Table of Contents

Omnichannel E-commerce

Introduction

As our world becomes more connected and digital, online shopping is growing rapidly. According to Statista, the global e-commerce market is expected to reach a revenue of US$3,090.00 billion in 2023. The recent sales data from Black Friday uncovers intriguing trends in consumer behavior that are expected to influence the landscape in 2024. In this ever-evolving e-commerce landscape, it’s crucial to stay ahead and grasp the latest trends shaping the industry. Here are some noteworthy trends to keep an eye on in 2024:

Holiday Shopping

Holiday season retails e-commerce revenue in United States from 2019 to 2023, by online shopping day (in billion U.S.D)

Holiday sales are experiencing a robust upswing in 2023, with a projected increase between 7-9%, reaching an impressive range of $957.3 billion to $966.6 billion. These statistics underscore the resilience of consumer spending, showcasing a significant uptick despite prevailing economic challenges.

Contrary to the impulsive perception of deal-seeking, last year’s data reveals that only 26% of holiday purchases during Cyber Week in 2022 were impulsive. An overwhelming majority of shoppers, 85%, engaged in meticulous planning, conducting research before the sales, and keeping tabs open while waiting for lucrative deals. The trend indicates a shift towards a more deliberate and informed approach to holiday shopping.

Moreover, shopping-related search volume containing “Black Friday” saw a significant peak in October and the days leading up to the event itself. In 2022, U.S. consumers demonstrated a notable behavior by spending as much in the three days post Cyber Monday as they did on Black Friday and Cyber Monday combined. This signals a trend of early-season purchases, increased spending, and an extended shopping window well beyond Cyber Week.

Insight for Online Sellers

For online sellers and retailers looking to capitalize on this evolving holiday shopping landscape, strategic planning is crucial. Campaigns should be designed with an understanding that consumers conduct thorough research before the sales period and continue to shop post-campaign. Consider extending promotional periods and maintaining an active online presence throughout the holiday season.

Leverage platforms like YouTube and Search, where shoppers actively seek information and engage with longer-form content. Crafting engaging and informative videos, akin to creators like Seth Fowler, can be a powerful tool to capture the attention and trust of potential buyers.

Embrace the longer shopping window by planning promotions and discounts that cater to early-season shoppers, providing incentives for those who plan meticulously. Lastly, invest in search engine optimization (SEO) strategies to ensure visibility during peak search periods, and incorporate innovative shopping tools to enhance the overall customer experience.

By aligning with these insights and preparing for a more discerning and strategic consumer base, online sellers can navigate the complexities of the holiday shopping season successfully.

Consumer Electronics Trend

Revenue of Global Consumer Electronics Sector based on Product Types from 2017 to 2028 (in billion U.S.D)

In 2024, the consumer electronics market is set to become a prominent trend. Based on Yahoo Finance, the global demand for consumer electronics is currently valued at US$ 724.97 Billion and is projected to achieve a sales revenue of US$ 1255.69 Billion by the end of 2033. Technological advancements, such as progress in AI, IoT, 5G, and flexible display technologies, play a crucial role in continuously transforming and innovating the consumer electronics landscape.

The increasing demand for smartphones, characterized by their affordability and rich features, sets the stage for a robust market presence. Similarly, the market witnesses a surge in demand for larger and more accessible televisions, coupled with the growing popularity of energy-efficient home appliances. Beyond these essentials, the market exhibits diversity through the rising prominence of wearables and gaming consoles. These products, becoming both more affordable and powerful, showcase the evolving preferences of consumers. Future trends in the consumer electronics market encompass the ascension of smart home solutions, marked by seamless integration with voice assistants, energy management systems, and enhanced security features.

To navigate the consumer electronics wave in 2024, online sellers can begin by curating a product portfolio that aligns with emerging trends. Focusing on smartphones, TVs, home appliances, wearables, and gaming consoles provides a comprehensive approach to capturing consumer interest.

For businesses aiming to stay at the forefront of this burgeoning market and align with evolving trends, sourcing cutting-edge consumer electronics from Uniqbe presents a strategic opportunity. This not only ensures staying competitive but also positions businesses as pioneers in the dynamic landscape of consumer electronics.

M-Commerce/Mobile Commerce

Heading into 2024, one standout game-changer for online sellers is mobile commerce (m-commerce). The numbers speak for themselves – this mobile shopping extravaganza soared to a staggering $2.2 trillion in 2023, accounting for 60% of all online sales worldwide, as per Statista.

Market Value of Global Mobile E-commerce from 2018 to 2027 (in billion U.S.D)

So, what exactly is mobile commerce? It’s like the MVP of online shopping, where people use their phones or tablets to buy whatever they need. Why does this matter? Well, with folks glued to their mobile devices, the convenience of shopping from anywhere, be it on the go or snuggled on the couch, is a major draw.

What’s even cooler about mobile commerce is the fantastic user experience it offers. It’s a marketing goldmine, providing opportunities for smart campaigns across different channels and gathering crucial data. Businesses using multiple channels witness a staggering 494% increase in orders compared to those sticking to just one. Quick transactions are another perk – mobile wallets allow instant payments without the hassle of entering card details every time. Additionally, mobile commerce facilitates personalized experiences, like suggesting products based on individual preferences. In 2024, online sellers can’t afford to overlook this mobile commerce trend. It’s not just about keeping pace; it’s about offering customers a seamless, personalized, and stress-free shopping journey.

BNPL & BOPUS

Buy Now, Pay Later (BNPL) is a contemporary payment option that empowers consumers to make purchases and defer payments over time through manageable installment plans. Rather than requiring an upfront full payment, customers can choose to distribute the cost of their purchase across several installments, typically due every few weeks. Data from PYMNTS Intelligence illustrates a significant uptick in holiday spending for consumers utilizing BNPL options, with a remarkable 48% increase in expenditure compared to those using traditional payment methods. The allure of BNPL lies in its installment payment plans, offering shoppers the flexibility to adeptly manage their holiday budgets.

‘BOPUS,’ or ‘Buy Online, Pick Up In-Store,’ is a shopping method where customers peruse and make online purchases, subsequently retrieving items from the retail location rather than waiting for delivery. According to Business Insider, nearly 70% of U.S. consumers express a preference for BOPUS options, with 50% selecting retailers based on the availability of this service. The advantages are manifold, encompassing enhanced customer convenience, increased flexibility, reduced shipping costs, expedited processing, shorter waiting times, and heightened customer satisfaction and loyalty.

As consumer behavior evolves, online retailers and sellers should recognize the increasing importance of offering Buy Now, Pay Later (BNPL) and Buy Online, Pick Up In-Store (BOPUS) services in 2024.  To capture a larger market share, online retailers should consider integrating these services, adapting to the changing consumer landscape and providing a seamless and customer-centric shopping experience.

Conclusion

In the rapidly evolving landscape of online commerce, adaptation and strategic foresight are paramount. As we anticipate the trends of 2024, online sellers must remain agile, leveraging insights into holiday shopping behaviors, embracing consumer electronics advancements, capitalizing on the mobile commerce boom, and integrating flexible payment and pickup options. By staying attuned to these shifts and continually refining their approaches, businesses can position themselves not only to keep pace but to lead in providing seamless, personalized, and customer-centric shopping experiences.

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