3 Trends Consumers Can’t Get Enough Of

As we venture into 2024, retail marketers are closely monitoring a variety of consumer trends that promise to shape the landscape of retail and e-commerce. Understanding these trends is essential for businesses aiming to stay competitive and meet the evolving preferences of their customers. Here’s a look at three key consumer trends that retail marketers are watching in 2024, according to Emarketer. 

eCommerce is everything

We forecast U.S. ecommerce sales will reach $1.217 trillion this year, an 8.2% increase from 2023. This significant growth underscores the rapid acceleration of online shopping as consumers increasingly prefer the convenience and variety offered by digital platforms. By 2028, ecommerce sales are projected to represent just over a fifth (20.4%) of total retail sales in the U.S., highlighting a major shift in consumer purchasing behavior. Results from Wunderkind’s 2024 Consumer Insights Report backs this projection by revealing 58% of the 1,500 survey respondents plan to spend as much online as they did in 2023, with 27% claiming to increase their online spending in the next 12 months. 

This trend not only emphasizes the importance of digital transformation for retailers but also signals a broader evolution in the retail landscape, where the integration of advanced technologies and enhanced online experiences will be crucial for sustained growth and competitiveness.

Social video is key 

U.S. adults will spend an average of 50 minutes a day with social video, over half (58.4%) of total time spent with social networks, per the forecast. This trend reflects the increasing dominance of video content in the social media landscape, driven by platforms like TikTok, Instagram Reels, and YouTube. The engaging and easily digestible nature of video makes it a preferred medium for consumers seeking entertainment, information, and social connection. In fact, another stat from Wunderkind’s Consumer Insights Report shares that 35% of consumers prefer to learn about a favorite brand’s offers or deals on social media platforms.  

 For marketers, this shift underscores the importance of investing in video content to capture audience attention and drive engagement. By leveraging the storytelling power of video, brands can create more compelling and shareable content, effectively reaching and resonating with their target audiences in the crowded social media environment.

Generative AI top use cases 

The top commerce use cases for generative AI among retail professionals worldwide include generating product recommendations for store associates to use in-store (currently used by 59% of retail professionals), creating conversational digital shopping assistants (55%), and creating virtual models for product detail pages (52%), according to a June 2023 survey by Salesforce. These applications highlight the transformative potential of generative AI in enhancing the retail experience. By equipping store associates with AI-driven product recommendations, retailers can offer more personalized and efficient service.

Conversational digital shopping assistants, powered by AI, provide customers with interactive and intuitive support throughout their online shopping journey, improving engagement and satisfaction. Additionally, virtual models on product detail pages help customers visualize products more accurately, reducing uncertainty and increasing conversion rates. Collectively, these AI-driven innovations are not only streamlining operations but also significantly enriching the customer experience, positioning retailers at the forefront of technological advancement in the industry.

Conclusion

Retail marketers who stay attuned to these consumer trends in 2024 will be better positioned to meet the needs and expectations of their customers. By focusing on a better ecommerce experience, social video to connect with consumers, and the best use cases for generative AI, retailers can create compelling and engaging experiences that resonate with today’s discerning consumers. Keeping a finger on the pulse of these trends will be key to driving growth and success in the ever-evolving retail landscape.

Be sure to download the full Consumer Insights Report which reveals consumers’ eCom preferences across 35 questions spanning retail, social and travel behaviors.