From a simple prompt generating a magnitude of product descriptions and customer recommendations to a 2-second-faster-page-load time increasing the highest e-commerce conversion rates, it is the time of the year to look at the top six E-commerce trends for 2024.
As we draw close to a phenomenal year 2023, Knack Systems brings to you the top six e-commerce trends for your business that will help shape B2B and B2C e-commerce success in consumer products, wholesale & distribution, building materials, manufacturing, and chemical industries.
Generative AI tops our list of the top six E-commerce trends for 2024. It is currently a focal point across major technology events, spanning industry giants like SAP, Microsoft, and other leading software entities. A significant majority, nearly six out of ten global industry decision-makers, have already integrated Generative AI into various business use cases. The State of AI x Commerce Report reveals that 64% of commerce leaders affirm the potential of AI to enhance customer experiences, providing a distinctive competitive advantage.
As the dominance of Generative AI technology continues its rapid ascent, businesses can anticipate a profound impact on B2B and B2C e-commerce in 2024, as predicted by Knack Systems:
Whether operating as a B2B or B2C entity, the transformative potential of Generative AI for e-commerce growth is unparalleled. As a specialized SAP Commerce Cloud partner catering to leading businesses across North America, Knack Systems is positioned to help businesses leverage this groundbreaking e-commerce revolution.
The global e-commerce landscape is undergoing rapid transformation, demanding businesses to embrace agility and stay abreast of the latest trends and technologies to outpace competition. Composable Commerce, an innovative paradigm, is reshaping the landscape of website and platform development and deployment.
According to the Elastic Path report, 72% of US retailers have already incorporated Composable Commerce to some extent, with an additional 21% planning adoption within the next year.
SAP Composable Commerce Cloud, with its modular design, enhances the flexibility, scalability, and usability of e-commerce websites, positioning itself as an essential platform for forward-thinking businesses. Knack Systems identifies three ways Composable Commerce can revolutionize your business:
Our expert in SAP Commerce Cloud has curated a compelling article to help you assess whether Composable Commerce is the right fit for your business: Unlocking the Power of Composable eCommerce
The contemporary consumer is exceptionally well-informed and possesses elevated expectations. In light of this, delivering an omnichannel experience becomes paramount to ensuring that your business remains accessible, responsive, and finely attuned to customer needs across various touchpoints—be it online, on social media, or in a physical store. The emphasis is on meeting customers where they are and crafting a seamless and personalized journey.
In the realm of 'Omnichannel Commerce,' there exists a staggering $3.3 trillion global opportunity for merchants who embrace the B2B Omnichannel Strategy. Here's why Knack Systems underscores the significance of omnichannel in today's B2B landscape:
Embark on your B2B Omnichannel Commerce journey by delving into our exclusive e-commerce guide tailored for business leaders in consumer products, manufacturing, chemicals, building materials, and wholesale distribution: Download our exclusive B2B Omnichannel Commerce E-book now!
Gartner predicts that by 2025, digital channels will account for 80% of all B2B sales interactions between suppliers and buyers.
Network Commerce, a rising digital commerce model, will impressively contribute to 80% of the sales forecast. If you are wondering what the Network Commerce model is all about, here is the explanation: A cloud-based B2B2C e-commerce solution for brands to leverage the network of their channel/customers/influencers and their network-based loyalty to find, attract, win, and serve end consumers.
Simply put, if you are a sports apparel brand, you can enable your B2B customers (dealers, distributors, & wholesalers) to set up their virtual stores on their commercial terms to sell your sports apparel to their sports clubs, teams, or fans. The end customers of each channel partner can enjoy priority-based shopping on their virtual stores with loyalty, discounts, and offers. This is how the Network Commerce model enables brands to extend and build better e-commerce and shopping experiences across the network. Several leading brands from the consumer products, wholesale distribution, and manufacturing industries are making waves with the new-age business commerce model.
Here are four reasons why the Network Commerce Model will be key to unlocking bigger B2B e-commerce potential.
Knack Systems is a trusted SAP Commerce Cloud partner and innovator of a robust B2B commerce collaboration solution, SeasonOne. If you would like to explore what the Network Commerce solution can do for your brand, we recommend you Book a Demo!
Mobile shopping has demonstrated a consistent upward trajectory in recent years, and this momentum is expected to persist in 2024. This highlights the crucial need for businesses to meticulously tailor their websites to cater to mobile devices. The dominance of mobile commerce underscores the importance of providing a seamless and user-friendly experience, allowing customers to navigate effortlessly and make purchases with just a few taps on their smartphones.
Insider Intelligence projects m-commerce sales to reach $534.18 billion, comprising 40.4% of e-commerce sales in 2024. The two primary devices propelling the m-commerce revolution are smartphones and tablets.
To ensure the success of mobile e-commerce shopping, Knack Systems recommends four essential steps:
By implementing these steps, businesses can not only tap into the thriving mobile commerce landscape but also establish a competitive edge in the rapidly evolving digital marketplace.
The B2B Marketplace Digital Model has emerged as the prevailing force among top B2B sales channels in 2023, positioning itself as a frontrunner in the upcoming 2024 trends that will shape B2B sales and e-commerce.
Taking a broader perspective, B2B e-commerce leaders should prepare for a significant transformation. Digital Commerce 360 stated sales on B2B marketplaces have witnessed a remarkable surge, jumping from 7% in 2022 to an impressive 12% in 2023, reaching a staggering $260 billion, a substantial increase from the $130 billion recorded in 2022. And the momentum continues! The number of B2B marketplaces has surged to 500, with projections anticipating 750 operational marketplaces by 2024 and an ambitious goal of reaching 1,000 within the next 5 years.
If you're embarking on the journey to establish or modernize your B2B marketplace, look no further! Knack Systems is your strategic partner, dedicated to propelling your business to new heights. Our tailored solutions not only strengthen customer and channel partner relationships but also foster exponential growth for your enterprise.
In conclusion, as we stand on the cusp of 2024, the future of e-commerce appears dynamic and promising, filled with innovations that can significantly impact businesses across diverse industries. The top six E-commerce trends for 2024 outlined by Knack Systems provide a comprehensive roadmap for organizations looking to stay ahead in the competitive landscape of both B2B and B2C commerce.
Embracing the top six E-commerce trends for 2024 is not just a strategic move; it's a necessity for businesses aspiring to thrive in the evolving digital marketplace. Knack Systems stands as a guide, ready to assist businesses in navigating and harnessing the power of these trends for unprecedented success in the world of e-commerce.