For  business owners, being up to date with the newest technologies and emerging eCommerce trends is essential. We all know that navigating the constantly changing industry of eCommerce can feel a lot like navigating uncharted waters. The good news is that staying ahead of the curve when it comes to trends and innovations can be like having a compass and all the necessary equipment to arrive at your destination safely. This is where the likes of eCommerce audits and the knowledge of latest trends help.

Throughout this article, we will share some of the most essential eCommerce trends that will help you take your business to the next level and consolidate your place in the market. We will start by taking a look at the rise of artificial intelligence and augmented reality in the eCommerce industry, discuss the subscription services and their efficiency, explore the innovative voice-enabled technology, and examine the buy now pay later eCommerce model.

The Rise of AI in eCommerce

Ecommerce is an industry that witnessed immense growth over the past decade and given the flexibility of the industry, it comes as no surprise that it became a perfect place for the integration of artificial intelligence (AI) technologies. Like any innovative technology, AI has become more and more instrumental in shaping the present and the future of online retail. Global spending on AI within the eCommerce industry was estimated to surpass USD 8 billion by 2024, emphasizing the enormous potential of this technology.

Thanks to its proven versatility, AI was quickly integrated into a wide range of tech domains such as machine learning, data mining, and natural language processing (NLP). These technologies can be used to automate certain repetitive activities such as customer service, can help business owners predict consumer behaviour, and can assist in streamlining logistics and managing inventories. Ecommerce platforms can now utilize AI to provide timely customer support through chatbots and virtual assistants, offer customized shopping experiences, and make shopping recommendations based on user behaviour.

AR in eCommerce

If we are talking about eCommerce trends, we have to mention Augmented reality (AR) which is another example of an innovative technology that revolutionized the universe of eCommerce and took the whole shopping experience to new heights. AR successfully bridged the gap between customer and product and pushed the limits on both online and offline shopping. The central role of AR in eCommerce is to change and improve how customers view products by allowing them to interact and visualize them through smartphones and AR devices. Utilising AR is a fascinating experience that can help customers avoid uncertainty and reduce the risk of returning products. AR enables customers to try on clothing virtually and to learn more about the products in a user-friendly way. For eCommerce business owners, the benefits of AR are clear as this technology can boost customer engagement and satisfaction, reduce return rates, and increase brand popularity.

Subscription Services

Whether we like it or not, we are living in the age of eCommerce subscriptions. Most of our favourite apps, platforms, and online stores implemented this business model and by the looks of it, they are thriving. Amazon, Netflix, Spotify, and all the giants are now functioning as a Software-as-a-Service, or SaaS business model and more and more businesses are following in their footsteps. A subscription business model works in a very straightforward way – it charges customers a monthly or yearly fee for access to a service or a product and it works because it creates loyal followers. When subscribing to a platform or a service, the customers become a more reliable source of recurring income that can potentially bring more customers in through word of mouth.

Voice Commerce

Another eCommerce trend worth exploring is voice commerce technology or simply v-commerce. By using voice commands to purchase services and products, v-commerce has become a popular and highly appreciated tool for many online shoppers. Voice commerce enables customers to interact with smart devices and digital assistants by using their voice and any preferred language. Implementing voice commerce is a great way to make an eCommerce business more user-friendly as it is an intuitive and convenient way to shop preferred by more and more users.

Buy Now Pay Later Models

Last but not least, business owners interested in eCommerce trends should also take a look at the Buy Now, Pay Later model, also known as BNPL, which is an alternative payment method. BPNL enables customers to buy services or products without paying in full from the get-go. This is a great option for customers who cannot pay upfront and prefer fixed instalments over time. There are many businesses, including eCommerce retailers, who offer customers the BNPL option, as it is a great way to reach more customers, increase the value of the average order, and boost sales.

By offering a wide range of flexible payment methods, such as BNPL, eCommerce platforms offer their customers the advantage of being able to make a purchase even though they are still waiting for the month’s paycheck. Life can sometimes throw curveballs such as having an AC break down in the middle of the summer, receiving a birthday invitation right a few days before getting your paycheck, having to pay for a kid’s school trip, etc. These are all examples of situations when having the possibility to choose a BNPL option would be a blessing.

In Conclusion

The evolution of eCommerce is being constantly changed and influenced by innovations and trends. In 2024, we can say that we are lucky enough to witness the huge impact of artificial intelligence and the fascinating world of augmented reality, and this is just a glimpse into what the future may hold for online shopping. Voice commerce, subscription services, and buy now pay later models are great eCommerce trends that make shopping easier and more accessible for clients. Creating a community of loyal customers and always implementing new technologies that make their lives easier will surely contribute to the overall success of an eCommerce business.