More than 51% of people in America like to shop online rather than in stores. According to Statista, increasing eCommerce sales that were $5.2 trillion worldwide in 2021 will reach $8.1 trillion by the end of 2026. The forecasted sublime growth in the eCommerce industry is expected to be around 9.32% every year. However, 14% is the current growth rate of the global eCommerce industry.
One thing these figures clearly suggest is the exceptional need for adopting digital commerce. Consequently, retail stores without an online presence are destined to vanish away in the competition. When gadgets like smartphones, tablets, and laptops are claiming an important space and time in our lives, it is expected that today’s generation simply loves to shop online. To thrive in this digital landscape, businesses must partner with a reputable ecommerce development company to establish and optimize their online presence.
Apart from smartphones, shoppers use tablets, notebooks even wearables as preferred devices for online shopping. An eCommerce store offering an awesome shopping experience equipped with a quick, easy, and user-friendly interface is all they want. If you succeed in providing all these elements through your eCommerce site, you are definitely on the right track.
Even so, there happens to be only quite a few e-commerce development companies innovating and reinventing the industry trends – to increase their reach, enhancing customer engagement, interaction, and transaction.
If you are interested in witnessing an increase in eCommerce revenue of online and retail stores – more than ever, it has become essential for you and for the eCommerce startups to stay abreast with the upcoming trends. Here are the top five eCommerce strategies that eCommerce companies should focus on in 2024.
Strategy #1: No More Cyber Monday and Black Friday – Focus on Holiday Shopping
Online shoppers have spent a whopping $465.5 billion alone in the month of November, recording a 13% increase from 2015's holiday sales. Despite concern over election results, Americans spent a total of $12.8 billion in just five days starting from Thanksgiving Day to Cyber Monday.
Adobe Digital projected that Black Friday sales for the year 2016 will reach $3.05 billion. However, about $300 million in additional sales took place forfeiting the predictions made by Adobe Digital. This year, Black Friday did a record-breaking sale of $3.34 billion. Even Cyber Monday sales reached a new milestone when Americans set a new record by spending $3.45 billion in a day. While Black Friday recorded an enhanced growth of 6.4%, Cyber Monday did the same by recording a 21.1% increase over 2015.
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The interesting thing that happened during this year’s festive shopping season is, that many eCommerce stores offered attractive discounts and schemes way before Thanksgiving Day. Additionally, many stores continued their Cyber Monday and Black Friday sales for two or three more days. This clearly suggests that eCommerce development companies need to start prioritizing the entire November month and not just Cyber Monday or Black Friday sales.
According to Google, more than 80% of Canadians start their holiday shopping before Halloween. In addition to that, more than 85% of retailers in the US, start advertising their sales from November first week. These all facts lead to one killer strategy and that is to concentrate on catching these early shoppers by initiating attractive deals from the start of November in 2024. Implementing interactive strategies, promotional ideas, and offers, and building momentum right from the start is the best way to earn more during the holiday season shopping.
Strategy #2: Real-Time Customization – Let Shoppers Adapt to Dynamic Shopping Experience
You might have noticed that due to predictive technology, search results often differ from person to person. Likewise, in 2024, each individual shopper must be provided with a unique shopping experience.
In the realm of e-commerce, staying ahead means leveraging advanced technologies to tailor each user's experience. From personalized content to product recommendations and add-ons, the modern online shopping journey is shaped by factors such as individual preferences, geographic location, demographic data, purchase history, market trends, and brand engagement. Amidst this dynamic landscape, businesses can elevate their online presence with Shopify store development services, ensuring that every visit offers a unique and engaging experience tailored to the user's needs and the merchant's current promotions.
Predictive analysis is already gaining momentum in the eCommerce sphere. Each eCommerce site collects a huge amount of consumer data through customer interaction, from their profiles, persona, and user behavior.
With the use of predictive analysis, it is possible to understand buyers purchasing habits and preferences. Moreover, by evaluating other customer’s behavior having a similar profile, you can easily predict what his/her next purchase could be.
Currently, the technology is available on a few eCommerce platforms like AgileOne, Emcien, Windsor Circle, Rich Relevance, etc. The technology is very lucrative for retailers. Focusing on the use of predictive analysis, especially in the B2B sector where orders and large sales cycles are laborious. By implementing predictive analysis, your online store will definitely increase online sales and customers and in client onboarding.
Relieve buyers from unwanted notifications and annoying recommendations. Instead, replace them; make them predictive. Recommending irresistible products and offers to the buyers that will lure them to take action will define the success of your eCommerce business in 2024.
Strategy #3: Data-as-a-Service – A Long Alley with Beautiful Coves
“Uncertainty is one of the greatest obstacles in online shopping”.
Ordinarily, 92% of online shoppers rely on ratings, reading reviews, and comments made by other users to make a decision. Make it a point to add as much information about the product as you can including pictures, reviews, descriptions, specifications, etc. This will help eliminate the reluctance from the shopper’s mind to buy the product.
The adoption of data aggregators is a must in 2024. It will compile data on millions of products along with pictures, price comparisons, specifications, reviews, comments, and UPC codes. Products with detailed information and authentic reviews enhance buyers' trust in the product, which leads to a successful sale.
Try using some of the advanced data aggregators. These aggregators have a huge database of products, which also helps buyers in recommending the perfect fitting product. For example, a data aggregator with a database of clothing pieces is supposed to suggest even the perfect fitting size to the customer. As an eCommerce entrepreneur, you just have to link your online store with the data aggregator, which will then keep on updating product information.
Strategy #4: The Era of Artificial Intelligence – People Will Love to Interact with Bots
Chatbots have already made an impact in 2023. Nevertheless, in 2024, these bots are supposed to become the first point of contact between consumers and brands. With the appropriate use of chatbots, eCommerce businesses can enhance the number of platforms wherein the brand can transact, offering guided as well as interactive browsing.
Deploying a fully automated chat agent will answer consumers’ questions, and the consumer will simply love to get their queries resolved then and there. In 2024, a little transformation in chatbots will happen to make them more interesting and interactive. These advanced bots will supposedly play a critical role in the automated phone system.
Due to chatbot integration, users are expected to spend 5 to 30% more time on your eCommerce site. The surge in average time spent by a user will eventually result in dramatically increasing the buyer conversion rate by up to 5 to 10 times.
Strategy #5: Social Commerce – Break the Boundaries of Traditional E-commerce Practices
Transforming the mobile web to a store app is the biggest achievement of 2016. Limiting your online store in the boundaries of an e-commerce site might result in disapproving results. 2024 is the year to discern and remove these boundaries. These days Social commerce is gaining much attention.
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Social commerce is a trend that allows users and eCommerce entrepreneurs to advertise, browse, compare, purchase, and sell products and services. Simply, it is a third-party tool helping to buy and sell products on social media.
Expanding your online store beyond the boundaries of the eCommerce website to reach social media platforms must be your priority task in 2024. It will help you boost conversation between a customer and your online store resulting in increased reach of rendered products and services. Comments and likes will help in increasing average user engagement time, which will generate usable social collages eventually boosting conversions.
In Conclusion
Today, customer is the king and he/she will not settle for anything less. An eCommerce retailer is required to win customers, which is possible by offering consumer-friendly options and an awesome shopping experience. Therefore, adopt these strategies in your eCommerce store to retain customers, increase reach, and enhance profits. Remember valuing customers’ time and money is an important aspect, and these strategies are just about that. Additionally, collaborating with keyword software development companies can help optimize your platform for better search engine visibility and user experience.
As per my understanding, 2016 has already been a healthy year for the eCommerce industry. As we move into 2024, many such predictions, traits, and trends will be acknowledged as the new normal to move forward and achieve growth. If you have a similar killer strategy that would enhance the profits of an eCommerce store, please share your ideas below in the comment box.
FAQ’s
How to increase revenue in eCommerce?
Improving revenue in online retail or eCommerce mainly involves implementing unique strategies that help to grab more customer attention, optimize the online sales process, and encourage repeat business. Some of the quick tips that will help you increase your eCommerce business revenue include:
- Website optimization
- Mobile Optimization
- Search Engine Optimization
- Social Media Marketing
- Customer Loyalty Programs
- Optimize Pricing Strategy
- Streamlining Checkout Process
- Website speed optimization
How to grow an eCommerce business?
Accelerating your eCommerce business growth requires proper planning and strategic approaches that directly encompass a number of aspects of your online business operations, customer experience, and marketing strategies. Here is a quick guide to improving your eCommerce business successfully:
Step 1: Know your target audience
Step 2: Do market research to find competitors
Step 3: Create a stunning eCommerce website
Step 4: Optimize the site with good SEO
Step 5: Focus on social media marketing
Step 6: Provide a top-notch customer experience
Step 7: Collaborate with social media influencers
Step 8: Invest in online paid advertising
How to increase eCommerce sales?
Maximizing eCommerce sales mainly involves implementing unique strategies that attract potential customers, foster customer loyalty, and encourage conversions. Some of the popular ways to drive more sales include:
- Optimize your product listings
- Add Calls-to-Action buttons
- Improve product recommendations
- Focus on discounts and promotions
- Optimize eCommerce pricing strategy
- Streamline the product checkout process
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