Hello friends! Do you ever wonder what e-commerce will look like in the future? As an e-commerce expert, I spend a lot of time thinking about where online shopping is headed. In this post, I will share 5 bold predictions for what to expect from e-commerce in 2024.
Prediction #1: Mobile shopping will dominate
Right now, about half of online purchases happen on mobile devices like phones and tablets. By 2024, I predict that number will be more like 75% to 80%!
Why? Because mobile keeps getting better and better. Screens are bigger and higher quality. Shopping apps are faster and have better features. 5G networks make mobile even faster. And mobile payment options like Apple Pay and Google Pay make checkout easy.
For many people, mobile will be the primary way they shop online. Desktop shopping won't go away completely, but it will become less common over time.
Smart sellers will optimize their stores and ads for mobile users. Make sure your site is fast and works well on phones. Focus on apps and ads that target mobile users.
Prediction #2: Social commerce will be huge
Right now, social networks like Facebook and Instagram are great places to market products and drive traffic. But in the future, they may be where people actually make their purchases too!
Social commerce - directly selling products through social apps - is growing fast. I think by 2024, platforms like Facebook Shops, Instagram Shopping, livestream shopping on TikTok and more will be hugely popular ways to shop.
Social selling makes impulse buys easy. See an item you like? Just click once to buy, without leaving the app. It's super convenient!
For sellers, mastering social commerce will be key. Make sure to have shoppable profiles set up on major platforms. Run targeted social ads with buy buttons. And consider livestreaming or collaborating with influencers to showcase products.
Prediction #3: Voice commerce will take off
Here's an out-there prediction - in a few years, we'll all be shopping by talking to devices like smart speakers and car dashboards!
Voice-activated devices like Amazon Echo and Google Home are in millions of homes already. As the technology improves, voice commerce will become a major retail channel.
Imagine saying "Alexa, order more cat food and toilet paper" and having your items instantly delivered. It's the ultimate hands-free, frictionless shopping experience.
As a seller, make sure your products can be discovered and purchased through voice commands. Optimize titles and descriptions for voice search. Sign up for platforms like Amazon Alexa Shopping. This technology is still emerging but will be huge down the road!
Prediction #4: Subscriptions will surge
Subscription services like monthly boxes and automatically delivered products are exploding right now. I predict the subscription economy will dominate by 2024.
Consumers, especially millennials, love the convenience and surprise of subscriptions. Getting your favorite items regularly without having to reorder is delightful.
As a seller, consider offering subscription options for your products. Curate monthly packages or bundles that arrive on a schedule. Partner with existing subscription services to offer your goods through their platforms. Subscriptions equal predictable recurring revenue which is great for business!
Prediction #5: Automation will transform order fulfillment
One major innovation I expect is automation of warehouses and order fulfillment. Packaging and shipping orders is often the biggest bottleneck and cost for e-commerce businesses.
But robots and AI are rapidly improving! Automated systems and intelligent warehousing will help sellers fulfill orders faster and more efficiently.
I predict top companies will implement advanced technologies like automated packaging, delivery drones, smart supply chain tracking and more. Lower fulfillment costs mean better profits for sellers.
The key for small businesses is utilizing services with automated systems so you can scale. Partnering with the right fulfillment and logistics providers will be important to stay competitive.
The future is bright for e-commerce!
What an exciting time to be in online retail! While the predictions above may sound outlandish, innovators in the industry like Lameco are making huge strides towards making these a reality.
Here at Lameco, we help sellers navigate the fast-moving world of e-commerce and build successful online stores equipped for the future. Our expertise in store management, marketing, logistics and data analysis provides cutting-edge solutions to thrive in modern marketplaces.
We hope these predictions spark ideas for how you can grow your e-commerce business in the years ahead. The possibilities are endless! Let us know if you have any other thoughts on what the future may hold.
And if you need help improving your store for the next generation of online shopping, contact Lameco today! Our team of experts is ready to partner with you to build an e-commerce strategy to succeed now...and in 2024.