Research of the Market and Global Trends of E-commerce in 2024
Today we will look at the DHL ecommerce report on global online shopping trends. Why does he abandon the cart? What is important to buyers when buying? A new payment method that is gaining popularity, etc.
And don’t let the word “global trends” put you off.
Although the study is international and each country has its own mentality, which will influence the behavior of buyers in each country in its own way… In general, the behavior of buyers described further – to a greater extent reflects universal human psychology.
Let’s go over the interesting points.
Why Does the Client Hesitate to Make a Purchase?
DHL highlights 6 main reasons:
- High shipping costs – 54%
- Long delivery times – 46%
- You have to pay for the return – 37%
- Not enough information about the product – 36%
- Not enough product photos – 31%
- No or few reviews – 32%
High shipping costs are a clear source of frustration around the world. And with 41% of shoppers abandoning a purchase because shipping is too expensive, there’s a serious risk that your business is losing customers due to shipping costs.
But how do you overcome this problem if truly free shipping doesn’t exist? The answer is obvious. Include shipping in the price of your products — 46% of shoppers would prefer to pay for shipping this way.
By the way, buyers especially highlight point 6 with the lack of reviews. Be that as it may, a person is a social being. And the presence or absence of social proof can significantly affect sales.
According to research from Northwestern, just five reviews on a product can increase a customer’s likelihood of purchasing by 270% compared to a product with no reviews.
Ultimately, even if you have a cool product, it makes sense to run through these six points and see where your money is buried.
What Benefits Are Important to Buyers When Buying Online?
In order of priority: low prices, discount coupons, rewards that can be spent, loyalty program, personalized shopping, exclusive access to new products. The percentages on the screen are higher.
The first three points are related to finances. This reflects the state of today’s online shopper. That is, there is an increased sensitivity to prices.
The Problem of Abandoned Carts
The main reasons why it remains empty according to the survey are:
- Shipping too expensive – 41%
- Found a product cheaper – 30%
- Unforeseen expenses at the payment stage – 30%
- Delivery too long – 20%
- Unnecessary purchase – 17%
- No required payment method -17%
- Discount promo code does not work – 17%
- No refund option – 13%
- At the same time, 26% of shoppers say they abandon their shopping cart because they are simply surfing the web looking for suitable options.
How Can You Convert These Surfers Into Customers?
Return to the cart with reminders. Squeeze with a discount or promo code for free shipping. Make the payment process as easy as possible for the customer and include various payment options.
Buy Now, Pay Later
“Buy now pay later” is a service that allows you to pay for online purchases in equal installments over a short period of time.
In recent years, providers such as Klarna, Afterpay and Clearpay have made BNPL one of the most popular ways to shop. The service is most developed in the following countries:
1. Sweden
2. The Netherlands
3. Germany
4. Austria
5 Australia
It definitely makes sense to take a closer look at this thing. Especially because integration with BNPL services allows the merchant to significantly increase its revenue by an average of 15-20% due to the growth of the average purchase price, improved conversion to purchase, an increase in new customers and an increase in repeat purchases.
Using Voice Assistants for Shopping
Today, the most used devices for shopping are smartphones and PCs, and purchases through voice assistants are gradually gaining momentum.
For example, according to Statista, the volume of purchases using smart speakers will increase by 630% from 2020 to 2025.
Moreover, the drivers of this growth are consumers under 45 years of age.
35% of them say they “always” or “sometimes” use voice search to make purchases. For those over 45, this figure is almost 2 times lower.
Well, it is worth noting the rapid development of technologies based on artificial intelligence. Experts are already predicting that in 5-10 years, personal assistants will be used extensively, which will personalize the shopping process as much as possible and accurately select a product in accordance with the customer’s needs.
The Rise of Social e-Commerce
Consumer purchasing behaviors evolve each year, frequently influenced by current social and technological trends. The growing influence of social media has been a significant factor in this transformation.
Social shopping is becoming increasingly popular. According to a strategic business report, global social media sales are expected to reach $8.5 trillion by 2030.
The screenshot above shows the most popular social networks used for shopping in the world.
The rise of social media has revolutionized online shopping behavior. Consumers are turning to social media to learn about NEW products and services, and to research brands before making purchasing decisions.
This shift has led to new marketing strategies designed to respond to these changes in consumer behavior. To remain competitive, you need to develop a brand. But developing a brand today without social networks is almost impossible.
As Agreed at the Beginning
Research from WGG Agency covers general trends in the e-commerce market and reveals universal patterns in consumer behavior.
The 2024 DHL e-commerce report reveals significant insights into global online shopping trends. Key challenges, such as high shipping costs, long delivery times, and insufficient product information, lead to cart abandonment. Businesses can address these by incorporating shipping costs into product prices and ensuring ample product reviews, as social proof greatly influences purchases.
Financial incentives like low prices and discounts remain crucial, while the rise of “Buy Now, Pay Later” services boosts flexibility and sales. Voice assistants and AI technologies are set to personalize shopping experiences, especially for younger consumers.
Social media’s impact on e-commerce is undeniable, with sales expected to reach $8.5 trillion by 2030. Businesses must build a strong social media presence and adapt their marketing strategies to these platforms.
