Did you know that from 2019 to 2023, the global number of eCommerce sites surged from 9.2 million to 26.5 million?
As an increasing number of brands turn to the Internet for marketing and sales, there is a heightened need for a thorough understanding of the market. The better you comprehend forthcoming eCommerce developments, the more prepared you can be to adjust your marketing approaches in line with the evolving demands and expectations of a global consumer base.
This article explores the pivotal eCommerce trends expected to take center stage in 2024, shedding light on how these trends enable businesses to maintain competitiveness, elevate customer experiences, and thrive in the dynamic landscape of the digital marketplace.
Top eCommerce statistics
We've put together an extensive collection of eCommerce statistics for 2023 and projected figures for 2024, focusing on specific categories within the eCommerce landscape. Following these figures, we present eCommerce forecasts as we gaze into 2024 with hope and even better preparation for change.
Global eCommerce statistics
- In the year 2022, more than 2.3 billion customers completed at least one transaction with an online seller. (Tidio)
- The current global count of digital buyers stands at 2.64 billion. (Oberlo)
- In 2023, the most significant increases in global eCommerce sales are observed in the categories of media (78%), toys and hobby goods (59%), office supplies (54%), and electronics (54%). (Tidio)
- China takes the top spot in the eCommerce market revenue ranking, totaling 885.94 billion U.S. dollars, followed by the United States with 789.01 billion U.S. dollars. (Statista)
- Online sales are projected to account for 21.2% of total retail transactions by 2024. (Insider Intelligence)
Mobile eCommerce statistics
- In 2022, mobile eCommerce sales reached approximately $2 trillion, accounting for 59 percent of total global eCommerce sales. (Statista)
- In 2023, mobile eCommerce (Mcommerce) sales achieved a total of $2.2 trillion, constituting 60 percent of the entire global eCommerce sales. (Statista)
- Mobile eCommerce sales have experienced a notable surge and are projected to attain $534.18 billion, accounting for 40.4% of total eCommerce sales in 2024. (Insider Intelligence)
- Anticipated for 2024, the United States is projected to have approximately 187 million active mobile commerce (M-commerce) shoppers on average. (Tidio)
Sustainable eCommerce statistics
- Consumers express a strong interest in sustainable shipping choices. As per a 2023 Sifted Survey, respondents were questioned about their willingness to invest in a more eco-friendly service compared to conventional options:
- 75.8% expressed a willingness to pay at least 5% extra on shipping costs.
- 41% indicated a readiness to pay at least 10% more.
- Even 10% of consumers affirmed their willingness to pay 20% or more for shipping, provided it aligns with a greener service. (Sifted)
- The inclusion of sustainability metrics on marketing dashboards has witnessed a notable increase. As of 2023, 42% of businesses integrate these metrics, marking a significant rise from the 26% reported in 2021. There is a growing consumer preference for companies actively contributing to environmental and social solutions. (Kantar)
AI and personalized eCommerce statistics
- The size of the global artificial intelligence in the eCommerce market reached USD 5.81 billion in 2022 and is expected to reach approximately USD 22.60 billion by 2032. (Precedence Research)
- A significant majority, amounting to 63% of consumers, perceive AI-driven product recommendations as having a substantial impact on their purchasing decisions. (Zipdo)
- As per the findings in a 2023 Twilio Segment report, businesses across the globe are adopting artificial intelligence (AI) to deliver customized customer experiences. The report indicates that 92% of companies utilize AI-driven personalization to foster growth. (Segment)
- Anticipated by 2024, the worldwide expenditure on artificial intelligence (AI) within the eCommerce sector is projected to surpass $8 billion. (Zipdo)
- Nearly half, or 49% of consumers, are willingness to increase their shopping frequency and expenditure with retailers that excel in providing personalized experiences. (Zipdo)
Voice commerce statistics
- The expansion of voice commerce has surged by 321.74% in the recent span of two years, from 2021 to 2023. (OnlineDasher)
- In the year 2023, voice search contributes to generating sales exceeding $2 billion. (Synup)
- As per a PwC survey, 93% of consumers express contentment with their voice assistants. (PwC)
- Of those who engage in voice-enabled shopping, 51% utilize it for researching products. (OnlineDasher)
- Global voice commerce sales are projected to reach $164 billion by the year 2025. (Consulterce)
Payment providers eCommerce statistics
- As outlined in FIS' Global Payments Report 2023, Buy Now, Pay Later (BNPL) constituted 5% of the total global eCommerce transaction volume in 2022. Projections indicate an anticipated Compound Annual Growth Rate (CAGR) of 16% for BNPL between 2022 and 2026. (FIS)
- As per Statista Consumer Insights, PayPal, featuring its interest-free "Pay in 4" alternative, currently holds the top position among Buy Now, Pay Later (BNPL) providers in the United States. Approximately 68% of surveyed BNPL users reported utilizing PayPal's Buy Now, Pay Later option within the past 12 months. (Statista)
Subscription-based purchases statistics
- In 2022, the global subscription eCommerce market reached a valuation of US$96.61 billion. Projections anticipate that the market value will expand to US$2419.69 billion by the year 2028. (Research and Markets)
- Research indicates that 15% of American shoppers currently subscribe to eCommerce subscription boxes, and this figure is expected to rise in the future. (Shopify)
Predictions of eCommerce trends to watch for 2024
- More emphasis on mobile-friendly - even mobile-first, shopping web pages.
- Growing momentum for sustainability and ethical consumerism as shoppers become more aware of environmental practices, urging businesses to contribute responsibly.
- Rising popularity of voice commerce for product discovery and online purchases.
- Increasing desire for personalized experiences with a rise in AI-powered personalized shopping interactions.
- Escalating demand for "Buy Now, Pay Later" programs.
- Subscriptions have witnessed a surge and are expected to persist in popularity.
Ecommerce trend 1: Prioritize a mobile-first approach
In the contemporary landscape, our smartphones serve as the hub for various activities, ranging from socializing with friends, checking emails, and ordering transportation to bank, restaurant reservations, and online shopping.
Consequently, it is crucial for online businesses aiming to sustain and amplify their sales to embrace a mobile-centric approach. Adopting a mobile-first strategy ensures that your eCommerce platform is optimized for seamless and efficient use on mobile devices.
To optimize your website for mobile usage, take into account the following factors:
- Responsive Design: Ensure that your website's design is responsive, automatically adapting to different screen sizes on various devices.
- Streamlined Navigation: Create a straightforward and user-friendly navigation structure, especially since complex menus can be challenging to navigate on mobile devices.
- Loading Speed Optimization: Enhance loading speed for mobile users by optimizing images and simplifying your site's code.
- Touchscreen-friendly Interface: Design buttons and forms to be easily usable on touchscreens.
- Compatibility Across a Variety of Devices: Ensure compatibility across various mobile devices by routinely testing your website, providing a uniform user experience.
- Content Prioritization: Given limited space on smaller screens, prioritize important functionalities and information and for immediate accessibility.
Explore ways to improve mobile optimization for your eCommerce website.
Crafting a website tailored to smaller screens may seem challenging and intricate, demanding a considerable level of technical know-how. To spare yourself headaches and save time, we suggest opting for store design themes specifically optimized for mobile commerce.
If you're seeking inspiration, give Zest a try - a top-notch Shopify theme meticulously designed with responsive layouts and high-converting mobile features. Customers can swiftly browse, select, navigate pages, and make speedy purchases of their preferred products with just a few taps on their mobile devices.
Ecommerce trend 2: More businesses will embrace sustainable practices
Eco-friendly or green eCommerce involves carrying out online transactions without causing harm to the environment or depleting natural resources. Sustainable practices aim to meet the needs of current generations while preserving resources for the future.
You have the opportunity to enhance the sustainability of all processes within an eCommerce enterprise, spanning from the production and packaging of products to the shipping and returns. Some essential components of this approach involve:
- Sustainability-focused packaging
- Eco-friendly products
- Ethical procurement
- Reduction of carbon footprint
- Streamlined logistics
Explore ways to foster sustainability in your eCommerce business:
1. Consider Recommerce Opportunities
“Recommerce” originates from "reverse commerce," involving the sale of pre-owned or second-hand goods.
As of 2021, the United States recommerce market was valued at over $160 billion, marking a 15% surge from the approximately $140 billion recorded in 2020. This upward trend is anticipated to persist, with projections indicating a growth to $245 billion by the year 2025. (Forbes)
Recommerce commonly involves the resale of various product categories, such as clothing, musical equipment, electronics, sporting goods, and jewelry.
According to ThredUp, the market for apparel resale alone is projected to reach $64 billion by the year 2024. (ThredUp)
Recommerce is sustainable as it aligns with the circular economy's goal of keeping products in use, reducing waste in landfills, and easing the strain on finite resources. With a growing global population and increasing demand for products, recommerce actively promotes reuse and recycling, crucial for sustaining the global economy.
By supporting the circular economy, recommerce allows resources to maximize their lifetime value, contributing to ongoing human progress. Resellers embracing recommerce can position themselves as sustainable brands.
How do eCommerce brands kickstart Recommerce programs?
Several eCommerce brands engaging in resale motivate consumers to join by providing in-store credit for returned items that meet particular criteria.
While certain brands' recommerce initiatives exclusively accept their own products, others are more inclusive and accept a wide range of items:
- Levi’s "SecondHand" program offers store credit for jeans, denim shorts, and Trucker Jackets in good condition. In the case of items in poor condition and unwearable, Levi’s will handle the donation on your behalf.
- Lululemon's "Like New" program welcomes gently used items, offering e-gift cards for in-store use in return. After thorough cleansing, these pre-owned items are featured on the Like New online resale shop for others to discover. All proceeds generated by the program contribute to sustainability initiatives.
- In contrast to the mentioned programs, H&M's garment collection initiative welcomes clothing from any brand, regardless of its condition, offering store credit in return. Regardless of the items brought in, H&M distributes them among their rewear, reuse, or recycle initiatives.
2. Implement eco-friendly shipping practices
Reducing the environmental impact of shipping involves various strategies, such as using recyclable packaging, minimizing packaging materials, and utilizing thermal printers to conserve ink.
To further improve shipping sustainability, it's essential to minimize the return of merchandise. Returns present a unique challenge to the sustainability of eCommerce. Inherently, they result in a twofold increase in delivery emissions and generate additional packaging waste.
Eliminate any potential for misunderstandings or errors in product selection. This involves delivering precisely what customers expect when making a purchase. Therefore, ensure they have a clear understanding of what they are committing to:
- Craft comprehensive and transparent product descriptions.
- Include abundant photographs that accurately depict the product.
- Utilize augmented and virtual reality technologies that enable customers to virtually experience your product.
Ecommerce trend 3: The growing popularity of Voice Commerce in shopping
Voice commerce involves employing voice recognition technology for online purchases of goods and services. Utilizing a virtual digital assistant (VDA) like Siri, Amazon Alexa, or Google Assistant, buyers can search and make online purchases.
In essence, voice search technology allows users to conduct purchases using voice commands instead of manually entering keywords on a mobile device or a computer.
This system operates by transforming spoken words into text using ASR, also known as automatic speech recognition software. The ASR software proceeds to process and scrutinize the text, conducting a search for relevant outcomes within a database. Following this, the findings are showcased to the user in an organized format, typically presented as a list.
We've compiled various methods to assist you in initiating voice search in your eCommerce business:
1. Establish FAQ Pages
Create Frequently Asked Questions (FAQ) pages featuring conversational questions and answers. Given that voice searches frequently take the form of questions, integrating FAQ content can enhance the likelihood of your site appearing in pertinent voice search results.
You can review your Google Analytics data, and if your Search Console property is linked, you can access a list of search queries in Search Console > Queries. Strive to include answers to all these questions on your website.
2. Enhance Local SEO
Numerous voice searches are location-oriented (for instance, queries like "Siri, show me restaurants near me" or "best hair salon New York"). Improve your local SEO by incorporating location-specific keywords and verifying the accuracy of your business information on Google My Business.
Use keyword research tools like Ahrefs, Semrush, and others for local keyword analysis.
3. Enhance Website Loading Speed
Quick-loading websites play a pivotal role in voice search. Optimize your site's speed to guarantee a favorable user experience. You can conveniently utilize Google’s PageSpeed Insights to assess your website's performance. Simply input your website URLs into Page Speed Insights to identify areas that require improvement.
Ecommerce trend 4: The surge of AI integration in personalizing eCommerce
In an era of growing digitalization, AI facilitates highly customized shopping experiences. Whether through personalized marketing or product recommendations, AI plays a crucial role in tailoring the customer journey to individual preferences.
AI-driven personalization entails the collection and analysis of extensive customer data, spanning their browsing and purchase history, social media engagements, and demographic details. This data is leveraged to understand the preferences and unique needs of each customer.
Here are some typical ways in which AI contributes to creating personalized experiences for your online store:
1. Utilize AI for streamlining product discovery
Upon entering eCommerce platforms, merchants face a brief timeframe to showcase the most pertinent products to shoppers. The optimization of the search experience, category browsing, and the delivery of relevant product recommendations are 3 critical opportunities for displaying what customers seek. AI can contribute to all 3 aspects, ensuring each customer is presented with the ideal product to enhance conversion rates.
An illustrative instance of AI-driven personalization is found in Amazon's recommendation system. This system employs a machine learning algorithm to scrutinize customers' purchase history, search records, and other behavioral data, predicting products of potential interest and offering real-time recommendations.
2. Leverage AI for generating personalized content
When considering elements for personalization on an eCommerce platform, content holds significant importance. The appearance and atmosphere that shape our perception of a brand are crafted by features such as content blocks, page banners, and other content pieces on the site.
Nevertheless, the creation of personalized content can be a laborious and time-consuming task before merchants can implement it on their sites. This is where AI comes into play, aiding in the production and personalization of content through automated workflows.
As an illustration, AI can be employed to generate product descriptions on a large scale or compose email newsletters, tailoring the tone to match your brand voice.
Shopify Magic empowers users to create personalized product descriptions using AI
Additionally, AI has the capability to recognize text and subjects within content pieces, automatically adapting, resizing, and generating new content pieces to suit various applications, such as an email campaign, social media ad, mobile screen, site banner, and more.
Pro tip: Leverage AI tools to effortlessly craft personalized shopping experiences in your store. Shopify, a prominent eCommerce platform, consistently leads in AI innovations. Explore further about Shopify AI and its AI-powered apps across different categories, spanning content creation, customer support, marketing, and elevate your store experience to the next level.
Ecommerce trend 5: The rising trend of Buy Now, Pay Later payment choice
Buy Now, Pay Later (BNPL) represents a form of short-term financing that enables consumers to make acquisitions and settle the payments gradually, typically without incurring interest.
Various businesses, particularly eCommerce retailers, employ buy now, pay later services like Affirm, Afterpay, Klarna, and Zip to elevate average order values, boost conversion rates, and tap into new customer bases.
The sustainable activewear label Girlfriend Collective, for instance, provides Buy Now, Pay Later (BNPL) options using Afterpay on its website
Companies utilizing Buy Now, Pay Later services through Stripe have observed a 27% additional increase in sales volume.
How to set up BNPL payment option for your business?
Establishing BNPL for your business is simple. View the video below to gain insights into incorporating BNPL into your Shopify store. You can find more details about the Buy Now, Pay Later payment option.
Ecommerce trend 6: The growing demand for subscription-based purchases
A business model in eCommerce based on subscriptions empowers customers to sign up for routine deliveries of products or services, with eCommerce enterprises instituting regular recurring payments in exchange. The payment frequency may vary, including weekly, monthly, or annually.
Forecasts indicate that by 2024, around 75% of Direct-to-Consumer (DTC) businesses will incorporate subscription offerings.
These models contribute to transitioning customers from one-time purchases to recurrent ones, providing products or services as needed. Consequently, customer retention and the lifetime value of customers become pivotal factors for any subscription-based business.
How to establish subscriptions on your Shopify store:
Step 1: Choose a Subscription Concept
For those with an existing eCommerce business contemplating the introduction of a subscription product but unsure where to begin, consider 3 primary types of subscription products you could provide:
Replenishment Subscription Box
This category of subscription box is designed for replenishing essential items. Consider essential items like groceries, food products, medicines, razors, toiletries, tea, or coffee, which often require regular purchasing by consumers.
These are the types of products that people typically buy on a weekly or monthly basis, making them ideal for a replenishment subscription model.
A replenishment subscription box Blue Apron
Curation subscription box
The curation subscription model thrives on the element of excitement. Customers have a chance to discover new products that stores assemble and dispatch at regular intervals.
A curation subscription box by Birch Box
Additionally, this subscription model allows for a high degree of personalization, as brands can incorporate products tailored to individual customer preferences at a unique, individualized level.
Products such as books, beverages (liquor, coffee), wine, cheese, toys, chocolates, and similar items are suitable for this subscription model.
Access subscription box
This subscription model involves consumers enrolling to gain exclusive access to specific products that might be challenging to obtain otherwise. These products could include items that are rare or bulk quantities offered at a significant discount.
Access the subscription box by FabFitFun
Step 2: Select Subscription Products
After finalizing the specifics of your concept and subscription offerings, the next step is to decide on the products or services that customers will receive each month.
This is also an opportune moment to initiate connections with suppliers who can offer their products as part of your monthly subscription, offering a discounted rate to your business.
Step 3: Determine the Pricing for Your Subscription Products
Once you've identified the types of items you'll be offering and assessed the budget for your new subscription service, you can begin establishing the pricing for your subscription choices. There could be multiple subscription tiers with different discounts, depending on the products.
Additionally, you might consider charging varying amounts based on the duration for which the subscriber commits at checkout. For instance, a year-long subscription might be more cost-effective per month compared to a month-to-month arrangement.
Step 4: Integrate Subscriptions into Your Shopify Store
Rather than creating your own subscription system, we strongly recommend utilizing Shopify apps like Appstle℠ Subscriptions App, Recharge Subscriptions, and others for seamlessly incorporating subscriptions into your Shopify store. This approach is efficient, fast, and saves time.
For a demonstration on how to effortlessly add subscriptions to your Shopify store, you can watch this video:
Navigating 2024 eCommerce trends to stay ahead
The year 2024 is anticipated to bring significant developments to the eCommerce landscape, marked by the increasing significance of AI and heightened customer expectations for personalized experiences.
Additionally, the continued surge of subscription models, heightened awareness of sustainability practices, and the persistent rise of mobile shopping, coupled with online interactions through voice assistants, are expected trends.
By staying abreast of these eCommerce trends and implementing recommended strategies from industry experts, your business can proactively position itself to excel in the dynamic and evolving eCommerce environment.