Expanding your eCommerce brand into new channels is essential for staying competitive and reaching a broader audience. As we move through 2024, several trends and opportunities can guide your strategic decisions. With consumers starting their online searches on a variety of channels, as can be seen in the figure below, there has never been a better time to expand to new channels and reach your consumers where they are. Let’s check out some of the top channels for expansion throughout this year.
Social Commerce Platforms: Engage Where Your Audience Spends Time
Social media platforms like Instagram, TikTok, and Facebook have evolved from mere engagement tools to powerful sales channels. Approximately 47% of consumers have made purchases directly through these platforms, which reflects their growing trust and reliance on social commerce.This shift underscores the importance of establishing a robust presence on social media to capture this audience.
Instagram Shops allow brands to create a seamless shopping experience by integrating their product catalogs directly into their Instagram profiles. Users can browse, save, and purchase products without leaving the app. TikTok Shopping is another burgeoning channel where influencers and brands create engaging content that leads to direct sales. The interactive and viral nature of TikTok makes it an excellent platform for reaching younger demographics. In fact, about 83% of Gen Z consumers start their shopping journey on social media platforms.
Voice Commerce: Optimizing for the Future of Search
With the increasing adoption of smart speakers and voice assistants, optimizing for voice search is becoming crucial. Approximately 40% of U.S. internet users use voice assistants monthly, highlighting the importance of this channel for reaching a tech-savvy audience. Major retailers like Walmart are already enabling customers to place orders through smart speakers, and this trend is expected to grow.
As voice assistants become more integrated into everyday life, the potential for voice commerce will expand. Brands should stay ahead of the curve by continually refining their voice search strategies and exploring new opportunities for voice-activated shopping experiences.
Mobile-First Commerce: Designing for the Dominant Platform
Mobile commerce, or m-commerce, is dominating the eCommerce landscape. With 91% of consumers making purchases via their smartphones, designing a mobile-first experience is no longer optional but essential. This shift requires brands to prioritize mobile optimization in all aspects of their online presence, from website design to checkout processes.
A mobile-first design involves creating a seamless and intuitive shopping experience on smaller screens. This includes adopting fingerprint and facial recognition technology for secure logins and checkouts, developing dedicated mobile apps with optimized features, and offering mobile-friendly payment options like Apple Pay and Google Pay. Additionally, ensuring fast load times and easy navigation can significantly enhance the user experience and boost conversion rates. In 2024 alone, mobile commerce is expected to account for 40.4% of all eCommerce sales. This means that optimizing your brand for mobile is no longer an option, it is vital to your overall growth strategy.
Sustainable Shopping Initiatives: Meeting Consumer Demand
Sustainability is a significant trend influencing consumer behavior, with more shoppers seeking eco-friendly products and practices. Brands that offer sustainable packaging and products resonate more with eco-conscious consumers, creating a positive brand image and fostering loyalty.
Incorporating sustainable practices involves more than just using eco-friendly materials. It includes reducing packaging waste, using recyclable or reusable packaging, and adopting environmentally friendly manufacturing processes. Brands like Boox and Saltair are leading the way by offering reusable packaging solutions and encouraging customers to reuse components of their products.
Effectively marketing your sustainability efforts involves transparent communication and highlighting the environmental benefits of your products. Incorporating sustainability into your loyalty programs and offering incentives for eco-friendly purchases can further engage customers and build a strong, values-driven brand community.
Augmented Reality (AR) and Virtual Reality (VR)
AR and VR technologies are transforming online shopping by allowing customers to visualize products in their environment before making a purchase. This technology is particularly beneficial for industries where the look and fit of a product are crucial, such as home decor and fashion. By offering virtual try-ons and 3D product views, brands can enhance the shopping experience and reduce returns.
Tracking the success of your AR and VR initiatives involves monitoring metrics such as engagement rates, conversion rates, and customer feedback. These insights can help you refine your approach and identify the most effective ways to use these technologies to enhance the shopping experience.
Subscription Services: Building Customer Loyalty
Subscription models offer a reliable revenue stream and foster customer loyalty. The subscription eCommerce market is projected to grow significantly, reaching over $450 billion by 2025. However, to stand out, brands need to offer more than just discounted products.
Effectively marketing your subscription services involves highlighting the convenience, value, and exclusivity they offer. Creating dedicated landing pages, using email marketing, and leveraging social media to promote your subscription plans can help attract new subscribers and retain existing ones. Offering trial periods and limited-time discounts can also encourage customers to try out your services.
Owned Channels and First-Party Data: Maximizing Value
With increasing competition and the decline of third-party cookies, focusing on owned channels and first-party data is vital. Building a robust CRM and optimizing your owned media, such as your website and email lists, allows you to create personalized experiences and improve customer retention.
Leveraging first-party data involves collecting and analyzing data directly from your customers through interactions on your website, social media, and email campaigns. This data provides valuable insights into customer preferences and behaviors, allowing you to create targeted marketing campaigns and personalized shopping experiences.
Optimizing your owned channels involves ensuring your website is user-friendly, fast-loading, and mobile-optimized. Regularly updating your content, offering exclusive deals, and providing excellent customer service can enhance the user experience and drive conversions. Integrating your CRM with your eCommerce platform and marketing tools can streamline data collection and analysis, improving your ability to deliver personalized experiences.
Physical Retail Presence: Bridging Online and Offline
Interestingly, direct-to-consumer (DTC) brands are increasingly exploring physical retail spaces. This expansion can drive online traffic and offer a hybrid shopping experience that blends the convenience of online shopping with the tangible benefits of in-store purchasing. Establishing a physical presence can enhance brand visibility and provide a comprehensive customer experience. In fact, brands that have both a physical and an online presence on average see 37% more web traffic.
Measuring the impact of your physical retail presence involves tracking metrics such as foot traffic, in-store salesExpanding your eCommerce brand into new channels is essential for staying competitive and reaching a broader audience.
In conclusion, expanding your eCommerce brand into new channels is crucial for staying competitive and reaching a broader audience in 2024. Each of the channels offers unique opportunities to engage customers, enhance their shopping experience, and drive sales. By strategically expanding into these areas, your brand can capitalize on the latest consumer behaviors and technological advancements, ensuring sustainable growth and a strong market presence. By staying informed and adaptable, your brand can successfully navigate the evolving eCommerce landscape and achieve long-term success.
More About aiCommerce
aiCommerce is a global digital marketing agency with a focus on retail and eCommerce marketplaces. aiCommerce can help your brand grow across eCommerce channels to gain brand awareness, visibility, and increase sales, all backed by our 90-day guarantee. Now is the perfect time to utilize our eCommerce experts to help grow your business. Click the button below to learn more!
