The ecommerce industry is a dynamic and ever-evolving landscape. With advancing technology and shifting consumer behaviors, online retailers must not just keep up, but stay ahead of the curve by embracing the latest trends to outshine the competition.
In this post, we'll look at some of the most anticipated ecommerce trends that have been gaining momentum and are set to gather more traction as the months go by.
Ecommerce Trends: What's In
Explore the top trends expected to shape the ecommerce landscape in 2024:
Mobile Shopping
The first trend that we're seeing is the rise of mobile shopping. In 2020 almost 70% of all ecommerce sales were made on mobile devices, and the momentum behind this trend is showing no signs of slowing down.
Having a website that isn't mobile-optimized is no longer a choice retailers can afford. Responsive and mobile-friendly ecommerce platforms are now pivotal in delivering a top-notch customer experience.
Additionally, shoppers also anticipate seamless browsing and shopping on their mobile devices, all without sacrificing the security or user-friendliness of an online store.
Artificial Intelligence for Personalized Shopping
Another trend that is set to change the way ecommerce finds success is artificial intelligence (AI). AI has the potential to transform ecommerce by using customer data to create personalized shopping experiences.
By drawing data from various sources, such as customer search history, purchase behavior, and social media activity, AI can help retailers provide customized product recommendations, create tailored marketing campaigns, and offer personalized discounts and coupons.
Several ecommerce platforms like Shopify, NetSuite, and QuickBooks have already incorporated AI technology into their services.
Augmented Reality Shopping
The use of augmented reality (AR) in ecommerce is becoming increasingly popular. AR technology can create immersive shopping experiences and allow users to try on and see products in more detail - as if they were experiencing them or trying them on in real life.
The use of augmented reality (AR) technology in ecommerce has the power to craft immersive shopping experiences, enabling users to try on or check out products with lifelike detail - virtually. It brings the shopping experience to life in a way that mimics the real world but with even greater convenience and accessibility.
This trend can potentially revolutionize the industry, but it comes with challenges and opportunities, such as the need for sophisticated 3D modeling. Ecommerce stores that can integrate AR technology smoothly have the potential to offer more realistic and engaging shopping experiences that can help boost sales in return.
Sustainability in Ecommerce
The trend of eco-friendly shopping is also growing, with more and more online retailers looking for ways to incorporate sustainability into their businesses.
Consumers are becoming more aware of the impact of their purchasing decisions on the environment, and many are looking for eco-friendly options. Ecommerce stores can be more mindful and adapt by providing more sustainable products, packaging, and shipping methods.
Companies focusing on sustainability also tend to attract a younger crowd, as they value environmental concerns more.
New Payment Gateways
Payment gateways are also evolving. As new channels and payment methods emerge, reconciling payments becomes more complex. That's why new payment gateways that seamlessly integrate with different payment methods are popping up.
Innovative solutions like Blue Onion's automation solution are streamlining the process of order-to-cash reconciliation and making it more efficient. This allows ecommerce stores to focus on other aspects of their business, like customer experience and marketing.
New Channels: TikTok Shop
The emergence of social media as a prominent ecommerce platform has paved the way for unique shopping channels like TikTok Shop. This platform has revolutionized how consumers interact with brands, blending entertainment and shopping into a seamless experience.
With its engaging short-form video format, TikTok Shop allows brands to create dynamic and compelling product showcases, catching the attention of millions of potential customers and driving significant sales.
Did you know that 40% of TikTok users have purchased from fashion stores they discovered on the platform? What's more, these users are 20% more likely to make an immediate purchase than other platforms.
This case study demonstrates the potential of TikTok Shop as a significant revenue driver for ecommerce businesses, emphasizing the importance of adapting to new channels in a rapidly changing retail landscape.
As ecommerce evolves, so does its complexity, especially regarding data reconciliation across new channels and payment methods. Each addition introduces another layer to the already complex task of order-to-cash reconciliation. This is where Blue Onion comes into play.
Ecommerce Trends: What's Out
After exploring the top trends, we're confident that the following are no longer relevant to the ecommerce landscape:
A Complicated Checkout
With the rise of mobile commerce, traditional checkout processes are becoming obsolete. Customers expect a seamless and quick checkout experience, which can be achieved through one-click purchasing or autofill features.
Similar to the traditional checkout process, customers no longer have the patience for long and complicated registration forms. Many ecommerce websites are now offering guest checkouts or social media logins to streamline the process.
Static Product Interactions
In the past, product descriptions were limited to text and images. However, with the rise of augmented reality and virtual reality technologies, customers expect more immersive experiences when shopping online.
Lack of Social Responsibility
Consumers are becoming more conscious about where they spend their money and how it impacts society and the environment. Businesses that do not prioritize social responsibility may face backlash from customers and ultimately lose business in the long run.
Limited Payment Options
While credit cards are still widely used for online purchases, alternative payment options such as Buy Now, Pay Later services and digital wallets are gaining popularity among consumers. Ecommerce businesses will need to offer multiple payment options to cater to diverse customer preferences.
Single-Channel Selling
Ecommerce businesses that rely solely on one channel (e.g., Amazon) for sales are at risk of being left behind as customers increasingly use multiple channels during their purchasing journey. Brands need to diversify their selling channels to reach a wider audience.
The Good News? Blue Onion is on Trend and Here to Help
Blue Onion plays a pivotal role in efficient order-to-cash reconciliation. With its advanced automation capabilities, Blue Onion simplifies the complexities of handling large volumes of transactions from disparate channels. This is particularly critical for accounting and finance teams, often at the forefront of revenue recognition.
Automation is absolutely vital for these teams. It not only eradicates the chance of human error but also accelerates the reconciliation process, freeing up these professionals to concentrate on strategic tasks instead of mundane data entry. This boost in work efficiency enhances the organization's overall performance.
Organizations will likely invest more in solutions like those offered by Blue Onion, which can seamlessly integrate with popular ecommerce and business management platforms like Shopify, NetSuite, and QuickBooks.
Revolutionize Your Ecommerce Strategy with Blue Onion's Automation Solutions
Looking ahead into 2024, trends in automation are set to evolve even further. As ecommerce continues to increase in popularity, the need for automated reconciliation solutions will only increase.
To navigate the ever-evolving challenges of ecommerce and stay a step ahead of the competition, consider the comprehensive automation solutions Blue Onion offers. Streamline your order-to-cash process, eliminate the risk of errors, and unlock the power of real-time financial data.
Discover how you can revolutionize your payment process and drive your business towards a more efficient, digital future.
