Top eCommerce Marketing Trends of 2024

As we welcome 2024 with open arms, businesses are preparing to adopt innovative marketing strategies to reach new customers and remain relevant in their industries.?

At Flowbox UGC Platform , our vast experience working with diverse sectors in the eCommerce world has provided us with insights into what 2024 will mean for marketing. Keep reading as we unveil the top marketing trends that we predict will be at the forefront of 2024.

In 2023 we saw that consumers are tired of not being able to relate to brands.

Consumers started to show signs of fatigue towards traditional approaches from brands. Attention spans from users are at an all-time low as they are becoming increasingly desensitised to an overwhelming amount of sponsored content that appears as impersonal and artificial.

The numbers support this. Insights provided by the Consumer Survey carried out by 麦肯锡 for The BoF State of Fashion 2024 report found that 65% of respondents were turning to influencers for inspiration less and less compared to previous years. The consequences of this are also seen in the decrease of engagement rates on social media platforms like Instagram of up to 30% in comparison to 2022. However, this percentage should not discourage marketers from engaging with social media, as data also shows that 39% of total online shoppers bought products only after seeing them on said social platforms on a monthly basis. What’s more, more than half of said shoppers even made the purchase directly from the social platforms.?

So, if users are still very much inspired by the products they see on social media and this inspiration is not coming from advertisements or brand promotions, where is it coming from and how will brands make the most out of it in 2024?

The trend forecast for 2024?

Authentic partnerships with creators

In a context where social media has earned its position as a key advertising tool for businesses and users, brands will need to create genuine connections in the digital space, by partnering with individuals who are authentic and reliable. Marketers globally will be urged to embrace strategies that favour creators that may not have as big of an audience on their platform, but in exchange, appear authentic and relatable to their community. User Generated Content (also known as UGC) will also be a key player in 2024 as individuals will find inspiration from real consumers in their close environment.?

Brand marketing budgets will increase at the detriment of performance marketing budgets?

Performance marketing has had a long run over the years. However, it will take second place as 71% of executives aim to increase their investment in brand marketing in comparison to 2023 to establish and nurture a deeper emotional connection with customers.

Immersive experiences

We expect a strategic shift towards innovative approaches in which businesses can interact with potential consumers in 2024. There will be an increase in investment in ‘phygital’ strategies, finding new ways to immerse the customer into the experience through a combination of the digital and physical worlds.

What insights has 2023 given us about what will happen in 2024?

In 2023 brands really tried to make it easy for customers.

We saw a considerable development of solutions that aim to reduce friction along the value chain and facilitate the customer’s experience on eCommerce brand’s websites. From Buy Now Pay Later (BNPL) options to mobile-friendly platforms that lower the number of abandoned cart rates. How could we forget to mention the notorious relevance that AI has had, not only in the eCommerce sector but in the world as a whole, including the realm of marketing through chatbots and copy assistance?

How much easier will eCommerce providers try to make things for the customer in 2024?

The global demand for BNPL solutions will increase

Among the well-known ways in which strategists can and should reduce customers' efforts in their journey, we feel it necessary to highlight a Jupiter Research Capital study that shows that by 2027, the global demand for BNPL solutions will increase by a shocking 157% as a response to an expected economic slowdown in the next few years. This is why marketers that have implemented the possibility to pay over time for their customers, will have the upper hand in the market.

In 2023 people were concerned and regulations in the digital world came into force with… force.

In 2023 the world faced major changes regarding user protection in social media and advertising. The Digital Services Act became effective in the last quarter of 2023 and from an advertising perspective, we saw the enforcement of greater transparency on ad targeting as well as bans on certain targeted adverts.?

Privacy protection and transparency

With consumers gaining awareness of the risks that loose privacy protection implies for themselves and therefore becoming more attentive and cautious about how their private information is handled, we expect that the businesses that adopt transparent data policies and prioritise consumer trust will gain a competitive advantage.

AI implications

Advancements in AI will not cease as it has become a key tool that optimises resources for brands. However, marketers must embrace said tools with caution, as content created by a machine without the guidance and personal touch of a team will raise scrutiny among audiences which could result in them trusting the brand less than they did to begin with.?

In light of the above, the businesses that learn to adapt to the new possibilities that the market offers, listen to their audiences, and cater to their needs will be the ones that remain competitive and benefit from sustainable growth in 2024.