6 mins

Big. Bigger. eCommerce. - The biggest eCommerce trends in 2024

Find out how mobile, social and voice commerce will impact your business 

European eCommerce is here to stay – the past years have clearly shown where the trends are going and where they are staying. 2024 is likely to be another exciting year for online retailers. One survey found that around 62% of retailers are planning to invest further in eCommerce technologies such as artificial intelligence, voice commerce, social commerce and mobile commerce this year. Some experts predict that in combination with increased consumer awareness, innovative technologies will completely redefine the rules of the game for eCommerce.

Which trends will we see this year? Which adjustments should retailers consider making now and how can Loqate support them? Find out more in our latest article.

Mobile Commerce

Mobile commerce refers to consumers exclusively using smartphones and tablets to make online purchases. Consumers now expect retailers to provide a seamless mobile shopping experience - since phones are more important than ever. In Italy, the proportion of online shoppers who have made a purchase via their mobile phone or tablet in the last twelve months was an impressive 82%, while in Germany 72% of shoppers used their phone or tablet to shop online. Retailers are enjoying greater range and a more direct connection to their customers - and therefore increased conversions and sales. 

Our customer On That Ass was aware that 95% of their customers were using their phone to make online purchases. That’s why Loqate’s type ahead engine was the right match for On That Ass – narrowing down address results based on location, auto-correcting errors, and localizing the search experience on a global scale. 

Social commerce as a sales booster

Mobile commerce is booming, and at the same time social media channels are becoming central marketplaces in eCommerce - with an increasing focus on authentic and interactive shopping experiences.

The integration of shopping features into platforms such as Facebook, TikTok, Instagram and others is creating unprecedented sales channels that enable companies to be more present precisely where their customers are.

Another advantage: social media sales are cost-efficient and a clever solution for increasing sales and awareness, especially for new or smaller shops.

Originally established in Asia, social media is now an integral part of European shopping culture: 

Around 25% of European online shoppers now use social media as a shopping channel. In Germany, the proportion of social commerce users in 2023 was as high as 48% - in the UK as high as 58%: social commerce is growing.

Louder than ever: voice commerce

Voice commerce refers to all transactions that are carried out by voice search and control. The way in which users interact with devices is changing at a drastic speed. Today, users are increasingly using voice search - especially in the consumer electronics, fashion, personal care and furniture sectors - as a simple, convenient technology for seamless product searches and decisions. After all, there is probably no easier way to complete a shopping process than via voice control. In addition, suppliers benefit from a significant reduction in cart abandonment compared to other checkout options. 

It is therefore hardly surprising that, according to calculations, voice commerce is expected to account for 26 to 37% of eCommerce sales in Europe by 2030.

AI - Chatbots & hyper-personalisation for increased engagement

Artificial intelligence remains a hot topic this year. This includes AI-based chatbots, which are revolutionising customer service by answering enquiries automatically and in real time, checking the order status or even positively influencing the purchasing process. Retailers and customers alike benefit from increased efficiency and seamless round-the-clock support.

That's exactly where hyper-personalisation comes in. It describes the targeted use of data and technologies to understand individual user preferences and behavioural patterns. The result is customised, highly relevant content for products and services. The only requirement: AI accesses to an individual, well-equipped database.

A survey by Smarter HQ shows how important personalised advertising messages are today: 72% of respondents said they would only interact with commercial messages if they were personalised.

This year will also be about highly personalised marketing and genuine, results-oriented customer engagement. Streaming providers such as Spotify or Netflix are leading the way by adapting music or video suggestions to user preferences in an individual, intelligent and customer-centric way.

More conversions thanks to augmented & virtual reality

Augmented reality (AR) and virtual reality (VR) are continuing to take eCommerce by storm. The main focus is on immersive, intensive shopping experiences in which customers can try out products virtually and make purchasing decisions easier or develop a better feel for individual products. The advantage for retailers: according to a study, the conversion rate increases by an average of 94%.

Loqate as a reliable address data provider for eCommerce

With an ecosystem of address capture and verification, geocoding, email and phone number validation solutions, Loqate develops and feeds highly innovative AI models with data from hundreds of sources and millions of transactions completed daily. Our goal: to provide the most comprehensive and precise location data worldwide.

To provide the most precise location data worldwide, we use advanced data analytics and technologies to react quickly and flexibly to market developments to constantly optimise data processes and meet the individual needs of our customers. 

The era of mobile phones shows us what it's all about: precise address validation for the ordering process on mobile devices, which minimises input errors and guarantees a seamless shopping experience. High accuracy in global address data verification is essential, especially in areas that require speed, convenience and simplicity to serve the highly time-sensitive attention spans.

As a result, we combine high-quality address data at premise level with the world's most sophisticated AI parsing tool - for verified addresses in the most accurate local formats.

In addition to online transaction, our global AI-powered Store Finder enables your customers to discover your worldwide locations with ease and lightning speed. For seamless click-to-brick experiences, increased online transactions and in-store sales. 

What's our verdict: Go all-in or set smart priorities?

The rapid developments in new technologies and applications in the already restless eCommerce universe can quickly overwhelm retailers. To avoid being overwhelmed by the mass of possibilities, companies should first focus on the big winners and those measures that go hand in hand with their own values and potential impact. Implementing AI just for the sake of AI is not recommended. Instead, it is important to internalise those trends that promise the greatest potential for your own ROI - and to pursue these consistently, strategically and sustainably with the right partner. 

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