CEO of leading ecommerce marketplace, Jorrit Steinz, releases ecommerce predictions and best practices for brands heading into NRF to take advantage of growth, or weather a storm if the market dips.
ChannelEngine, a global ecommerce marketplace integrator, partners with hundreds of ecommerce brands worldwide and is at the forefront of the latest developments in the industry. Ahead of the National Retail Federation’s Big Show ChannelEngine CEO, Jorrit Steinz, has identified four pivotal trends that will shape the world of ecommerce in 2024. Channel Engine is exhibiting at Booth # 1809.
1. Social commerce will grow exponentially
The ability to complete a product purchase in a few clicks will soon be widespread no matter which social media platform you’re using. Retailers are advised to embrace shoppable content and live commerce, leveraging influencers to showcase products in real-time and enhance their traditional ecommerce strategies. The integration of sales channels with social media platforms allows for precise targeting, eliminating the dependence on cookies or tracking pixels and providing an efficient means for brands to streamline the purchasing process.
2. Sustainability and ethical shopping focus
The heightened awareness and prioritization of environmental concerns, especially among younger consumers who consider sustainable practices a crucial factor in their purchasing decisions, underscore a growing commitment to eco-friendly choices. The increasing popularity of marketplaces and online sales channels that focus on selling refurbished second-hand items reflects a growing preference for environmentally ethical and sustainable options. To address the negative environmental impact of fast fashion and align with changing consumer expectations, some marketplaces and retailers will adopt the practice of eliminating free returns, signaling a shift towards more responsible and conscientious consumer behavior.
3. Cross border ecommerce will effectively support the need for scalability
The trend of expanding ecommerce sales globally in 2024 is fueled by the globalization of consumer markets and increased online accessibility. Brands are leveraging marketplace integration software to facilitate easy addition of new online sales channels worldwide, simplifying international expansion. “International expansion is a strategic imperative for brands committed to the Direct-to-Consumer (D2C) model. By seamlessly integrating D2C into the global market, brands can broaden their audiences, fostering business growth and competitiveness in the dynamic ecommerce landscape,” adds Steinz.
4. Expect retail media to play an increasingly vital role
Retail media in ecommerce, the advertising opportunities provided by online retail platforms, are expected to grow further with marketplaces dominating consumer preferences. This form of advertising allows brands to promote products directly within the online shopping environment. The growth of retail media is influenced by factors such as data privacy concerns leading to the phasing out of cookies. Marketplaces are attracted to retail media as it offers a high-margin revenue stream without taking a direct cut of sellers’ profits, making it a profitable strategy.
To stay ahead in the dynamic ecommerce landscape, brands and retailers must adopt an agile marketplace strategy that prioritizes adaptability and responsiveness to emerging trends like these. This involves leveraging data analytics, customer insights, and rapid decision-making to quickly adjust product offerings and marketing approaches, ensuring sustained relevance and competitiveness in the ever-evolving online marketplace.
