E-commerce is continually evolving to keep pace with changing consumer demands. Specialists surveyed enterprises, marketplaces, and industry experts from Alibaba Group to ascertain their views on consumer trends that will shape the industry’s development in 2024.
One of the most significant trends identified by experts is Artificial Intelligence (AI). Consumers are increasingly relying on AI for answers to questions and refining search results, expecting sellers, brands, and marketplaces to accommodate this need by offering such capabilities. Recently implemented chatbots and content creation tools are gaining popularity among users and sellers, with new, currently unknown AI applications expected to emerge shortly.
Another important e-commerce trend is the shift to thriftiness. Economic uncertainty and the rising cost of living in 2023 have undermined consumer confidence. Consequently, saving money has become a priority, with shoppers looking for new ways to increase their household budget in 2024, as reported by Euromonitor International. Savvy consumers are trying to cut costs without sacrificing quality, finding clever ways to do so. They look for cheaper options, use credit cards or bonus points, switch to premium private-label brands, and participate in free events.
For example, on the consumer-to-consumer trading platform Taobao, during Singles’ Day, which offered 15% discounts on all products, shoppers placed 210 million orders. Meanwhile, a forum in the app showcasing cost-effective quality products from manufacturers gathered nearly 90 million orders.
Another significant trend in e-commerce is environmental consciousness. While consumers feel limited in their personal contribution to combating climate change, they are shifting the responsibility for environmental stewardship from individuals to retailers. For instance, according to a report by Alibaba Group, more than three-quarters of consumers would appreciate information on making environmentally friendly online purchases. As a result, sellers and marketplaces are compelled to intensify their efforts in green labeling and certification.
