Digital commerce trends for 2024

Commerce has drastically transformed in recent years — now more than ever, consumers look online to buy rather than heading to physical stores. As we forge ahead in 2024, it’s clear that the realm of digital commerce is poised for unprecedented growth and innovation. So we at SendOwl wanted to share some key insights on new trends, to help you stay ahead of the curve and thrive in the competitive digital marketplace.

What is digital commerce, and how is it different from e-commerce? 

Before we talk about digital commerce trends, we may need to clarify what digital commerce is, with some examples. Digital commerce is not limited to the buying and selling of physical goods (which is referred to as e-commerce); rather, it encompasses the entirety of the modern commercial landscape. It's a broader term that describes a wide range of technologies and processes that facilitate commerce — such as SEO (search engine optimization), social media advertising, livestream advertising, data analytics, supply chain management, and electronic payment solutions.

E-commerce — online transactions involving physical goods —  is a component of digital commerce, and a pivotal one. Many SendOwl creators are engaged in e-commerce, connecting with buyers on a global scale.

But digital commerce goes beyond mere online shopping. Consider the realm of electronic payments and checkout, where services like SendOwl facilitate seamless and secure financial transactions, provide multiple payment options, and help to automate the delivery of digital products. These platforms not only streamline the payment process and cut down on manual work, but also contribute to the overall ecosystem of digital commerce.

Content creators like you also need them to run their businesses.

And digital marketing strategies, another component of digital commerce, are transforming how businesses promote and sell products. Advertising on social platforms like TikTok and Instagram, SEO, and influencer marketing are all digital marketing strategies employed in the vast landscape of digital commerce. And mobile apps, optimized websites, and in-app purchases have become ubiquitous, allowing users to complete transactions wherever they may be. (Are you just getting started with digital products? Read our definitive guide to entering the digital product market.)

The importance of understanding digital commerce trends

For business leaders like you, it's important to understand how trends shape the way businesses operate. Staying abreast of these trends is not just something that gives you an advantage; it's a necessity. Understanding shifts in consumer behavior, technology, and market dynamics enables businesses and content creators to adapt, innovate, and position themselves for success.

Now let’s get into the trends

We’ll start by dissecting the current state of digital commerce. Then we’ll explore emerging trends that are reshaping the landscape, gaze into the future of digital commerce in 2024, and finally, offer insights into the implications of these trends for digital product creators.

The growth of e-commerce 

The past few years have witnessed an unprecedented surge in e-commerce. The COVID-19 pandemic accelerated the shift toward online shopping, with consumers embracing the convenience and safety of digital transactions. E-commerce sales soared, and businesses that prioritized their online presence flourished. In 2024, the e-commerce industry continues to grow, driven by technological advances and an increasing consumer preference for online shopping.

Key players and market trends

The digital commerce arena is populated by giants and nimble startups alike. Traditional retail giants have recognized the importance of a robust online presence, while born-digital brands continue to disrupt established norms. E-commerce platforms, such as Amazon, Etsy, and Shopify, play pivotal roles in shaping the digital commerce ecosystem. Understanding the strategies and movements of these key players provides valuable insights into the industry’s evolving dynamics.

While the giants are important players in the global digital commerce space, we at SendOwl champion all types of digital sellers — from small businesses and burgeoning startups to longtime family brands. It takes just one incredible product — like a tried and true meal plan or a productivity-increasing daily planner that anyone can customize — to generate high levels of demand and create a massive revenue stream.

The impact of digital marketing on e-commerce

Digital marketing has become the linchpin of successful digital commerce businesses. From social media advertising to influencer marketing, brands are leveraging digital channels to reach and engage their target audiences. The ability to precisely target and personalize marketing messages has revolutionized how businesses promote their product — saving money and time. Focusing your efforts, rather than throwing a bunch of spaghetti at the wall and seeing what sticks, is key. There are many tools out there that provide social content analytics and powerful customer data, helping creators understand trends and target their intended buyers, earn their loyalty, and turn  them into new customers and even evangelizers.

Digital marketing on social platforms, sometimes called "social commerce," also allows buyers and sellers to connect in an ever-growing number of ways. It used to be that customers had had a limited number of personal connections to a product. Now sellers can post reviews from their buyers, chat with potential customers through DMs, provide live customer service, and share their creative process to create a one-of-a-kind user experience for customers.

Emerging trends in digital commerce

Monetizing different surfaces of the Internet

The internet is no longer confined to traditional websites. Emerging trends in digital commerce involve the monetization of various online surfaces. Social media platforms, livestreaming, messaging apps, and even virtual reality spaces are becoming new avenues for commerce. The seamless integration of shopping experiences into these diverse digital environments is a trend that’s gaining momentum, allowing you to meet  your consumers where they are. If you want to learn more about selling on TikTok or Instagram with SendOwl, we can help with that, too!

Personalization in digital commerce

Personalization has evolved from a buzzword to a critical component of successful digital commerce strategies. In 2024, consumers expect tailored experiences that align with their preferences and behaviors. From personalized product recommendations to individualized marketing messages, businesses that invest in understanding their loyal customers on a deeper level will forge stronger connections and drive more conversions.

The way to start ensuring that your marketing and commerce strategies are highly personalized is to research your targeted buyers, as well as accounts that are similar to the one you’re trying to create. Look at successful sellers and influencers in your niche and track what makes them so good at what they do — then figure out how you can implement those strategies in your own unique way.

The rise of video and livestreaming in ecommerce

Visual content has always been a powerful tool in marketing, and in the world of digital commerce, video content is taking center stage. Livestreaming, in particular, has emerged as a dynamic way for brands to engage with an audience in real time. Whether it's live product demonstrations, Q&A sessions, or behind-the-scenes glimpses, video content fosters authenticity and builds trust, driving consumer engagement and conversion.

Digital products and services

Beyond physical goods, the market for digital products and services is expanding rapidly. Subscription models, online courses, digital downloads, and virtual services are becoming integral components of the digital commerce landscape. The ease of delivery and the global accessibility of digital offerings open new avenues for monetization and business growth — especially with SendOwl as your selling partner.

We have several posts about how you can get started, including recommendations on the best digital products to sell in 2024 — check them out and start with SendOwl for free!

The future of digital commerce — predictions for 2024

Now we can shed some light on what the future has in store for the digital marketplace. Several trends are clearly poised to shape the landscape in 2024.

Augmented reality (AR) and virtual reality (VR)

AR and VR technologies will play a more significant role in the online shopping experience, allowing consumers to visualize products in real-world settings before making a purchase. For example, home furnishings sellers can allow you to virtually place furniture and other items in your home to see what they might look like before you buy, creating incredible immersive shopping experiences.

Voice commerce

With the rise of virtual assistants and smart speakers, voice search and commerce will gain traction. Consumers will increasingly use voice commands to search for products, place orders, and manage their shopping experiences. You can ask Siri to find you the cheapest mattress shop in town, or the best-reviewed digital calendar on Etsy.

Blockchain

The implementation of blockchain technology and digital wallets will enhance the security and transparency of online transactions, reducing fraud and instilling greater trust in digital commerce. SendOwl offers BitPay as a payment option, so we can help make sure you don’t miss out on this trend.

Livestreaming

Livestreaming is proving to be an effective tool in the digital commerce space, and the medium is showing enormous growth. Market Research Future (MRFR) is projecting that livestreaming will generate a staggering $534.37 billion for businesses and streamers by the year 2030.

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Livestreaming yourself talking through your products, shouting out buyers, or engaging with your users in personal ways is a low-cost marketing strategy that will help you build connections. SendOwl is currently developing a livestreaming service that will be out soon — so keep an eye out for that!

Evolving customer expectations

As digital commerce evolves, so do customer expectations. Seamless and secure transactions, personalized experiences, and high-quality service have become the norm. People are willing to pay for quality. Businesses that prioritize customer-centric approaches, listen to feedback, and adapt to changing expectations will thrive in the competitive digital marketplace.

Digital product creators must prioritize creating seamless, intuitive, and enjoyable experiences for users. Personalized shopping experiences, from product recommendations to post-purchase interactions, build brand loyalty and drive repeat business.

In short, every customer experience matters. The current technology allows you to engage with every customer and ensure their satisfaction, so you never have to miss an opportunity to create a raving fan.

Artificial intelligence (AI) and machine learning (ML) in digital commerce

AI and ML are no longer futuristic concepts; they are integral to the present and future of digital commerce — and increasingly to everyday life. AI-powered chatbots, recommendation engines, and predictive analytics enhance the overall customer experience. Businesses that harness the power of AI and ML to analyze data and automate processes gain a competitive edge in understanding and meeting consumer needs, save time and resources, and provide the best possible goods and services.

The impact of generative AI on digital commerce

Generative AI, a subset of AI that involves technology creating content, has the potential to revolutionize digital commerce. From generating product descriptions to creating personalized marketing content, generative AI streamlines processes, reduces human workloads, and enhances the scalability of digital commerce operations.

As a small business, you could save countless hours by having generative AI write first drafts of product descriptions and marketing content, for example. You can then spend more time listening to customers and improving your offering to build your business. Plus, with platforms like ChatGPT, you don’t have to shell out tons of money to get this done.

Opportunities and challenges for digital product creators

Digital product creators are faced with immense opportunities and challenges in the evolving digital commerce landscape. The global reach and accessibility of online platforms offer unprecedented opportunities to showcase and sell digital products. However, increased competition and the need for continuous innovation pose challenges that necessitate a strategic approach. To succeed in the digital commerce landscape, digital product creators should consider the following strategies:

• Multi-channel presence: Diversify your presence across various digital channels, including social media, marketplaces, and your website, to reach a broader audience.
• Embrace emerging technologies: Stay abreast of emerging technologies, such as AR, VR, and blockchain, that can enhance your digital marketing strategies and e-commerce processes, and can offer unique value to consumers.
• Invest in personalization: Tailor your digital products and marketing messages to individual preferences, creating a more engaging and personalized customer experience.
• Make your buyer experience seamless with tools like SendOwl.

As we conclude our exploration of digital commerce trends for 2024, it's evident that the landscape is continually evolving. From the growth of e-commerce and the impact of digital marketing to emerging trends like video commerce and the integration of AR and VR, the digital commerce space offers endless possibilities for innovation and growth. Here is a quick recap of the key trends for 2024:

• The continued growth of e-commerce
• Monetizing different surfaces of the internet
• Personalization in digital commerce
• The rise of video and livestreaming
• Digital products and services
• Integration of AR and VR
• Voice commerce
• Blockchain
• AI and ML in digital commerce
• Generative AI's impact on digital commerce

Now you know the trends

It’s clear that in order to thrive in the digital commerce space, creators need to embrace change, leverage technology, and prioritize the customer experience. By staying attuned to emerging trends, adopting innovative strategies, and delivering high-quality, personalized products and services, creators can not only safely navigate this uncharted terrain, but also make the most of the exciting possibilities that 2024 holds for digital commerce.

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