Gear Up for 2024 and What it Holds for the eCommerce Sector

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Gear Up for 2024 and What it Holds for the eCommerce Sector

You have come to the right place to look back on the e-commerce sector in 2023 and what trends to arrive in 2024 to increase its sales rapidly. Statistics confirm that e-commerce sales in 2023 crossed 6.5 trillion dollars and will cross 8 trillion dollars by 2026. It is because of the increasing prevalence of voice search, AR to visualize purchases, voice commerce, livestream shopping, the rise in new marketplaces & distribution channels, and many more.

So, check out what fueled the e-commerce sector in 2023 and what are the trends that are going to do more in 2024.

A Lookback of the e-commerce sector in 2023

In this digitalized and globalized business world, the e-commerce sector has seen continuous growth in the last few years, including 2023. With the pandemic boosting the use of e-commerce sales, it continues undeterred because of its many benefits for both buyers and sellers. Also, the number of smartphone users will increase from 6.4 to 6.7 billion people from 2022 to 2023. Statistics confirm that there were over 215 million new social media users as of October 2023 compared to the same time in 2022 to increase social commerce. All of it added to the rise of e-commerce sales from 5.7 to 6.5 trillion dollars from 2022 to 2023.


What’s to arrive in 2024 for the rising e-commerce sector?

Mobile shopping continues its rapid rise to constitute over 63% of e-commerce sales. With an increase of over 5% in the number of smartphone users every year, there will be around 7 billion people having smartphones in 2024. Millions of new social media users add up every year to also increase e-commerce sales. Irrespective of age, e-commerce buyers are expanding worldwide because of delivering groceries and medicines to their doorsteps.   Most of the  IT giants like Amazon, Walmart, Apple, E-bay, Google, and many others will increase their part in boosting the e-commerce sector in 2024.

What are the trends to arrive in 2024 to boost the e-commerce sector?

In 2023, there was a continuous rise in social commerce and personalized e-commerce experience for customers, apart from improved logistics to deliver goods on schedule to boost the sector. With e-commerce sales in 2023 exceeding expectations from 6.3 to over 6.5 trillion dollars, it is only expected to grow beyond 7 trillion dollars in 2024. And the following new and improvised existing trends will make it possible in 2024 and beyond.

  • An increase in the live streaming of thousands of products in a minute to viewers in an exclusive event by many companies will increase consumers’ interest in not missing out on limited-time, unmatchable offers.
  • Improved AR or augmented reality shopping will increase customer encouragement by trying the products to boost their confidence in making purchases and also to reduce returns.
  • Better multiple payment options collecting zero personal data from the consumers will increase their trust in the marketplace to buy more e-commerce products.
  • Improved customer service using NLP or natural language processing enhanced chatbots to provide answers to most queries and solve issues will boost online sales.

Wrapping up

Looking back, 2023 was a fantastic year for the e-commerce sector, and as per the details and trends above will make sure that 2024 will also be better for e-commerce sales to cross the 7 trillion milestones. E-commerce businesses wanting to capitalize on the rising tide and to know many more trends should contact ChannelSale integrated with most of the major world-famous marketplaces, comparison shopping engines, social network sites, affiliate networks and shopping carts for cutting-edge software solutions to take sales to new heights.

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