Will the eCommerce industry develop more in 2024 than in 2023? Analyzing the latest reports will help you answer these questions. In the 58th edition of the Advox Press Review, you will find a subjective compilation of the most interesting industry studies. This way, even in a limited time, you can stay informed about the dynamic changes in the e-commerce market. Read now and prepare for the new year of online sales!
Is black friday really popular among buyers?
Which country sees the most popularity for Black Friday promotions? If you thought of the United States, you might be surprised by the correct answer to this question. According to the latest analysis by the Boston Consulting Group, the most people taking advantage of promotions during Black Friday are... Poles.
As many as 78% of residents in Poland declared that they plan to shop during this period. This is a record high. For comparison, in the USA, this percentage was slightly less, at 77%. Meanwhile, in other European countries, the results are as follows:
- Germany - 67%
- Great Britain - 64%
- Switzerland - 57%
The increasing popularity of pre-Christmas promotions in Poland is most likely associated with a greater tendency to save in the face of high inflation. Therefore, planning increased expenses (e.g., before the holidays), many people are more likely to take advantage of promotions.
Is Your Store Ready for Increased Traffic? Read more about market forecasts here.
How Do Poles Pay for Purchases? Santander Consumer Bank Study
The last months of the year are a time for intensive summaries for the eCommerce industry. Among the latest reports and publications, the study conducted by Santander Consumer Bank titled "Poles' Own Wallet: e-commerce trends 2023" deserves attention.
The report focuses primarily on online payments. By reading it, you can find out, among other things: which payment forms are most often used by different social groups and how trends in this area are changing. But that's not all you can learn. What else does the report reveal?
- 35% of Poles shop online several times a month,
- People aged 18-29 and 30-39 shop online most often,
- Women use online stores more often than men,
- The most popular payment method is Blik (62%), followed by fast electronic transfer (55%) and card payment (33%).
The Santander study is conducted annually, and this year's results suggest a continuous development of the eCommerce market. Compared to data from 2022, the percentage of respondents making purchases online at least once a week has increased from 11% to 15% this year.
Learn more about the e-shopping habits of Poles here. Does your online store meet their needs?
Is the Trend for Foreign Sales Ending? Report "Global E-commerce in 2024"
The end of the year is not only a time for reflection but also an ideal moment to present forecasts for the future. Following this thought, the portal Cinkciarz.pl examined one of the previously dominating trends, cross-border commerce. Will it remain as important in the coming years?
According to the report titled "Global E-commerce in 2024", online sales abroad will continue to gain popularity in the coming months. Already in 2023, as many as 75% of Polish entrepreneurs declared that they run their business online not only in Poland. The vast majority of them (72%) expect an increase in their revenues related to foreign sales. Moreover, these expectations are in line with analysts' forecasts, according to which:
- Countries where it is worth conducting foreign sales include the Czech Republic, Lithuania, Latvia, and Romania. The GDP growth in these regions will average over 2.5%.
- Polish entrepreneurs are most willing to open up to the German (53%), British (44%), and Dutch (35%) markets.
- The first months of 2024 may bring a so-called "consumption rebound" and increase the frequency of purchases.
- An important factor influencing the purchasing decisions of international customers is payment methods adapted to local standards. For example, in Bulgaria and Romania, customers prefer to pay by card.
The report optimistically assesses the development of the global eCommerce market. Most entrepreneurs not only anticipate an increase in profits from foreign trade but also plan specific actions in this area. Over 50% of respondents intend to increase investments in marketing, and 19% will focus on logistics.
Do you also plan to develop foreign sales in 2024? Find tips for operating in international markets at this link.
