EP270: Inside Commerce Unwrapped 2024 - Annual Review of the Trends Shaping Ecommerce
Every year, Inside Commerce looks back at the key trends that shaped the ecommerce industry over the past 12 months. In this episode, James and Paul discuss the evolving landscape of ecommerce as they reflect on the trends of 2024. They highlight the following: 1. More positive sales outlook & better consumer confidence 2. Consumers becoming increasingly value focused 3. Renewed focus on the importance of international markets 4. Emergence of focused use cases for GenAI 5. Growing significance of brand collaborations and influencer marketing. 6. Increased focus on loyalty and subscription strategies 7. Greater emphasis on sustainability The discussion emphasises the need for brands to adapt to changing consumer preferences and leverage technology to enhance their strategies. We explore what's shaping consumer behaviour and the future of online retail, emphasising the need for brands to adapt and innovate in a competitive market. Key takeaways: Ecommerce is seeing a more positive sales outlook in 2024. International markets are becoming a key focus for brands. Consumers are increasingly value-oriented in their purchasing decisions. AI is being integrated into ecommerce for practical use cases. Collaborations between brands are on the rise as a marketing strategy. Influencer marketing has matured with better tools and reporting. Loyalty programs are evolving to focus on rewarding positive customer behaviour. Subscription models are shifting towards quality and service rather than just discounts. Sustainability is becoming a priority for brands and consumers alike. Brands are investing more in creative content and brand strategy. The importance of data in shaping marketing strategies is increasing.