2024 marks a transformative year for the e-commerce industry, driven by innovations in AI-powered personalization, sustainable shopping practices, and immersive experiences like augmented reality (AR) and virtual reality (VR). Consumers are prioritizing convenience, with increased reliance on mobile shopping and voice commerce, while eco-conscious purchasing continues to grow. Subscription services and direct-to-consumer (DTC) models are also expanding, reshaping the retail landscape. As brands leverage social commerce and integrated marketplaces, the focus on seamless, cross-channel experiences remains crucial to attracting and retaining customers.
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In line with global technological advancements, the e-commerce industry sector has also shown some interesting facts, ranging from technological innovations to transaction volumes. Although detailed records are not expected until the end of 2024, several global research institutions have noted and predicted e-commerce activities for the remainder of the year.
To provide a more comprehensive view of specific e-commerce data in 2024, here are some figures generally reported in annual reports by research institutions like Statista, eMarketer, and McKinsey, highlighting at least two interesting facts, including:
- Active E-commerce Users: Over 2.5 billion people are estimated to make online shopping transactions in 2024.
- Global Transaction Volume: Expected to reach $5.7 trillion worldwide.
Aside from transaction figures, e-commerce growth has also recorded several other facts, including:
Artificial Intelligence (AI) and Personalization
Recommendations and Shopping Experience: E-commerce platforms are increasingly utilizing AI to provide more accurate and personalized product recommendations to users.
Chatbots and Virtual Assistants: The use of AI in customer service, such as smarter chatbots and virtual assistants, is helping to improve the shopping experience and is being widely implemented.
Social Commerce
Social Platforms as Shopping Hubs: Social media platforms like Instagram, Facebook, TikTok, and others are becoming increasingly important channels for e-commerce transactions. For example, TikTok's shopping feature and Instagram Shopping make it easier for users to purchase products directly through social media apps.
Influencer Marketing: Collaborations with influencers to increase brand awareness and product sales via social media platforms continue to grow.
Omnichannel and Online-Offline Integration
Integrated Shopping Experience: Retailers are increasingly focusing on integrating offline and online shopping experiences, offering options such as \click-and-collect\ (shop online and pick up in-store) and easy in-store product returns.
Augmented Reality (AR) and Virtual Reality (VR)
Immersive Shopping Experience: AR and VR technologies are being increasingly used to enhance online shopping experiences. For instance, customers can see how products will look in their homes or try on clothes virtually.
Virtual Try-Ons: Some e-commerce platforms in the fashion and beauty industries have implemented \virtual try-on\ features using AR technology.
Physical Stores as Experience Hubs: Some major e-commerce platforms are opening more physical stores to enhance customer experiences and offer the opportunity to try products in person.
B2B E-Commerce (Business to Business)
B2B Digitalization: B2B e-commerce transactions are becoming more digital, with businesses increasingly turning to e-commerce platforms for their wholesale purchasing needs.
B2B Marketplaces: Platforms like Alibaba, Amazon Business, and others are becoming increasingly popular for B2B transactions.
Digital Payments and E-Wallets
Digital Payment Penetration: Digital payments, including e-wallets and payment solutions such as Apple Pay, Google Pay, and QR code-based payment methods, are continuing to grow rapidly.
Cryptocurrency Payments: In some markets, the adoption of cryptocurrency as a payment method is beginning to grow, although this adoption remains limited.
The data above is still provisional. The final data on global e-commerce industry trends for 2024 is expected to be verified in early 2025.
