E-commerce in 2024: A Detailed Guide for a Successful Year
When the internet was first introduced in the 1980s, no one probably expected that it would be used to buy and sell everything that comes to a human’s mind from full-size actual houses to fast-consumed products. Today that is the reality.
E-commerce has been on a steady rise, capturing a significant portion of total commerce in 2023. As the world ventures into 2024, we are here to tell you everything you need to know if you want to score in 2024. Buckle up for a complete guide about e-commerce in 2024, from necessary info on commerce platforms to payment methods and trends. Here we go:
How to E-Commerce in 2024?
The landscape of e-commerce in 2024 is shaped by rapid technological advancements and evolving consumer behaviors. Success in this domain now demands a focus on personalized experiences, mobile optimization, and seamless user interfaces. Integrating social channels and Artificial Intelligence for enhanced customer service and utilizing predictive analytics can set your business apart. Staying agile and responsive to these trends is not just beneficial; it’s essential.
In 2024 your business must not only follow the trends, it must be preactive and ready for all predictions and possibilities. If your business is not giving you the results you expected or if you want to make sure you stay in the lead, start by analyzing your strategies and evaluating your commerce platform performance. Will it cover the increasing demands in 2024 smoothly? Does it help you fulfill your strategy and scale up? Let’s see now what are the things that you should check in a digital commerce platform.
E-Commerce Platforms – What to Look for?
Choosing the right platform is a pivotal decision for any e-commerce business. Key attributes to consider include scalability which reflects the ability of the commerce platform to expand and respond to unexpected demands. Another important feature is composability which gives you more flexibility and control over your platform components. Other features to mention include cloud-nativity, robust security, user-friendly interfaces, compatibility with various tools and systems, and, importantly, mobile responsiveness.
While platforms like Shopify, Magento, and WooCommerce continue to dominate, emerging platforms are bringing innovative and challenging features to the table and are worth exploring.
Check our detailed whitepaper about the top features you need to check in e-commerce platforms.
Learn more about Akinon’s Commerce Platform.
E-Commerce Channels: Enterprise Marketplaces on the rise
Numerous strategies exist for connecting with and selling to customers online, ranging from self-operated channels such as personal online stores to external third-party platforms. Each method has its own set of advantages and disadvantages, leading many online retailers to adopt an omnichannel strategy, which involves making use of various channels for sales and marketing by making sure to maintain the same seamless experience for customers.
E-Commerce Platforms
E-commerce platforms are all digital service that facilitates online monetary transactions through a personal website. Akinon Commerce Platform is an example of such a platform, empowering enterprises of various sizes to conduct sales both online and physically in stores.
Advantages: These platforms typically provide comprehensive solutions for website creation, product listing, and online payment processing, simplifying the process of establishing a brand and initiating sales.
Drawbacks: Managing a personal website for sales necessitates proactive marketing strategies to attract visitors and generate revenue.
Online Marketplaces
Online marketplaces are digital channels in e-commerce that enable the selling of goods and services to a pre-engaged audience. Sites like Amazon and Etsy are not just selling platforms but also potent search engines, often being the initial point of contact for consumers seeking products.
Advantages: Integration with platforms such as Akinon allows simultaneous selling on your own site and these marketplaces, benefiting from their inherent customer traffic with less need for aggressive marketing.
Drawbacks: Selling on marketplaces can hinder brand development compared to a dedicated ecommerce website. There are limitations in customer data ownership and customization of your store’s appearance and branding.
Enterprise Marketplaces
An Enterprise Marketplace is a digital platform operated by manufacturers that enables third-party vendors to showcase and sell their goods and services to buyers. These online channels create an opportunity for sellers to engage directly with their end-users.
The functionality of enterprise marketplaces revolves around connecting customers seeking specific products or services with the appropriate sellers or providers. This model of consolidating buyers and sellers on a single digital platform is advantageous for all parties involved. Customers benefit from the platform’s efficiency and ease of access, sellers experience increased sales and revenue, and the marketplace owner profits from commissions earned on each transaction.
Advantages: Enterprise marketplaces often include enhanced analytics and integration capabilities, aiding in better decision-making and streamlining business processes.
Drawbacks: Implementing an enterprise marketplace can be resource-intensive, requiring significant investment in technology, infrastructure, and training.
Social Selling Channels
Various social media platforms now incorporate features for in-platform purchasing, enabling smaller businesses or personal brands to directly sell to their audience without a standalone online store. Platforms like Facebook and Instagram have integrated shopping capabilities.
Advantages: This approach allows for straightforward sales to existing followers on familiar platforms, circumventing the need for a separate ecommerce website.
Drawbacks: The audience built on social media platforms is often not proprietary. Losing access to your account or a platform’s closure means starting over in audience building.
E-Commerce 2024 Statistics – Everything in the Language of Numbers
Sales Volume and Growth Year-Over-Year
The e-commerce industry has witnessed an impressive growth rate, with sales volumes surpassing previous years. The average growth during peak days for Akinon customers was %80 compared with the sales of the last year.
| Peakdays | Growth Rate by previous year |
| Thanksgiving Thursday | 83.99% |
| Cyber Monday | 54.93% |
| Black Friday | 38.57% |
| 11.11 | 90.23% |
Top Selling Days
Days like Black Friday and Cyber Monday continue to break sales records, alongside other regional online shopping festivals.
Mobile vs. Desktop Shopping
The trend continues to skew towards mobile shopping, with more consumers preferring the convenience of shopping on their smartphones. Mobile shopping constituted 60% of e-commerce shopping in 2023.
Top selling categories
Top selling categories definitely differ based on location and market but generally categories such as apparel, electronics, and health & wellness are at the forefront of online sales. For example, the top selling categories on Amazon were Electronics, Home & Kitchen and Health & -Beauty categories.
Payment Method Preferences
Digital wallets and credit cards remain popular, but there’s a growing interest in alternative payment methods like cryptocurrencies. Bnpl or Buy Now Pay Later is on the rise as well.
Challenges in E-Commerce in 2024
The road to success in e-commerce is not without its challenges. Key issues include navigating cybersecurity threats, managing supply chain complexities, and adapting to the rapid shifts in consumer behavior and technology. Businesses must remain vigilant and adaptable to overcome these challenges.
E-Commerce Trends in 2024
This year is all about immersive shopping experiences. Augmented Reality (AR) is revolutionizing the way consumers shop online. Voice search is becoming more prevalent, and sustainability is now a significant factor in consumer decision-making. Moreover, social media channels are increasingly influential in product discovery and purchase decisions. Omnichannel is a necceistiy as consumers split between online and offline.
Read more about E-Commerce Trends in 2024
Finally
Mastering e-commerce in 2024 is about understanding and adapting to the evolving landscape. It requires a blend of technological savvy, market insight, and a customer-centric approach. By staying informed and agile, businesses can navigate the challenges and seize the opportunities that this dynamic industry offers. The future of e-commerce is bright, and the opportunities are endless. Embrace the change, and be ready to innovate.
