The momentum of e-commerce continues to soar, with global online retail revenue reaching $5.2 trillion in 2022, and expected to surge to $6.3 trillion by December 31, 2023. Looking ahead to 2024, industry analysts anticipate a remarkable climb, projecting a year-end total of $8.1 trillion.
Anticipated Trends in 2024:
– AI-generated content takes center stage for product descriptions, videos, and photography in advertising.
– Augmented reality integrates with shopping experiences to give customers new perspectives on products.
– Predictive analytics will prevent inventory stockouts (46% of consumers say they will move to suppliers who always have the products they want in stock)
– Personalized shopping experiences become more prevalent.
– Increasing customer inclination towards self-service.
– Growing expectations for same-day delivery.
– Automated returns management will become more integrated.
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