommerce landscape in 2023. Mobile commerce is becoming the norm, with sales expected to double by 2025. Live stream shopping is set to explode, following its success in China, and is predicted to reach $20 billion this year. User-generated content (UGC) is increasingly popular, with 41% of US consumers spending more time watching UGC than TV shows. Social commerce allows for in-app purchases, capitalizing on the trend of increased social media usage. Omnichannel retail provides a consistent brand experience across various touchpoints, while voice shopping is growing due to the convenience of digital assistants. Flexible payment options, such as mobile wallets and buy now pay later solutions, are becoming more prevalent. The impact of inflation is causing consumers to be more price-sensitive, making flexible returns and budget-friendly options essential for businesses. The video also highlights the importance of optimizing for mobile, creating engaging content, and leveraging social media and influencer marketing to integrate brands into UGC.

Takeaways
  • 📱 Mobile Commerce is the new norm, with sales projected to double by 2025, making up 44% of US retail e-commerce sales.
  • 🛍️ Optimize user experience and design for mobile, including website and email design, and consider creating an app for enhanced customer interaction.
  • 🔥 Implement a quick checkout process for mobile shoppers to simplify the purchasing experience.
  • 📢 Utilize push notifications within your app to engage customers and remind them of your brand.
  • 🔍 Use platforms like Particle to spy on competitors, track sales, and inform your product and pricing strategy.
  • 🎥 Live stream shopping is set to explode, with the market predicted to triple in 2023. Follow beauty brands for inspiration on how to promote your products.
  • 👀 Users are the new content creators, with 41% of US consumers spending more time on user-generated content than on TV shows and movies.
  • 📈 Grow your brand's presence on social media channels and create engaging content that resembles user-generated content (UGC).
  • 🛒 Social commerce allows users to buy products directly from social media platforms without leaving the app.
  • 🔄 Omnichannel retail is about providing a consistent yet tailored customer experience across all touchpoints, from in-store to online.
  • 🗣️ Voice shopping is on the rise, with 65% of 25 to 49-year-olds in the US interacting with voice digital assistants daily, and is expected to exceed $30 billion by 2024.
  • 💳 Flexible payments are becoming increasingly important, with mobile wallets and 'buy now, pay later' solutions like Klarna and Affirm being popular choices.
  • 💰 Address the effects of inflation by offering flexible returns and budget-friendly options to cater to price-sensitive shoppers.
Q & A

  • What is the significance of mobile commerce in the retail industry according to the video?

    -Mobile commerce is becoming the new norm, with people increasingly shopping from their phones. By 2025, mobile retail sales are expected to more than double, accounting for 44% of retail e-commerce sales in the US.

  • How can businesses improve their mobile shopping experience?

    -Businesses can improve their mobile shopping experience by ensuring their website and email designs are user-friendly on mobile devices, providing a quick checkout option, utilizing push notifications for app users, and offering incentives for customers to engage with the brand.

  • What is the role of Particle in helping e-commerce businesses?

    -Particle is a platform that allows businesses to spy on their competitors, see real sales numbers, track customer interactions, and prioritize marketing channels for the highest return on investment, which can help grow the store faster.

  • What does the video predict about the live stream shopping market in the US for 2023?

    -The live stream shopping market in the US is predicted to reach 20 billion in the current year and more than triple in 2023.

  • Which categories have found success with live stream shopping?

    -Beauty brands, fashion and apparel, fresh food, electronics, and home decor are categories that have found success with live stream shopping.

  • Why is user-generated content (UGC) important for brands in the current digital landscape?

    -UGC is important because consumers are spending more time watching user-generated video content online than traditional TV shows and movies. Brands need to be where their audience is, integrating their brand into platforms where UGC is prevalent.

  • What is social commerce and how does it capitalize on consumer behavior?

    -Social commerce is the ability for users to buy products they see on social media without leaving the app. It capitalizes on the trend of people spending more time on their phones and social media, offering a convenient shopping experience.

  • How does omnichannel retailing benefit customers?

    -Omnichannel retailing provides a consistent and seamless experience across various touchpoints, allowing customers to transition easily between platforms and devices when making a purchase.

  • What is the potential growth of voice commerce by 2024?

    -Voice commerce is expected to exceed 30 billion by 2024, indicating a significant growth in the convenience of shopping through voice-activated digital assistants.

  • Why are flexible payments becoming a trend in e-commerce?

    -Flexible payments are becoming a trend because they offer convenience and simplicity, addressing one of the main reasons for shopping cart abandonment, which is the difficulty of the checkout process.

  • How can e-commerce businesses mitigate the anxieties of price-sensitive shoppers due to inflation?

    -Businesses can mitigate anxieties by offering flexible returns and budget-friendly options, such as product bundles at a discount or a more affordable product line.

  • What is the importance of a flexible return policy for online shoppers?

    -A flexible return policy is important because 67% of shoppers check the return policy before buying online, and a bad policy may deter them from purchasing. Additionally, 92% of consumers are more likely to purchase from a brand again if their return process was easy.

Outlines
00:00
📱 Mobile Commerce Dominance

The first trend highlighted is the rise of mobile commerce as the new norm. With people increasingly using their phones for shopping, mobile retail sales are expected to more than double by 2025, accounting for 44% of retail e-commerce sales in the US. To capitalize on this, brands should focus on user experience and design for mobile, including website and email design, and consider creating an app. Quick checkout options and push notifications can enhance the mobile shopping experience. The video also introduces the sponsor, Particle, a platform for spying on competitors and tracking customer interactions.

05:01
🎥 Live Stream Shopping Surge

The second trend discussed is the explosive growth of live stream shopping, which has already taken over in China and is predicted to reach $20 billion in the US in the coming years. Beauty brands are leading the way, but other categories like fashion, fresh food, electronics, and home decor are also benefiting. Platforms facilitating live shopping include social media sites and dedicated platforms. The trend emphasizes the importance of hosting live shopping sessions and leveraging the power of influencers and user-generated content (UGC) to engage audiences.

10:04
🛍️ Social Commerce and Omnichannel Experience

Social commerce allows users to purchase products directly from social media platforms without leaving the app, capitalizing on the time people spend on their phones. Brands are encouraged to build their presence on these platforms and integrate their products into social experiences. Omnichannel retailing is another key trend, where a consistent yet tailored experience across all brand touchpoints is crucial. This includes in-store, online, mobile, and social interactions. The seamless transition between these platforms is vital for customer satisfaction.

🗣️ Voice Shopping and Flexible Payments

Voice shopping is on the rise, with digital assistants becoming a part of daily interactions for many consumers. The convenience of voice commands for shopping is expected to drive voice commerce to exceed $30 billion by 2024. To prepare, businesses should consider how they can integrate with voice assistants. Flexible payments are also a significant trend, with the ease of checkout being a key factor in cart abandonment. Offering various payment options, including mobile wallets and 'buy now, pay later' solutions, can improve conversion rates.

💸 Inflation's Impact on Shopping Behavior

Inflation has led to tighter budgets and more price-sensitive shoppers. To address this, businesses should offer flexible return policies and budget-friendly options. A good return policy can encourage repeat purchases, while budget-friendly product lines or bundles can attract cost-conscious consumers. The video concludes with a reminder to check out Particle for a discount and to subscribe for more e-commerce and email marketing content.

Mindmap
Keywords
💡Mobile Commerce
Mobile Commerce, often abbreviated as m-commerce, refers to buying and selling goods or services through handheld devices like smartphones and tablets. It is a significant trend highlighted in the video as it is becoming the new norm with people increasingly using their mobile devices for shopping. By 2025, mobile retail sales are expected to more than double, accounting for 44% of retail e-commerce sales in the US. The video emphasizes the importance of optimizing website design and checkout processes for mobile users to capitalize on this trend.
💡Live Stream Shopping
Live stream shopping is an e-commerce trend where products are showcased and sold through live video streams. It has been particularly successful in China and is predicted to reach a market value of $20 billion in the US in the near future. The video mentions that this trend is not limited to beauty brands but also extends to fashion, apparel, fresh food, electronics, and home decor. Platforms like TikTok, Instagram, YouTube, Amazon Live, ShopShops, Pop Shop Live, and Network are facilitating this trend, allowing brands to engage with consumers in real-time and drive sales.
💡User-Generated Content (UGC)
User-Generated Content (UGC) is any form of content, such as videos, blogs, and social media posts, that is created by users rather than companies or professionals. The video points out that 41% of US consumers spend more time watching UGC online than watching TV shows and movies, indicating its growing importance in influencing consumer behavior. Marketers are encouraged to integrate their brands into platforms where UGC is prevalent, such as real shorts and TikToks, to engage with their audience effectively.
💡Social Commerce
Social commerce is a form of e-commerce that involves buying and selling products or services through social media platforms. It leverages the trend of consumers spending more time on their phones and social media. The video provides examples such as Instagram posts that allow users to purchase products directly from the app without leaving, and Facebook's built-in storefront. Social commerce is significant as it offers convenience to modern shoppers who appreciate the ability to make purchases seamlessly within their social media browsing experience.
💡Omnichannel Retail
Omnichannel retail refers to the integration of multiple customer touchpoints, such as in-store, online, mobile, and social media interactions, to provide a seamless and consistent shopping experience. The video uses the example of a customer who first encounters a brand in a physical store, then researches and engages with the brand online before making a purchase. Omnichannel retail is crucial for meeting customer expectations for a smooth transition between platforms and devices during the purchasing process.
💡Voice Shopping
Voice shopping is a form of electronic commerce that uses voice assistants or voice recognition technology to place orders. The video mentions that voice shopping is expected to grow as consumers, particularly younger ones, increasingly use digital assistants for purchasing decisions. It simplifies the shopping process by allowing users to order products through voice commands, which can be particularly appealing for its convenience and ease of use. The video predicts that voice commerce will exceed $30 billion by 2024.
💡Flexible Payments
Flexible payments refer to offering multiple payment options to make the checkout process easier and more convenient for customers. The video discusses the importance of providing various payment methods, such as mobile wallets, direct payments through social media apps, and 'buy now, pay later' solutions like Klarna and Affirm. These flexible options can help reduce shopping cart abandonment rates by making the payment process less cumbersome for consumers.
💡Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. The video mentions that the impact of inflation in 2022 is likely to extend into 2023, causing budgets to tighten and shoppers to be more mindful of their purchases. To mitigate consumer anxieties, the video suggests offering flexible return policies and budget-friendly options to attract price-sensitive shoppers.
💡Flexible Returns
Flexible returns are a retail policy that allows customers to return products easily and without much hassle. The video argues against the misconception that flexible return policies are bad for business, stating that they can actually encourage repeat purchases. It highlights that 67% of shoppers check return policies before buying online, and a good return policy can significantly influence a customer's decision to buy from a brand.
💡Budget-Friendly Options
Budget-friendly options refer to products or services that are priced affordably to cater to consumers with tight budgets. The video suggests that offering such options, like product bundles at a discount or a more budget-friendly product line, can help retailers serve price-sensitive shoppers effectively. This strategy can be particularly useful in times of economic uncertainty or inflation when consumers are more cautious about their spending.
💡Particle
Particle is a platform mentioned in the video as a tool that allows e-commerce businesses to spy on their competitors and see their real sales numbers. It enables users to build a competitor group within their vertical to analyze what sells best and worst on competitors' websites, which can inform their own product and pricing strategy. Additionally, Particle can track and attribute every customer interaction with a business, from organic social to paid advertising, helping to prioritize marketing channels for better return on investment.
Highlights

2023 sees a continued rise in mobile commerce as consumers increasingly shop from their phones, with mobile retail sales expected to more than double by 2025.

User experience and design are crucial for mobile, requiring easy and delightful interactions with a brand's website and emails.

Quick checkout options and push notifications are key for mobile shoppers to enhance their experience and engagement.

Particle, a platform featured in the video, allows competitors' sales to be monitored and informs product and pricing strategies.

Live stream shopping is predicted to reach $20 billion in 2023, with significant growth expected beyond.

Beauty, fashion, fresh food, electronics, and home decor are categories that can benefit from live stream shopping.

User-generated content (UGC) is increasingly popular, with 41% of US consumers spending more time on UGC than on TV shows and movies.

Social commerce allows users to purchase products directly from social media platforms without leaving the app.

Omnichannel retail focuses on providing a consistent yet tailored customer experience across all brand touchpoints.

Voice shopping is on the rise, with 65% of 25 to 49-year-olds in the US interacting with voice digital assistants daily.

Flexible payments are becoming more important, with mobile wallets and 'buy now, pay later' solutions like Klarna and Affirm being popular.

Inflation has made shoppers more price-sensitive, necessitating flexible return policies and budget-friendly options.

A good return policy can encourage repeat purchases, with 92% of consumers more likely to buy again from a brand with an easy return process.

The video provides a 10% discount for the first year with Particle, a platform that can enhance e-commerce marketing strategies.

Influencers and social media are pivotal in integrating brands into user-generated content and expanding brand presence.

E-commerce brands are encouraged to create engaging content that resembles UGC to connect with their audience.

The importance of a seamless transition between different shopping platforms and devices for a positive customer experience.

The expectation for voice commerce to exceed $30 billion by 2024, indicating the convenience and growth of this shopping method.

Transcripts

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Ecommerce TrendsMobile CommerceLive Stream ShoppingUser-Generated ContentSocial CommerceOmnichannel RetailVoice ShoppingFlexible PaymentsInflation ImpactReturn PolicyBudget-FriendlyEmail MarketingSMS MarketingInfluencer MarketingApp DevelopmentCheckout ProcessConsumer BehaviorDigital AssistantsPayment SolutionsBrand LoyaltyProduct Bundling