10 eCommerce Marketplace Development Trends In 2023-2024

As time passes by, technology changes, and as it changes, everything depending on it gets altered. One of the victims of constantly changing tech trends is the eCommerce industry. With each new technology launch, the eCommerce marketplace experiences some changes. In order to be ahead of the curve, you need to be aligned with these constantly changing eCommerce trends. This article will guide you through a complete guide of the top 10 eCommerce marketplace trends in 2024. Let’s assess intensively!

What Do Statistics Say About Retail eCommerce Sales Worldwide?

In the year dating back to 2021, retail e-commerce sales accounted for approximately $5.2 trillion across the world. The figure is forecasted to grow to around 56% in upcoming years, approaching about $8.1 trillion by the year 2026. Have a look at the image below, showing it in detail!

Top 10 eCommerce Marketplace Development Trends In 2023-2024

After a glance at the statistics, let’s come to our key discussion point, where we’ll explore and know the top eCommerce software development trends in 2023 and 2024. Here are the top ten of them which you should be aware of!

Mobile Commerce Will Keep Growing

The proliferation in mobile uses across the world has already had an immense influence on the eCommerce marketplace; however, the trend is anticipated to remain one of the eCommerce eCommerce trends in 2024, too. With the continuously increasing count of mobile users worldwide to shop online, online retailers must upgrade their website for a mobile-first experience. It’ll give your customers a seamless shopping experience, enhancing feasibility for retainment.

AR (Augmented Reality) And VR (Virtual Reality) Will Enhance the Shopping Experience

AR/VR is already trending in healthcare, real estate, and others. The e-commerce marketplace development trend in 2024 is the significance of Augmented Reality (AR) and Virtual Reality (VR). However, they aren’t new players and are already playing a major role in the eCommerce business; they are also expected to remain in the trend in 2024. You can make use of technologies like AR and VR to offer personalized recommendations.

Retailers can use AR and VR to improve the shopping experience for customers by providing them with an immersive experience. AR will help them see the product and how it looks in their environment while VR will help them create immersive and realistic scenarios. Doing so will enhance the efficiency and experience of shopping and skyrocket sales.

Chatbots to Rescue

Chatbots play a significant role, offering natural language interaction with online customers. It can be a substitute for in-store shopping associates and after-hour help desk personnel. Chatbots answer questions and suggest purchase alternatives to customers, easing their shopping procedure. At times, when online shoppers are busy doing other activities, the Chatbots help them save the sale.

More Payment Alternatives

No doubt, credit and debit cards still dominate the e-commerce marketplace; customers often look for new payment alternatives on mobile devices. These alternatives may be mobile phone applications, digital wallets, and even cryptocurrencies. Making sure your site has these payment methods will definitely increase your opportunities for sales and business growth.

Personalization Will Be a Must-Have to Streamline Sales

Who doesn’t like a solution that fits their needs? Buyers love customized shopping experiences when it comes to online shopping. It applies to both B2B and B2C customers. Personalization services involve providing unique offers and messages to the customers, which assist you in boosting brand loyalty with features, for instance, customer recommendations, promotions, discounted offerings, coupons, various payment methods, and the like.

Social Commerce Will Be In Trend

Social media channels are already playing a crucial role for eCommerce businesses; however, social commerce is anticipated to gain more traction in the year 2024. Social commerce consists of directly selling products on social media platforms, decomplexifying how customers shop online without leaving the platform. Social commerce is more likely to remain in trend in 2024, specifically among young customers who tend to shop through social media channels.

Voice Commerce Will Gain Traction

Next up, voice commerce will be one of the eCommerce marketplace development trends in 2024. The massive rise of virtual assistants and smart speakers makes voice commerce one of the preferred tech trends in eCommerce. To embrace the benefits, you should optimize your website as well as product listings for voice search. Furthermore, you can create voice-activated shopping experiences–as a majority of customers tend to adopt this technology. Retailers who miss out on offering voice commerce will be more likely to be left behind the curve.

Subscription Services Will Help Retaining Customers

Subscription services are another one that will be one of the eCommerce marketplace trends in 2024. Subscription services have been popular for years now and are anticipated to continue in the year to come, too. Retailers can offer subscriptions for a variety of products, including beauty products, clothing, pet supplies, and whatnot. It provides a convenient, more personalized experience to the customers online. Moreover, subscription services tend to assist retailers in creating customer loyalty and accelerating revenue streams.

Sustainability Will Be a Priority For Shoppers

Sustainability will be one of the priorities for shoppers in the year 2024. Online retailers will be more likely to address this by employing sustainable practices throughout the supply chain, offering eco-friendly products, making use of eco-friendly packaging, and the like. It’ll draw the attention of environmentally conscious customers and assist you in mitigating expenses, resulting in enhanced profitability.

Organizing Loyalty Programs Will be Essential to Enhance Customer Experience

Last but not the least! Loyalty programs attract customers more than other things do. They can be invitations-only sales, coupons, discounts, cash-back rewards, and the like. It powers businesses to get benefits through enhanced customer retention, skyrocketed sales, better customer satisfaction, and so on.

Signing Off….!

That’s all about eCommerce marketplace trends in 2023 and 2024. eCommerce businesses have seen an immense rise post-pandemic and now have become a trend. Online retailers need to be updated and aligned with recent trends in online shopping as well as current and upcoming trends to get benefits. We have suggested the top 10 eCommerce trends for 2024. If you need any assistance relating to eCommerce development, Codzgarage can help you with all your needs. We are top top-rated web and mobile app development company with vetted resources. Let’s connect.