9 Latest Ecommerce Trends for 2024

Ecommerce has skyrocketed in the last three years, owing primarily to the COVID-19 pandemic, which drove millions more consumers to shop online. Everyone expects online shopping to grow in popularity, with global retail e-commerce sales expected to increase from $5 trillion to more than $8 trillion by 2026.

It's no surprise that the number of online sellers and ecommerce small businesses has increased as well. Many ecommerce businesses are growing, but there is no guarantee that every online business will succeed. Customer expectations shift, new challenges emerge, and the competition is always there to trip you up.

Owners of ecommerce businesses who know what to expect in 2024, on the other hand, can position themselves for success. When you know which trends are on their way, you can prepare your company to capitalize on upcoming opportunities while minimizing damage from potential risks. That is why we have compiled a list of the top 9 ecommerce trends predicted by experts for 2024.

1. Omnichannel is everything 

Shoppers in 2024 aren't constrained by a single device or channel. They expect to be able to research products, compare prices, and complete a sale across channels, as well as switch between devices without losing their place in the purchasing journey.

BOPIS (Buy Online Pay In Store) and in-store experiences like the Apple Store, where consumers interact with Apple products but order online for home delivery, are examples of other channels. Voice shopping and voice search are also becoming more popular, particularly for home goods, groceries, and low-cost electronics.

2. Social commerce is growing 

Thanks to features like Shoppable Instagram, social media is becoming increasingly popular as a place to discover new products and complete sales. Sales of social commerce are expected to increase from $992 billion in 2022 to $2.9 trillion by 2026. TikTok is more popular than Google for product recommendations among Generation Z, and 48% of people could buy items directly from TikTok.

3. Customer service has to meet new standards 

Customers expect quick responses to questions and prefer to communicate through familiar channels such as WhatsApp, Instagram, and Facebook Messenger. More ecommerce businesses are implementing chatbots to provide excellent customer service 24 hours a day, seven days a week.

Customers also want flexible return policies, with 67% of shoppers checking the return policy before purchasing. It is also critical to have complete visibility into the order. They want to be able to track the progress of their package and receive updates on arrival times ” and it must, of course, arrive on time.

4. Augmented reality meets ecommerce

Many people who shop online want to know they'll like the product when it arrives. Smart ecommerce companies such as Kipling, Warby Parker, Zappo's, and Sephora are using augmented reality to create immersive interactions that allow customers to "try on" clothing, glasses, or makeup before placing an order. IKEA even has an app that allows you to visualize how furniture would look in your home.

5. Payment options are multiplying

Customers today expect to be able to pay on any device, using digital wallets such as Apple Pay and Google Pay, and sometimes even cryptocurrencies. Online sellers must accept a variety of payment methods, including flexible Buy Now Pay Later (BNPL) options such as Klarna.

Simultaneously, they must reassure customers that their payment information is secure from hackers. Payoneer Checkout, Payoneer's payment acceptance solution, enables secure, frictionless payments via a variety of payment methods.

6. Sustainability is on the shopping list

Consumers are far more willing to pay more for eco-friendly products in 2024, and they seek out ethical brands that align with their values. Shoppers also look for online businesses that sell sustainable or fair trade products, use green and/or minimal packaging, provide green and/or minimal shipping options, and/or make it easy to recycle or refill items.

7. Shoppers are looking for second hand sales

There is a growing trend of shoppers looking online for used and secondhand items, partly due to an interest in sustainability and partly due to rising inflation, which forces consumers to look for ways to save money.

Secondhand ecommerce is especially popular in categories such as clothing, books, shoes, and bags. To find pre-loved bargains, many shoppers turn to secondhand marketplaces such as ThredUp, eBay, PoshMark, and Alibris.

8. Personalization

Ecommerce may have supplanted brick-and-mortar stores, but customers still enjoy getting recommendations from a store associate who knows their preferences, size, and shopping habits. They want the same experience online, with personalized shopping recommendations, promotions, and content that addresses them by name and knows their preferences.

9. Mobile shopping

Last but not least, mobile shopping is becoming increasingly popular. It is not a new trend, but it is expected to be more prevalent than ever in 2024. Global m-commerce retail sales are expected to exceed $4.5 trillion, accounting for 69.9% of total retail ecommerce sales.

As a result, it is critical to design online stores for mobile first experiences, rather than just responsive or mobile-also. Ecommerce businesses must also implement phone-friendly payment methods such as Apple Pay or Google Pay.

Excellence in ecommerce is always in style.

Whatever trends you face, Payoneer has payment solutions to help you make the most of the ecommerce market and keep your business growing. Ecommerce small business owners who keep omnichannel, personalization, sustainability, social commerce, and excellence in customer service in mind can expect a year of strong revenue in 2024.