Experts predict global e-commerce sales will reach $6.3 trillion in 2024, with the United States being the fastest growing e-commerce market.
E-commerce continues to represent a growing share of retail sales, accounting for just over 20% of all retail sales in 2024. What e-commerce marketing trends will continue driving its growth in 2024?
Here are our top five predictions.
Sections
1. TikTok will dominate social commerce
TikTok is the social platform for impulse purchases, with 55% of users making an impulse purchase on TikTok — compared to only 46% of Instagram users and 45% of Facebook users. Assuming TikTok doesn’t get banned this year, this trend will only continue.
Over 70% of TikTok shop users have bought something after seeing it in their feed and 60% of shoppers use TikTok for shopping inspiration. E-commerce brands that succeed in 2024 will lean heavily into TikTok ads and marketing strategies.
2. Get ready to see more video
Another trend driven by TikTok is the rise of short-form video — not just on social media but on e-commerce websites as well. Short videos on product category and product detail pages can help shoppers better visualize how a product looks and works.
These videos increase customer satisfaction and trust, while reducing returns for e-retailers. But don’t just take our word for it. Check out these statistics from Forbes and Yieldify:
- 80% of marketers credit video for directly increasing their sales.
- Two in three customers say they’d rather watch a short video than read a product description.
- Product pages with videos convert 80% better than those without.
3. Sustainability will be top of mind
Consumer (and regulatory) demand for more sustainable brand practices is on the rise, making this one of the top e-commerce marketing trends according to McKinsey.
Savvy e-commerce brands will start (or continue) investing in eco-conscious practices like using reusable or recyclable packaging, enabling optional carbon offsets at checkout, or offering discounts for slower shipping. Savvy e-commerce marketers will make sure customers know their brands are investing in these practices, through dedicated email and social campaigns, press releases, and updates to their website and product packaging.
4. Expect more objections to price
Inflation may be slowly slowing down, but it doesn’t feel that way for consumers. Three in four consumers are worried about rising prices, so it makes sense that half of retail executives expect consumers to choose price over loyalty this year. If possible, offer discounts like:
- Free shipping
- Exclusive loyalty discounts
- Free gifts with purchase
- BOGO offers
- Flash sales
If your store isn’t in a place to discount heavily or often, lean into boosting value otherwise, by offering:
- Better, more personalized experiences
- Digital gifts and freebies
- Sneak peeks
- Exclusive products for loyalty members
You can also experiment with offering card-linked discounts through credit card companies. Around 1 in 4 consumers say that these discounts encouraged them to buy more than they originally planned, or to purchase gifts they didn’t have on their shopping lists.
5. Personalize, personalize, personalize
Personalization is not a new e-commerce marketing trend. But what’s different about this trend in 2024 is the addition of artificial intelligence, or AI. in 2024, we expect to see a continued focus on personalization, driven by generative AI. Generative AI tools like ChatGPT and others can help your e-commerce brand do all of the things below — faster.
- Develop personalized messaging
- Create blog content for different personas
- Spin up segmented email campaigns at scale
- Respond to direct messages on social media
- Improve your customer service chatbots and FAQ pages
Ready to hop on these e-commerce marketing trends? Get ahead of the game by partnering with the e-commerce marketing experts at Your Marketing People.
