What's in store for you in the first edition of Advox Press Press Release in the new year? Expect reports on the latest industry trends according to Forbes, B2B sales statistics for 2023, and an analysis of mobile app usage in eCommerce. This comprehensive information offers you a complete view of current events and developmental directions in the online business world. Stay up-to-date with the e-commerce industry as you embark on the new year. Check it out!
What is Data-Driven eCommerce? eCommerce trends for 2024 according to Forbes
What trends will drive the e-commerce industry in 2024? According to Forbes, the fundamental direction for the development of online stores is tied to the concept of "data-driven eCommerce." But what does that mean in practice?
Data-driven eCommerce is an approach where business decisions are made based on data analysis. Key aspects of this strategy include analyzing and interpreting data on customer behavior, order placements, and market trends. The knowledge gained helps maximize profits, enhance customer experiences, and improve the effectiveness of marketing activities in an online store.
However, data-driven decisions are not the sole focus in the coming months. Forbes highlights the significance of:
- artificial Intelligence (AI) tools - AI solutions will become even more popular used in areas such as personalization, creating intelligent search engines, and predicting customer behaviors.
- privacy protection - in 2024, the eCommerce industry is expected to concentrate on compliance with privacy data regulations. Significant changes in data protection laws (e.g., GDPR in the EU and CCPA in USA) compel businesses to adhere to strict standards regarding the collection, storage, and use of customers' personal data.
- shifting approach to online advertising - the withdrawal of "third-party cookies" poses new challenges for the advertising industry, especially online, necessitating adjustments to marketing strategies and the exploration of new ways to effectively reach the target audience.
Can you think of other issues to add to this list? Find more New Year inspirations from the eCommerce industry in the full article.
Why do B2B customers value online transactions?
The year 2023 proved successful for B2B entrepreneurs who embraced digital transformation and started selling online. According to the "B2B Buyer 2023" study conducted by Forrester and Digital Commerce 360, a remarkable 85% of all buyers rated their experiences on B2B sales platforms as excellent or good. Achieving such high results was possible by understanding the specificities of business purchases and leveraging this knowledge in designing online B2B stores.
What matters to business customers during online purchases?
Business customers are characterized by meticulous preparation for transactions, distinct from impulsive consumer purchases (common in B2C). For many of them, better shopping experiences primarily mean:
- accelerating the order placement process (48%),
- providing comprehensive information necessary for informed decisions (25%),
- easy tracking of order status (24%),
- high-level online customer service (22%),
- minimizing contact with sales representatives (11%).
Additionally, the fact that B2B buyers are placing more frequent online orders highlights the attractiveness of this purchasing method. According to respondents, over 50% of B2B buyers make daily purchases for their organizations, with 32% making business purchases several times a day. Meanwhile, 23% declared weekly purchases, and 17% - monthly.
Read more about the specifics of B2B eCommerce in the full report. Do you think this branch of e-commerce will continue to grow rapidly in 2024?
How often do customers use shopping apps?
In 2023, there was a record increase in downloads of sales apps. Customers particularly favored them around Black Friday, with top eCommerce apps like Amazon and Shein experiencing a significant surge in popularity.
During November's online shopping in 2023, a whopping 63% of consumers used sales apps, with 31% specifically downloading new apps. Mobile shopping remained high in the last quarter of the year, with 51.8% of online orders placed using smartphones. This marked almost a 50% increase compared to 2022.
The study suggests that the decision to launch a mobile app may be a key element of an effective business strategy for many online sellers. This is because potential customers spend about 88% of their time on smartphones, using various apps. Furthermore, their inclination to place orders through this channel generated revenues exceeding 3.5 million dollars in 2022, with this value increasing year by year.
Have you considered implementing an app for your online store? Read more about their development here.
