Ecommerce Growth Strategies for 2024

eCommerce is thriving. The industry bagged $5.8 trillion in sales in 2023, and this number is only going to go up. As businesses compete to attract customers, new trends emerge on the surface. From personalized recommendations to immersive experiences, there are plenty of exciting strategies to explore.

So, whether you’re a small business owner or a seasoned eCommerce professional, you must keep an eye on upcoming trends and implement them to stay ahead of competitors.

In this blog, we’ll dive into some of the most effective eCommerce growth strategies for 2024 that can help you take your online business to the next level.

Top eCommerce Growth Strategies for 2024

1. Immersive Shopping Experience with AR
2. Sustainable and Ethical Practices
3. Tapping into User-Generated Content
4. Influencer Marketing with Micro-influencers
5. Personalized Product Recommendations
6. Voice Commerce
7. Subscription Model
8. The highly optimized checkout process
9. Post-purchase nurturing

Let’s understand how you can change the online shopping experience with these eCommerce strategies.

1. Create an Immersive Shopping Experience with AR

An immersive shopping experience with AR can be a game changer for eCommerce businesses. Customers return 30% of all products bought online, which means they find products unsuitable in some way.

AR allows customers to visualize products from the comfort of their homes. In addition, it saves their time as they don’t have to walk into a store on a busy day and spend hours in the trial room.

For example, Nike has partnered with Omnivore, which creates a 3D holographic image of models in natural environments so customers can see how the products look and feel. So what you see below is not a real person; it’s a holographic image of a model showing what an outfit looks like.

2. Follow Sustainable and Ethical Practices

Believe it or not, customers are willing to pay more for sustainable products despite inflation. Many consumers are now looking for brands that align with their values. They’re willing to pay a premium for sustainably and ethically sourced products.

To keep up with these trends, many eCommerce businesses are prioritizing sustainability and ethics. For example, Patagonia is a clothing company that uses environmentally friendly and recycled materials.

You can focus on sustainable and ethical practices in several ways. For example, they can:

• use sustainable materials in their products
• reduce waste by implementing eco-friendly packaging
• minimize their carbon footprint by optimizing shipping and logistics
• pay their workers fairly and provide safe working conditions.

3. Leverage User-Generated Content

For example, GoPro shares its customers’ travel photos on its Instagram page. The company always credits the creators. This validates the customers and encourages them to share more content, providing free publicity to GoPro.

User-generated content is a top eCommerce growth strategy in 2024 because it builds trust and authority for your brand. Customers are aware that influencers get paid to market the products.

That’s why they trust user-generated content 9.8 times more than influencer content because it seems real and candid. When your customers see common people talking about your product, they’re tempted to buy.

4. Harness the Power of Micro-Influencers

But when it comes to trust, big influencers with millions of followers may not always be the best option. Micro-influencers, on the other hand, are the sweet spot. These are the influencers with 10,000-100,000 followers.

While micro-influencers don’t have a massive reach, they have a close-knit community with more engagement. Due to fewer followers, micro-influencers are affordable for you to partner with.

Micro-influencers charge $100-$500 per post, while macro-influencers charge $5000-$10,000. And it’s not just about the budget; micro-influencers can get you up to 60% more engagement than macro-influencers.

That’s why high-end and small eCommerce businesses partner with micro-influencers. See how Glossier, a high-end makeup brand partners with Alicia Scott, who has 67.8k followers on Instagram.

5. Implement Personalized Product Recommendations

A survey by Invesp shows that 49% of customers bought a product they didn’t intend to buy after receiving a personalized recommendation. Companies like Amazon already know this is the most powerful eCommerce growth strategy in 2024.

Amazon’s “Customers Who Bought This Item Also Bought” and “Frequently Bought Together” features provide personalized recommendations to customers based on their previous purchases.

These personalized purchases account for over 35% of all sales on Amazon.

You can also implement personalized product recommendations using data analysis tools and machine learning algorithms.

• Collect customer data such as purchase history, browsing behavior, and demographic information
• Analyze it to identify patterns and preferences
• Use this information to suggest relevant products to customers on your websites, emails, or social media.

6. Optimize for Voice Commerce

With the rise of smart speakers and voice assistants, customers increasingly use voice commands to search and purchase orders. In fact, Junipur Research suggests voice commerce transactions are expected to reach $19.8 billion in 2023.

Here’s how you can optimize your eCommerce website for voice search:

Start by optimizing your websites and product descriptions for voice search. Use natural language and long-tail keywords in product descriptions, and optimize meta descriptions and titles.
Develop voice-enabled shopping experiences. This includes building custom voice assistants, integrating with popular ones like Amazon’s Alexa or Google Assistant, or creating voice-activated shopping carts.

As voice commerce continues to grow, businesses prioritizing this technology are more likely to attract and retain customers.

Big league companies like Myntra, Target, Walmart, H&M, IKEA, and Sephora have already implemented voice search on their websites.

7. Build a Subscription Model

A subscription model is a smart eCommerce growth strategy in 2024 to generate steady revenue. By subscribing, your customers can receive products regularly, such as monthly or quarterly.

A subscription model improves customer loyalty by giving them a sense of membership and exclusivity.

Various industries can benefit from the subscription model. The only prerequisite is to have a product that people use regularly. For example, food, healthcare products, medicines, coffee, fragrances, etc.

Pet Circle, a pet food and grooming products company, has successfully implemented a subscription model. Pet Circle “auto-delivers” products to their customers based on their subscriptions. They also get 20% off on products through subscriptions.

8. Optimize your checkout process.

The checkout process is the final step in your customers’ journey. But if the process is confusing or takes too long, customers may abandon their carts and go to a competitor’s website.

Unfortunately, this happens quite often – according to research, 81.08% of eCommerce customers abandon their carts. To give you a better idea of the situation, here’s a breakdown of cart abandonment rates by industry:

To prevent this, you should simplify the checkout process. Use the following methods to enhance the customer experience:

• Minimize the information exchange and form filling
• Offer multiple payment options
• Give customers options to buy directly from the product page instead of adding to the cart.
• Link your checkout system to the point of sale.

9. Don’t Sell and Ghost. Implement post-purchase nurturing

A sales cycle doesn’t end permanently with a purchase. Continue nurturing your customers to keep them coming back to your brand.

An excellent example of post-purchase nurturing is Myntra, an Indian fashion and beauty eCommerce store. It gives away coins whenever someone makes a purchase and allows customers to use them while shopping again.

• Order confirmation
• Shipping information
• Customer support
• Returns management
• Feedback surveys
• Promotional offers
• Thank you messages

Personalize each step to provide complete satisfaction. Post-purchase nurturing keeps your brand on top of customers’ minds. They come to you whenever they need something again.

Stay ahead of your competitors with influencer marketing!

By now, you understand that influencer marketing can be a powerful tool for growing your eCommerce business. In fact, micro-influencer marketing is incredibly effective, and with Stack Influence, it’s easier than ever to implement.

We take care of all the details – from creating landing pages to managing your campaign and gathering user-generated content. All you need to do is sign up to Stack Influence and let us help your eCommerce brand reach new heights.