The eCommerce market is only getting bigger and bolder.
We’re talking a whopping $6.3 trillion global market by 2024 – a cool half trillion up from 2023! But with great opportunity comes great challenges.
One of the biggest hurdles eCommerce brands face is the shockingly high cart abandonment rate – a whopping 70% on average. That’s more than two-thirds of potential sales evaporating into air.
Clearly, there’s a massive gap to be bridged when it comes to delivering conversion-optimized user experiences.
And the brands that crack that code are gonna be sitting pretty with a lion’s share of the profits.
The secret? Data-driven insights.
By understanding audience behavior and conversion drivers, you can make precise optimizations that boost sales and engagement.
So in this blog post, we’ll provide in-depth eCommerce insights for brands in 2024.
What are eCommerce Insights?
Speaking of insights, let me break it down for you.
An eCommerce insight is basically a data-driven conclusion that can directly improve your website, products, marketing channels – you name it!
For instance, if your data shows reviews boost conversion rates by 28%, well, there’s your insight – social proof is a conversion gold mine.
Why are eCommerce insights for brands important?
But why do these insights even matter, you ask? Allow me to illustrate by shouting out DTDC, India’s major logistics company.
That’s the power of eCommerce insights for brands.
How to identify top eCommerce insights?
But how to get these eCommerce insights for brands? There are two ways –
- Keep a close eye on changing industry trends and modern consumers wants. Read reports, go to conferences, and follow buzzworthy new technologies or business ideas.
- Use advanced data analysis tools to gather insights from your sales numbers, marketing efforts, product data, and more. These detailed insights help optimize pricing, promotions, and the overall customer experience.
Let’s go into details of each one.
eCommerce insights shaping the industry in 2024
Here are the top eCommerce insights trending in 2024.
Go green
Environmental consciousness is hitting the mainstream hard in 2024. Consumers are doubling down on their eco-values, big time.
They’re seeking out sustainable options and penalizing retailers with excessive packaging waste and unethical practices.
For eCommerce brands, this means getting on board with some serious eco-friendly initiatives- we’re talking renewable materials, zero waste, carbon offsetting, etc.
Privacy, please: Security is priority #1
Data privacy and security are huge hot buttons in 2024.
After countless high-profile breaches, people are clamoring for platforms that go the extra mile to safeguard their sensitive info.
Governments are enforcing stricter regulations too, so retailers better be on point.
This year, brands need to double down on cutting-edge security solutions, transparent data practices, and airtight privacy protection.
Subscriptions get hyper-personalized
Subscription models are evolving rapidly, saying bye to one-size-fits-all approaches.
In 2024, it’s all about ultra-personalized subscriptions tailored to each individual’s unique preferences and lifestyle.
We’re talking custom product selections, flexible delivery schedules, the whole nine yards.
This hyper-personalization is a huge driver for boosting subscriber loyalty and recurring revenue.
Inflation hits wallets
Unfortunately, runaway inflation is really putting the squeeze on shoppers’ wallets this year.
Over half of consumers are drastically cutting everyday expenses to make ends meet. Budget-conscious is the new normal.
For retailers, this means doubling down on strategic promotions and major discounts – especially on slow-movers and abandoned carts.
Consider smart bundling tactics for hot items or gift card promos to lure cost-savvy shoppers without cutting profit margins.
BNPL: The payment trend that’s sticking
Buy Now, Pay Later (BNPL) is exploding in 2024, particularly among Gen Z.
By 2025, nearly half of this demographic is projected to be using BNPL services regularly. Retailers need to hop on this train to meet evolving payment demands.
Rolling out BNPL options, especially for peak periods like BFCM, can be a serious conversion booster.
Voice search: The new eCommerce frontier
Here’s a stat that’ll blow your mind: 40% of US internet users are leveraging voice search and assistants every single month in 2024. That’s massive!
For eCommerce companies, optimizing sites for voice is an absolute must to stay competitive.
We’re talking natural language patterns, clear and concise vocal responses, the whole package.
In this cold, clinical digital world, there’s one thing modern consumers are craving more than ever – the human touch.
A staggering 58% of US shoppers prefer interacting with real people over bots and automation.
As AI and technology become more common, brands need to strike that delicate balance of leveraging innovation while still infusing real human elements.
Means empathy, creativity, and genuine personal connections – all those special touches that make experiences feel premium and memorable.
Social commerce: The next battleground
If you’re not bullish on social commerce in 2024, you’re missing a massive boat.
We’re looking at nearly 100 million US consumers shopping directly through social media. Mind. Blown.
This tidal wave is being driven primarily by Gen Z, the digital natives who live and breathe social. For ecomm brands, embedding seamless social shopping experiences is non-negotiable this year.
AI search: The zero-click revolution
The AI revolution has arrived on the eCommerce frontlines in the form of generative tech like ChatGPT.
These conversational, zero-click search innovators are completely disrupting how people shop and discover products online.
Generative AI is the future of search and discovery.
Retailers embracing it early will be miles ahead of the pack in being customer-centric in 2024 and beyond.
Pricing powered by smart analytics
While we’re on the topic of data-driven advantages, let’s talk about dynamic pricing strategies.
In 2024’s climate, optimizing your prices for maximum revenue and conversions is paramount.
This is where next-level eCommerce analytics come into play.
By deeply examining customer behaviors, market trends, demand patterns and more, brands can scientifically tailor pricing in real-time.
We’re talking premium price points for hot sellers, discounts for slow movers, laser-targeted promotions and more.
How Putler enhances eCommerce performance with data?
As an eCommerce business owner, you know that data is the key to making informed decisions and staying ahead of the competition.
But with so much information at your fingertips, it can be overwhelming to sift through and identify the eCommerce insights that truly matter.
That’s where Putler comes in – a specialized data analytics tool designed to give you a clear, actionable picture of your business’s performance and help you achieve eCommerce success.
Top selling products
The Pareto Principle states that 80% of your revenue likely comes from just 20% of your products.
With Putler’s insightful analysis, you can quickly pinpoint these top performers and double down on the strategies that are working.
Optimize marketing campaigns, inventory management, and pricing tactics for your hottest items to ensure they’re always available and promoted effectively.
Most refunded products
Examining your most frequently refunded products provides an opportunity to identify recurring issues like quality defects or sizing problems.
Armed with this knowledge, you can make the necessary adjustments to reduce refund rates and recapture lost revenue.
But beyond just the financial impact, addressing these pain points head-on enhances customer satisfaction and loyalty, leading to higher retention rates and valuable word-of-mouth marketing.
Frequently bought together
Increase your Average Order Value through smart bundling understanding.
Which products are frequently purchased together unlocks a world of opportunity for effective bundling and cross-selling strategies.
By offering personalized, relevant product combinations and promotions, you provide customers with a seamless, curated shopping experience they’ll appreciate.
This drives repeat purchases, contributing to higher conversion rates and unbeatable customer retention.
Payment platform & refund management
Putler integrates seamlessly with top payment gateways like Stripe and Braintree, simplifying transaction and refund management without constantly switching platforms.
Also you can send partial or full refunds directly from the transactions dashboard.
This saves time, reduces errors, and ensures a smooth customer experience – building trust and satisfaction that encourages repeat business.
Sales heatmap
Understanding when your customers are most active allows you to precisely time marketing efforts for maximum impact.
Putler’s sales heatmaps reveal peak traffic times, so you can launch flash sales, promotions, and campaigns when engagement is highest.
Syncing your strategies with customer behavior patterns enhances engagement and conversion rates.
RFM analysis
With Putler’s RFM (recency, frequency, monetary value) analysis, you can precisely segment customers based on their purchasing behavior.
This allows for laser-focused marketing campaigns tailored to different audience needs. Your “Champions” could receive exclusive loyalty offers, while “At risk” customers may need a re-engagement campaign. This precise targeting improves efficiency and satisfaction.
Individual customer cards
Having detailed customer profiles with purchase history, contact information, and even website information gives you an inside look at your audience.
These eCommerce insights enable accurate customer personas and data-driven marketing strategies personalized to preferences – dramatically increasing the likelihood of conversion and fostering customer loyalty.
Visitor stats & conversion rate
By monitoring website visitor stats and conversion rates, you can evaluate the efficiency of your sales funnel and user experience.
If traffic is high but conversions are low, there may be issues like a poor checkout flow or distracting site elements to address.
Identifying and resolving these blind spots creates a smoother customer journey and improved conversions.
Digital footprint analysis
Tracking your most popular website pages and top search terms reveals valuable consumer behavior insights.
If a blog post or product is driving significant organic traffic, you can create similar high-performing content.
And by optimizing your marketing around top searched keywords, you’ll attract more qualified leads and grow your digital footprint.
Lifetime value (LTV) metrics
Lifetime Value (LTV) metrics reveal the long-term value and revenue potential of each customer.
By calculating LTV, you can identify segments that offer the highest returns and strategically invest in acquisition and retention efforts.
Monitoring and trying to increase LTV also enables accurate revenue forecasting and smarter financial decision-making.
Identifying MVCs
Putler helps you pinpoint the top 20% of customers contributing the most revenue – your “MVCs” or “Most Valuable Customers.”
These high-value segments are critical assets that require focused strategies like exclusive offers, personalized communications, and premium service to cultivate loyalty.
Prioritizing your MVCs ensures you allocate marketing resources efficiently for maximum impact.
Data-backed insights
Putler’s “Did You Know” feature looks at your past data to find important and sometimes surprising eCommerce insights for brands.
These insights reveal trends, patterns, and opportunities you might have missed. Using this information, you can make smart changes, use hidden strengths, and stay ahead in the fast-changing eCommerce world.
Tools like Putler are essential for leveraging analytics in eCommerce, providing in-depth analysis that can guide strategic decisions and optimize overall performance.
Conclusion
Alright, let’s sum it up!
eCommerce in 2024 is like a whole new world.
Customers are in charge, technology is booming, and the economy is full of surprises. To succeed in this online shopping adventure, you’ve got to stay ahead of the game.
Go green, keep your data safe, get personal with your customers, and offer payment options that they’ll love.
And don’t forget about data analytics – tools like Putler can help you find the eCommerce insights for brands that will boost your sales.