Do you remember when “Happy” by “Pharrell Williams” was played everywhere and by everyone? Do you remember when the Internet was all about the ice bucket challenge? Do you recall a time when you dressed in a certain way simply because everyone else was doing so?
Now, do you have an explanation as to why these things happen?
We can summarize the explanation for this in only one word: Trends.
Trends are a driving force behind changes in people’s attitudes and behaviors. They exist everywhere around us, and there is no escaping them.
The e-commerce sector is just like every other thing in our life. It gets affected, and sometimes even shaped, by trends. In other words, trends in the e-commerce sector are similar to fashion trends that dominate runway shows or challenges that go viral on social media. Sometimes, you can even find e-commerce trends intersecting with fashion and social media trends.
This article will focus on consumer behavior trends in the e-commerce sector in 2024. As you may have already heard, 2024 comes with many challenges for e-commerce businesses. One way to deal with these challenges is to watch how consumers’ behavior changes. Trends are one of the main factors that shape consumers’ preferences and influence their buying decisions. We can even say that trends are the heartbeats of consumer behavior. That’s why we decided to bring this article to you, in which we will delve deep into the most popular consumer behavior trends for 2024.
Before we jump into the discussion, it is crucial to highlight that just as much as consumer behavior trends in the e-commerce world are powerful and influential, they are unpredictable, unstoppable, and constantly changing. Therefore, regularly following trends is indispensable for any e-commerce business. So, buckle up as we embark on this journey together in the following points.
Philosophically, hedonism refers to the ethical theory that the satisfaction of desires is the highest good and proper aim of human life. The idea of hedonism is increasingly becoming relevant within the context of e-commerce and consumer behavior. Today, many human beings repeatedly derive pleasure from consumption or shopping. In other words, in the context of e-commerce, hedonism can be defined as a behavior where consumers seek enjoyment and the satisfaction of their desires in their online shopping experiences.
As fascinating as it sounds, hedonism has been around for quite some time. In 2024, the trend is that consumer behavior is shifting from hedonism to neo-hedonism. So, what’s the difference?
In neo-hedonistic behavior, consumers still prioritize getting enjoyment and gratification from their online shopping experience; however, this movement emphasizes a more mindful, sustainable, and ethical approach.
Neo-hedonism can be considered an upgraded version of hedonism. It goes one step further. In other words, hedonistic consumer behavior focuses on the immediate satisfaction of desires and enjoyment. However, neo-hedonistic consumer behavior, trending in 2024, transcends these traditional thoughts with a more strategic vision. Neo-hedonism considers the longer-term consequences of consumers’ decisions and the well-being associated with them.
The shift in consumer behavior from hedonism to neo-hedonism will change what your customers expect from you. Hedonistic consumer behavior means that customers expect your products or services to satisfy their desires and bring them pleasure and enjoyment. That’s it!
However, with neo-hedonistic consumer behavior comes additional expectations. Here, customers expect a more sustained relationship and a more nurtured experience. Yes, they still seek pleasure from shopping in your online store; nevertheless, they do that while being cautious about longer-term repercussions on themselves, others, and the world.
In 2024, one of the most significant consumer behavior trends in the e-commerce market is that consumers are becoming more conscientious regarding the environment. That means increasing awareness of the environment and its problems and heightened concern for its well-being. The awareness and concern usually come with a magnified sense of commitment and a feeling of responsibility towards the environment and all its issues.
In 2024, we will see environmentally conscientious consumers being extra cautious about their choices and buying decisions. We will see more and more consumers asking themselves:
What is this brand’s stance on climate change? Is this packaging recyclable? What are this brand’s efforts to contribute to sustainability? Does this brand care about the planet’s well-being? What is this brand doing regarding energy consumption and waste management? And many similar questions.
As an e-commerce store wanting to survive in 2024, you must prepare to have answers to such questions.
Today, “Go Green,” “Reduce, Reuse, Recycle,” “Be in Harmony With Nature,” and “Sustainable Living is the Key to Our Future” are not just commonly used slogans anymore. These are concepts you should live by and build your e-commerce brand on. However, the challenge here is to know how to achieve sustainability without compromising other aspects of your e-commerce brand, such as design quality.
Social commerce entails offering your customers the entire shopping experience through social media. When we say “the entire shopping experience,” we mean from product discovery to checkout. It can also include interactions with your customers even after checkout.
Recent statistics show expectations that the global social commerce market size will continue growing over the next few years. Social commerce is expected to increase by 30.8% in 2024 to reach around $1.6 trillion. That is expected to rise to $2.1 trillion in 2025 and $2.9 trillion in 2026.
You need to understand that the search for convenience will dominate consumer behavior trends for many years. Therefore, as an e-commerce business, you must keep pushing the boundaries of convenience to meet customer expectations.
And, what says “convenience” today more than social media?
You must leverage the abundance of social media platforms and the countless features they offer to e-commerce stores.
However, you need to understand that social commerce, as a consumer behavior trend, has other consumer behavior trends within it. For instance, Instagram is becoming even more trendy in 2024. With over 2.4 billion active users, Instagram has been one of the top social media platforms for a while. This number is expected to reach 2.5 billion by the end of 2024 (DemandSage, 2023).
** Check out this article to learn about the Top Strategies To Use Instagram For Your E-Commerce Store in 2024.
In 2024, the demand for hyper-personalization can be seen as both a consumer behavior trend and a challenge. However, hyper-personalization today goes beyond just being one or the other. It became a regular consumer expectation that all e-commerce stores must meet.
Fortunately, 2024 is your lucky year because just as the demand for hyper-personalization is a consumer behavior trend, the use of technology is an e-commerce store behavior trend. In other words, there is no need to worry about how you can meet the level of personalization your customers expect from you in 2024. That is due to the increase in AI-powered tools that can easily manage the entire process on your behalf.
Hyper-personalization can be achieved through data analysis and segmentation, allowing you to deliver targeted messages and recommendations to your customers. Converted.in can help you do that easily. It offers an automation tool that conducts customer segmentation and gathers customer data in one place, like a hub with a 360-degree view of the customer.
The consumer behavior trend in 2024 regarding Artificial Intelligence, which has been growing and developing faster than any of us could keep track, is that it is simultaneously wanted and feared. In other words, Artificial intelligence is both fascinating and intimidating.
Today, consumers are eager to discover the AI world and expect e-commerce stores to incorporate this technology, one way or the other, within the shopping experience. Nevertheless, consumers still acknowledge this technology as a double-edged sword; hence, they try to approach it as cautiously as possible.
Stemming from a firm belief that AI can revolutionize how you interact with your customers, you should learn how to leverage it smartly. To demonstrate, AI can help you provide more personalized product recommendations, better customer support, more tailored content, and other things that can differentiate the shopping experience your customers have in your store. However, you should ensure that your customers know that their privacy is highly valued and that their data is secure and used professionally.
“Phygital Shopping” refers to seamlessly merging physical and digital buying. It is becoming more and more common. In 2024, e-commerce customers expect shopping experiences to combine the tangible feel of in-store shopping with the convenience of online shopping. For instance, Phygital shopping incorporates technologies such as augmented reality (AR), virtual reality (VR), mobile applications, and digital displays to offer the best of both worlds and enhance the overall shopping experience.
You can consider Phygital shopping as part of the omnichannel experience of your e-commerce store. An omnichannel experience means offering your products and services to your customers across all available channels, platforms, and devices. It means establishing a strong link between the online store, social media platforms, mobile application, physical store (if applicable), and other channels to reach customers wherever they are and to allow them to have a seamless shopping experience.
So, we can say that the “Phygital Shopping” experience is part of the omnichannel experience where you link your online store and physical store. Luckily, the 2024 technological advancements have got your back in that.
This consumer behavior trend hasn’t just appeared this year. It has been growing since the COVID-19 pandemic, which has led people to care more about their health and well-being. After such a life-altering pandemic, consumers have started to acknowledge that everything is worthless if their health is in danger. On top of that, the fast-paced world we live in, with all the political turmoil, economic and social pressures, and environmental threats floating around us, has pushed consumers to seek calm and relaxation everywhere possible. The impact of those factors on consumers’ buying decisions is now undeniable, if not unavoidable.
Therefore, jumping on this trend is one of the most crucial things you should consider in 2024. Prioritizing your consumers’ well-being and ensuring their awareness of you doing so is now as important as any other aspect of your business.
For example, if you are an e-commerce store that sells food products, including nutritional ingredients, capitalizing on their benefits is one way to appeal to your consumers in 2024. If you are an e-commerce store that offers services, marketing them as mood-enhancing and good for mental well-being is your way to go.
Show your customers that you care about their physical and mental health by incorporating this in your products or services and including it in your marketing strategies.
Two core values dominate consumer behavior trends in 2024: Transparency and Inclusivity.
In 2024, consumers want greater authenticity and openness from the businesses they deal with. Transparent brands will have a better chance for a stronger connection with consumers. In other words, transparency will be your key to building trust and establishing long-lasting relationships with your customers. Being transparent as an e-commerce business means being open and honest about all aspects of your business.
As for inclusivity, it means recognizing the myriad ways in which individuals differ, carefully selecting the target audience for your business, and then authentically integrating those varied customers into every aspect of your marketing mix. It is not about serving everyone as much as about acknowledging consumers’ differences and focusing on those you can serve best.
Adopting the value of inclusivity for your e-commerce business is not as overwhelming as you might think. Let us simplify it for you. Acknowledging and respecting human beings’ differences does not mean you have to serve them all. When we say incorporate inclusivity in your business, we mean within the audiences that you are targeting. It is great to embrace inclusivity regarding humanity as a whole; however, in your business, all you have to do is embrace the inclusivity regarding those you can create products or services for.
Some may say that the shift towards mobile commerce is a consumer behavior trend; others may say that mobile commerce is no longer a trend; but rather a fundamental shift in the way consumers shop. Whether a trend or a fundamental shift, mobile commerce volume is expected to hit $710.4 billion by 2025 (Statista, 2023). With billions of people worldwide relying on mobile devices, e-commerce businesses that optimize their stores for mobile users stand to gain lots of rewards.
Imagine if, in 2024, your customers still have to go to their laptops every time they want to buy something from your online store. It doesn’t make any sense, right?
Therefore, you must ensure that your e-commerce website is perfectly optimized for all kinds of mobile devices. It might also be the time to launch a mobile application for your store and show your customers how much you are willing to invest in providing them with convenience.
As mentioned before, the digital world we live in is a fast-paced one, which means that every second matters. Today’s consumers do not have the time to wait for things, especially when they are fully aware that instant gratification is possible and that they can buy products or subscribe to services at the snap of their fingers.
In e-commerce, instant gratification means immediately satisfying your customers and fulfilling their wants and needs. It also means ensuring your customers don’t stumble upon any unnecessary delays or complications in their buying journey.
You can provide speed and instant gratification through many things, such as fast shipping and delivery, one-click checkouts, instant communication, and around-the-clock customer support.
Final Words:
In 2024, the consumer landscape is changing dramatically. The convergence of global events, technology breakthroughs, and shifting societal norms is shaping today's consumers, who differ not just in their purchasing patterns but also in their expectations and values. The key to success for e-commerce businesses lies in regularly monitoring consumer behavior trends, exerting effort to understand them, and responding in ways that resonate authentically.