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The Hamburg, Germany-based data analytics and consulting company ECDB specializes in ecommerce, consumer behavior and market trends. They track billions of transactions worldwide across more 52,000 retailers doing business in over 150 countries and 250 product categories. The firm has released their 2024 whitepaper identifying the top five trends within the eCommerce industry.
According to ECDB, the most significant development in 2024 is the industry’s rapid adoption of artificial intelligence (AI). This should come as no surprise, considering that the global AI market is expected to grow at a compounded annual growth rate (CAGR) of nearly 40% through the end of the decade and to impact virtually every industry while accelerating overall economic growth.
The whitepaper identifies four main tools by which retailers are leveraging artificial intelligence to improve customers’ eCommerce experience: chatbots that engage with customers and guide them through the shopping experience; image recognition, enabling speedier identification of products and facilitating visual product search; personalized search, for filtering search results and tailoring product recommendations based on user preferences and shopping history; and auto-generation of product descriptions to streamline the process of content creation.
The second key trend ECDB identified was that Social Media sites such as Instagram, Facebook and TikTok show potential to become the eCommerce Platform of the Future. With billions of active users combined, they enable retailers to target audiences seeking a social experience combined with a digital shopping activity. ECDB expects the social commerce market to grow 31% annually through the end of the decade. Two of every three consumers worldwide report they have already bought something through a social media platform.
Ranked number three on the Top Trends list is Sustainable ReCommerce - the resale of pre-owned products, which helps build a circular economy that promotes sustainability. ECDB data shows that 85% of online shoppers worldwide buy or sell secondhand products and that the reCommerce market is growing faster than the global retail market, fueled in part by heightened consumer price-sensitivity due to higher inflation of late.
Notably, one fast-growing market segment is bucking the trend toward sustainable ReCommerce. The fast-fashion market is expected to grow about 12% per year going forward, fueled by rapid style turnover and low prices driven by such firms as the Chinese apparel powerhouse Shein. Shein, already the largest fashion retailer in the world, reportedly releases as many as 10,000 new items each day and is projected to generate $48 billion in sales in 2024. Temu and Alibaba, other Chinese eCommerce companies, hope to replicate Shein’s success.
The number-four trend is increasing use of Augmented Reality (AR). Surveys show that its use improves the quality of the eCommerce shopping experience and that more than 40% of consumers report they are already using AR for online shopping. Apple, in particular, hopes to fuel adoption of AR through its new Apple Vision Pro.
Rounding out the Top-Trends list is the rise of subscriptions in grocery eCommerce. Subscriptions, the main business model for digital entertainment and mobile phone plans, are becoming more and more popular within the grocery industry.
This Ecommerce news update is presented by the Butcher Block Co., BB Co. specializes in butcher block and wood plank countertops, especially in custom sizes. They also offer butcher block tables, standing butcher blocks, and butcher block carts and cutting boards.
SOURCE: https://butcherblockco.com/ecommerce-trends
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