What new advancements will change how Australians shop and connect with brands in 20241? The ecommerce world is always changing, and businesses need to keep up to meet their customers’ new wants and needs1.
AR experiences and blockchain technology for clear supply chains are just the start of big changes ahead1. Personalised loyalty programs and subscription services will become more common1. Also, making shopping more sustainable and keeping it secure will be top priorities for everyone1.
Businesses need to plan well to use these trends to their advantage1. They must match their brand, industry, and what customers want to make the most of these new ideas1. Using data, AI, and machine learning will help make shopping smooth and personal, building trust and loyalty1.
Key Takeaways
- Ecommerce is rapidly evolving, with several emerging trends set to reshape the industry in 2024.
- Augmented reality, blockchain technology, and personalisation will transform the customer experience.
- Sustainability and enhanced security measures are growing concerns for Australian consumers.
- Successful implementation of these trends requires a strategic approach, aligning with brand, industry and customer needs.
- Leveraging data, AI and machine learning will be crucial to delivering personalised, seamless shopping experiences.
Augmented Reality Shopping Experiences
Augmented reality (AR) is changing how we shop online, making it more fun from home. It lets customers see products in real life before buying them2. With AR, shopping is becoming more engaging and helping people make better choices2. As AR ads made $1.41 billion in 2020 and could hit $8 billion by 20242, more businesses are using it in fashion, furniture, and home improvement.
Immersive Visualisation of Products
Big retailers are now using AR in their apps, showing how useful it is2. For example, over 43 million people in the U.S. used AR on social networks in 20202. This number is expected to grow, with 83 million Americans using AR by 2022 and maybe 95.1 million by then2. Seeing products like furniture and cars in real life is making shopping more exciting, with 35% of U.S. people using AR for this in 20202.
Cost-Effective Implementation
AR is getting easier and cheaper to use in online shopping, so more stores will start using it3. The AR market was worth $40.12 billion in 2022 and could hit $1.19 trillion by 20323. Mobile AR revenue is expected to grow a lot, from $12.45 billion in 2021 to $36.26 billion in 20263. The smart mirror market is also growing, from $3.8 billion in 2022 to $9.1 billion in 2032, showing more stores are using AR mirrors3.
Big tech companies are putting a lot into AR and VR, making them cheaper and more common in online shops3. Stores are looking into AR for things like trying on clothes virtually and creating virtual showrooms to make shopping more fun and engaging3. With better 5G networks, stores are getting more interested in AR and VR for better shopping experiences2.
“The integration of augmented reality into ecommerce platforms is transforming the way consumers interact with and purchase products, offering a more immersive and personalized shopping experience.”
Blockchain for Supply Chain Transparency
The ecommerce industry is changing fast, with blockchain technology leading the way in making supply chains more transparent4. This tech lets companies and their clients see every step of the supply chain clearly4.
Append-Only Ledger for Logistics
Blockchain uses a special kind of ledger that keeps a secure record of all transactions and shipment details4. This means everyone from the makers to the sellers can track things in real-time4. It also makes it hard to fake or mess up records, which builds trust and accountability4.
Real-Time Updates and Restocking
Adding blockchain with IoT, smart contracts, and AI makes the supply chain better and faster4. Now, customers can see where their orders are at any time4. Retailers and logistics can manage their stock better too4. This makes the whole ecommerce process better for everyone from companies to customers4.
By using blockchain, ecommerce companies can make their supply chains safer and more trustworthy4. As things keep changing, using blockchain will be key for businesses wanting to lead4.
| Benefits of Blockchain in Supply Chain | Impact |
|---|---|
| Enhances traceability and transparency | Enables corporate sustainability standards and ethical sourcing5 |
| Reduces risks of gray market trading and counterfeits | Protects brand reputation and revenue5 |
| Optimizes administrative costs | Improves operational efficiency5 |
| Enhances compliance and visibility | Strengthens control over outsourced manufacturing5 |
| Reinforces business reputation | Builds trust through transparency on materials used5 |
| Improves collaboration and communication | Increases efficiency and reduces waste, stocks5 |
| Supports sustainable and ethical sourcing | Provides tamper-resistance and traceability5 |
By using blockchain, ecommerce businesses can make their supply chains clearer, build trust with customers, and grow sustainably in the digital world45.
Ecommerce Trends: Personalised Loyalty Programs
Ecommerce is changing fast, and personalisation is key to building strong brand-customer bonds. In 2024, smart retailers will use data and AI to make loyalty programs that match what each customer likes6.
By digging into customer data, companies can understand what their customers want. This lets them make loyalty programs that speak to each shopper. These might include special product tips, discounts, and content just for them. It’s all about making shopping better and keeping customers coming back7.
Using AI to personalise loyalty programs makes them even better. AI looks at customer data in real-time, making sure the offers stay fresh and interesting. This kind of personal touch makes customers happier and more loyal. In fact, 72% of shoppers will stick with a brand that knows them well6.
As online shopping grows, personalised loyalty programs will be key for businesses wanting to keep customers for the long haul. By focusing on what each customer likes, retailers can boost customer interaction, loyalty, and sales.
“Personalisation has been a hallmark of ecommerce, but in 2024, we can expect to see businesses take this a step further. By harnessing data analytics and AI, retailers will be able to offer more customised content and loyalty programs that cater to individual shopping habits and preferences.”
Sustainable and Eco-Friendly Ecommerce
The focus on sustainability and eco-friendliness is growing in ecommerce. Australian consumers want ecommerce to offer eco-friendly options and reduce waste8. Retailers that match these values will meet customer needs and stand out in the market8.
Reduced Packaging Waste
Ecommerce creates a lot of packaging waste due to more online shopping. To fight this, businesses can use compostable and recyclable materials for shipping8. Offering Click and Collect can also help by cutting down on shipping and packaging8.
Alignment with Customer Values
Customers like to support businesses that care about the planet. Showing efforts to be green on websites and in ads can make a positive impact8. Sustainability is a key factor in what customers want9. Online stores can attract customers who care about the planet by focusing on green commerce8.
Businesses should sell products made from sustainable materials or offer eco-friendly choices8. Going paperless and using digital options can also help reduce waste8.
“Incorporating green commerce practices can help businesses stand out from competitors, potentially giving them a competitive edge in a crowded online marketplace.”8
Green commerce can make customers happier, keep them coming back, and even increase sales8. Circular economy models focus on reuse and recycling to cut down waste in ecommerce.10 More businesses are using renewable energy to lower carbon emissions and improve their image10.
- Carbon-neutral shipping helps reduce the environmental impact of ecommerce by investing in renewable energy projects10.
- There’s a move towards using biodegradable or recyclable packaging to meet customer demand for eco-friendly products10.
- Customers want to know where their products come from and how they’re made, pushing businesses to be more transparent and responsible10.
90% of consumers, especially Gen Z, want brands to tackle environmental issues9. 75% of Gen-Z shoppers put sustainability before brand name when buying9. 74% prefer to use products rather than own them9. Making ecommerce sustainable is essential to meet customer needs and protect the environment.
Stronger Security and Privacy Measures
Australian consumers now know how vital ecommerce security and data privacy are11. By 2024, 75 percent of people worldwide will have strong data privacy laws. The US alone passed five new laws in 202311. This shift means more focus on consumer trust, with 71% refusing to buy from companies they don’t trust11.
Building Consumer Trust
Ecommerce sites need to use the latest security tech and be open about how they handle data12. Blockchain helps keep customer info safe and private by storing it in many places12. Adding extra checks like MFA makes customer data safer12. Training all staff on privacy also builds a strong culture12.
Using “white hat” hackers to check for security risks helps businesses fix problems early12. Clear privacy policies and terms about data use can also build trust with customers12.
By focusing on security and privacy, ecommerce sites can protect customer info and be seen as trustworthy1211. This can lead to more loyal customers and growth, as 73% won’t recommend sites with security issues11.
As ecommerce grows, focusing on ecommerce security, data privacy, and consumer trust will help businesses succeed1311.
| Metric | Value |
|---|---|
| Expected growth in ecommerce | From $6 trillion to over $8 trillion by 202613 |
| Consumers feeling more confident in purchases using AR | 80%13 |
| Shoppers less likely to return purchases with AR | 66%13 |
| Consumers won’t buy if personal data isn’t protected | 94%13 |
| Consumers willing to pay extra for eco-friendly packaging | Over 60%13 |
| Carbon-efficiency of online shopping vs. traditional retail | Up to 17% more efficient13 |
“Only 30% of consumers have a high level of trust in the online companies they do business with.”11
As ecommerce changes, businesses must keep up with what Australian consumers want. Focusing on ecommerce security, data privacy, and consumer trust helps build strong customer relationships and success1311.
Personalised Subscription Models
Australian shoppers will see more personalised subscription services in 2024. The subscription e-commerce market has grown by over 100% each year for the past five years. In 2016, the top retailers made over $2.6 billion, up from $57.0 million in 201114. This shows a big increase in demand for services that offer customised delivery and product choices based on what people like.
There are different types of subscriptions, but curation subscriptions are the most popular, making up 55%14. These let customers find new products they’ll like. Replenishment subscriptions, which send essential items automatically, are next at 32%. Then, there are access subscriptions, which give special benefits and services, making up 13%14.
Businesses that offer these personalised subscription models can keep customers coming back and make a steady income. In fact, 77% of shoppers prefer brands that give them a personal touch15.
By using predictive analytics and data, online stores can make subscriptions that match what customers want. This helps fight the issue of people stopping their subscriptions, which often happens because of poor product quality or not liking the choices14. As the subscription-based online shopping market grows, businesses that focus on making things personal and keeping customers happy will do well in the long run15.
Source Links
- Council Post: The Future Of E-Commerce: Trends To Watch In 2024 – https://www.forbes.com/councils/forbesagencycouncil/2024/01/17/the-future-of-e-commerce-trends-to-watch-in-2024/
- Augmented Reality in Ecommerce: How Does it Work? – https://www.bigcommerce.com/articles/ecommerce/ecommerce-augmented-reality/
- AR Shopping: Top Trends and Apps for the Future (2024) – Shopify Australia – https://www.shopify.com/au/enterprise/blog/augmented-reality-ecommerce-shopping
- Using Blockchain to Drive Supply Chain Transparency and Innovation – https://www2.deloitte.com/us/en/pages/operations/articles/blockchain-supply-chain-innovation.html
- Frontiers | Market trends and analysis of blockchain technology in supply chain – https://www.frontiersin.org/journals/blockchain/articles/10.3389/fbloc.2023.1142599/full
- 12 Ecommerce Trends Powering Online Retail in 2024 – https://www.bigcommerce.com.au/articles/ecommerce/ecommerce-trends/
- The ecommerce trends you need to know for 2024 – LoyaltyLion – https://loyaltylion.com/blog/ecommerce-trends
- Make your ecommerce eco friendly – https://www.storbie.com/nz/articles/ecommerce-trends-series-make-your-ecommerce-eco-friendly
- What Are 4 Major Sustainability Trends for E-Commerce Merchants? – https://www.fairown.com/post/sustainability-trends-e-commerce-merchants
- 2024 Sustainable eCommerce Growth: Key Trends Shaping Shopping – https://soft-loft.com/blog/the-rise-of-sustainable-e-commerce-exploring-emerging-trends-in-the-industry/
- Ecommerce Privacy Compliance & Effects of Data Privacy – https://usercentrics.com/knowledge-hub/five-ways-data-privacy-is-shaping-ecommerce/
- Data Privacy in Ecommerce: Emerging Trends and Best Practices for 2024 – https://www.ecwid.com/blog/data-privacy-in-ecommerce-trends-and-best-practices.html
- 2024 Trends in Ecommerce: Top 10 Exciting Innovations – https://www.firstpier.com/updates/2024-trends-in-ecommerce
- Thinking inside the subscription box: New research on e-commerce consumers – https://www.mckinsey.com/industries/technology-media-and-telecommunications/our-insights/thinking-inside-the-subscription-box-new-research-on-ecommerce-consumers
- eCommerce subscriptions trends and predictions (2024) | Appstle – https://appstle.com/blog/ecommerce-subscriptions-trends-and-predictions-2024/
