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Dec 28, 2023 | 7 minute read
written by Seamus Roddy
The topsy-turvy economy and major advances in technology – especially generative artificial intelligence (AI) – has made the future digital commerce hard to predict. Despite an uneven economy and technological advances, 2023 saw record buying activity, more eCommerce competition, and higher customer expectations than ever before. 2024 is likely to be similar, which means that your brand needs to be prepared. What eCommerce trends should your brand prepare for in 2024?
Learn what 2024 eCommerce trends are being predicted by commerce experts. This way, you won’t be left behind by your competition or ignored by consumers during the coming year of digital commerce.
Elastic Path’s Chief Experience Officer, Bryan House, contributed to vmBlog’s 2024 eCommerce predictions series. He identified four trends that merchandisers and brands should be aware of as they prepare for eCommerce in 2024.
The traditional commerce catalog is getting a much-needed overhaul. The rigidity imposed by legacy ERP systems is giving way to a more flexible, component-based approach. This transformation will allow merchandisers greater freedom to adapt their offerings, creating more dynamic and responsive retail experiences.
Expect to see more personalized and varied product displays, streamlined shopping processes, and innovative collaborations that seamlessly merge various brands. Merchandisers will get – and should expect – the ability to create separate pricing structures, bundles, and other options without extensive IT work.
As privacy concerns and regulations become more prominent, personalization in retail is changing. The demise of third-party tracking cookies means that brands need to rely on direct relationships with customers to personalize shopping experiences.
Technology such as customer data platforms (CDPs) help retailers turn to first-party data. The key in eCommerce personalization in 2024 will be trust and consent. The rise of first-party data, collected with customers’ permission, may mean targeting fewer consumers but prioritizing deeper, more trusting customer relationships that drive long-term loyalty and high-value purchases.
The use of generative AI will continue to be a major eCommerce trend in 2024. Generative AI is particularly useful for merchandisers looking to create frontend experiences. In particular, developers can now use OpenAI and other AI tools to generate AI APIs. Custom GPTs can learn from the data in these APIs and user instructions to produce custom frontends without requiring coding.
Whether curated shopping experiences, optimized ads, or shoppable landing pages, generative AI-produced applications will have a strong influence on the creation of eCommerce frontends and eCommerce experiences in 2024.
The traditional promise of composable commerce is providing brands the ability to assemble a multi-vendor solution that meets specific business needs. The corresponding challenge of a composable solution is that adding and optimizing a large number of commerce components introduces complexity, cost, and a delayed time to reaching business value.
In 2024, brands will seek to reduce the challenges of a composable solution and are likely to value packaged, connective, iterative composable commerce solutions. At Elastic Path, we’re helping by offering Elastic Path Composer, which includes a Monitor capability that keeps all components of a multi-vendor solution working in sync. Composer also includes Integrations Hub, a library of instant-on, no-code integrations that helps brands integrate new commerce vendors in minutes or hours instead of days or weeks.
The ability to get value fast and holistically monitor and manage a connected composable commerce solution is part of the Unplatform™, a flexible approach that empowers commerce teams to solve business problems one at a time – with no long, costly replatform required.
In addition to Bryan’s predicted eCommerce trends for 2024, brands should be prepared for the following three evolutions in digital commerce.
Access a free Elastic Path trial today to see our leading composable commerce solution in action.
Unified commerce means integrating all sales channels (online, in-store, marketplaces, mobile apps) to create a seamless shopping experience for customers. Unified commerce uses CDPs for personalized interactions and loyalty and reward programs that are accessible across all channels.
These include hybrid customer experience such as buy online, pick up in store and in-store technologies such as contactless checkout. Unified commerce is about a strong customer experience – across touchpoints and experiences – and will be a larger part of commerce experiences in 2024 and beyond.
Consumers will expect enhanced user experiences in 2024. Examples of user experiences that are becoming more common include augmented reality (AR), voice commerce, interactive experiences, and one-click checkout. All of these experiences enhance and elevate online shopping experience for customers. eCommerce in 2024 isn’t just about selling customers products – it’s about offering a high-tech, enjoyable browsing buying experience to all interested consumers.
B2B eCommerce was once the province of clunky user experiences and cumbersome, slow buying portals. That no longer cuts it. B2B buyers now have similar expectations to B2C buyers: fast checkout, appealing visuals, instant help if they need it, and personalized, account-based order management.
Even more complex commerce experiences – such as supplier or reseller-based B2B2C solutions with more touchpoints and advanced supply chain needs – now feature strong, captivating user experiences. A commerce solution that doesn’t provide value and an enjoyable experience for online buyers won’t keep, win, or expand on new business.
Wondering if your commerce solution is equipped for success in 2024? From catalog management to a unified composable solution to B2B and B2B2C capabilities, Elastic Path can help your brand boost conversion rates, win revenue, and expand eCommerce offerings. Best of all, Elastic Path helps you get high-value commerce experiences in front of customers fast. Talk to an Elastic Path expert today about your digital commerce solution and 2024 aspirations.
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