Whitepaper

Whitepaper
Top eCommerce
Top eCommerce
Trends 2024
Trends 2024
Artificial Intelligence, Social Commerce,
ReCommerce, Augmented Reality and Subscriptions:
Discover the trends
Artificial Intelligence, that
Social are shaping
Commerce, the future
ReCommerce,
of eCommerce.
Augmented Reality and Subscriptions- discover what is shaping
the future of eCommerce.
 eCommerce
eCommerceTrends
TrendsinCovered
This Whitepaper
in This Whitepaper

11 eCommerce Is Finally Embracing Artificial Intelligence

eCommerce Finally Embraces Artificial Intelligence

22 Social Media Is the eCommerce Platform of the Future

Social Media Is the eCommerce Platform of the Future

33 Sustainable ReCommerce Is Bigger Than Ever

Sustainable ReCommerce Reaches All-Time High

44 Augmented Reality Is on a Silent Rise for Shoppers

Augmented Reality Gains Popularity With Shoppers

55 Subscriptions Are the Future of Grocery eCommerce

Subscriptions Are the Future of Grocery eCommerce
2

2
 TREND 1

eCommerce Finally
Embraces Artificial
Intelligence
As AI adoption will increase global GDP by 14% until 2030,
Artificial Intelligence is already playing a major role in
shaping the future of eCommerce.
 Estimated at More Than US$ 200 Billion in 2023, the Global AI Market Is
Expected to Increase Eightfold Over the Course of the Decade

Global Artificial Intelligence Market Size, in US$ Billion No other trend has moved financial
markets as much as Artificial Intelligence
did in 2023. PwC, a professional services
1,848 network, estimates that AI adoption will
increase global GDP1 by 14% until
2030 with double-digit impact over all
1,415 regions. This is the equivalent of an
additional US$ 15.7 trillion over the
CAGR2: +39% course of the decade.
1,069
And while much of this growth is
795 achieved through automation and in-
creased productivity, there also exists a
583
massive primary AI market. The global
421 AI market (hardware, software and
298 AI-related services) is estimated to
208
142 grow by an annual 39% over the next
96
years, reaching a market value of US$
2021 2022 20233 20243 20253 20263 20273 20283 20293 20303 1.8 trillion by 2030.

Notes: (1) Gross Domestic Product (2) Average growth rate per year (3) Forecast.
4
Sources: Next Move Strategy Consulting.
 Taking the Public Discourse by Storm, Many Retailers Have Integrated
Artificial Intelligence Into Their eCommerce Experience

Chatbots & Voice Assistants Personalized Search

Chatbots are designed to simulate human conversation with Personalized search tailors product recommendations and
users, providing instant and personalized assistance. These search results to individual user preferences, shopping history,
virtual assistants are integrated into online stores to engage and behaviour. By utilizing algorithms and user data,
with customers, answer queries, and guide them through the eCommerce platforms can offer a more relevant and
shopping process. By leveraging natural language processing, curated shopping experience, increasing the likelihood of
eCommerce chatbots enhance user experience, streamline customers finding and purchasing products that align with their
customer support, and contribute to increased sales by interests. This could ultimately enhance customer satisfaction
providing real-time, automated assistance. and boost conversion rates.

Image Recognition Auto-generated Product Descriptions

Image recognition employs advanced algorithms to analyse Auto-generated product descriptions can create concise and
visual content, enabling the automatic identification of products compelling textual content for products. This automation could
within images. This technology enhances the user streamline the content creation process, ensuring consistent
experience by facilitating visual search capabilities, and informative descriptions across a large inventory. This
allowing customers to find products more efficiently based efficiency might save time for merchants and enhance the
on images rather than text, facilitating quicker decision-making online shopping experience by providing customers with
and improving overall satisfaction. relevant details, fostering better-informed purchasing decisions.

5
Sources: ECDB Analysis, as of January 2024
 More Than Two-Thirds of Retailers in the U.S. and EMEA Are Using
Artificial Intelligence to Enhance the Customer Shopping Experience

Share of Retailers Using Artificial Intelligence, Computer Vision or Machine Vision1, 2023

Using for Selected Use Cases/Operations/Regions/Departments 38%

Using on a Large Scale Across Several Use Cases/Systems/Departments 35%

Discussing/Planning to Implement in the Next 12 Months 15%

Conducting Pilots 9%

Not Using at All 3%

Notes: (1) Survey Among 1,000 Retail Directors in the United States and the EMEA Region in 2023
6
Sources: Honeywell, OnePoll.
TREND 2

TRENDMedia
Social 2 Is the eCommerce Platform of the Future
Just as it has taken over Chinese eCommerce, we believe that social commerce is bound to
Social Media Is the
have a larger impact on the global market.

eCommerce Platform
of the Future
Just as it has taken over Chinese eCommerce, we believe
that Social Commerce is bound to have a larger impact
on the global market.
 Driven by Content Creators and International Network Effects, the
Social Commerce Market Is Projected to Grow to US$ 6.2 Trillion by 2030

Social Commerce Revenue Worldwide, in US$ Billion Driven by social media platforms like Instagram,
Facebook and TikTok, social commerce has rapidly
emerged as a dominant force in the eCommerce space.
6,244 Boasting billions of active users and already high en-
gagement numbers, it gives retailers access to targeted
audiences while facilitating a social experience in the
digital shopping process. On the back of these
4,745
strengths, the social commerce market is projected
CAGR1: +31%
to grow annually by 31% over the next years to US$
3,605 6.2 trillion by 2030.
Comparison:
2,740 eCommerce Revenue And while social commerce penetration is still the
China 2023 strongest in Asia and Latin America, other major regions
2,082
are slowly catching up. The share of social commerce
1,582 users in North America and Europe grew by double-
1,202
913 digits in 2023. It remains to be seen how the seamless
728
integration of eCommerce features into existing plat-
forms, combined with strong network and follower

2022 20232 20242 20252 20262 20272 20282 20292 20302 effects, will affect traditional eCommerce powerhouses.

Notes: (1) Average Growth Rate per Year (2) Forecast.

8
Sources: ECDB Analysis as of January 2024, Grand View Research, Statista, GWI.
 67% of Global Consumers Have Already Bought Something Through
Social Media Platforms, While 53% Intend to Shop More This Way

Share of Consumers That Have Already Used Social Commerce to Make Purchases Online, 2023

Colombia 91%
Thailand 91%
China 90%
United Arab Emirates 89%
India 88%
Argentina 80%
Mexico 79%
Brazil 78%
South Africa 76%
Average 67%
United Kingdom 58%
Poland 58%
Netherlands 58%
USA 57%
Spain 56%
Australia 55%
Germany 48%
France 45%
Japan 28%

9
Sources: Wunderman Thompson Commerce.
 On the Back of Rising Live Commerce Revenues, All Major Chinese
Marketplaces Show Significant Growth of Gross Merchandise Volume

One of the most profitable trends within the social commerce Gross Merchandise Volume of Leading Marketplaces with Live Commerce Integration, in
space is the emergence of live commerce. Influencers are Billion US$
promoting and selling products through livestreams on
800
their social media. This allows for an interactive experience for
consumers outside of physical shop-ping while also stimulating 700
sales through the influencer’s popularity as 46% of global
shoppers have made a purchase through such an event. After 600
rapid expansion in recent years, the market is expected to
500
reach sales of US$ 700 billion by 2023.
400
Having its origins in Asia and experiencing its highest growth in
China, Chinese marketplaces dominate the live commerce 300
landscape. All of the big players have integrated livestreaming
into their eCommerce platforms with great success. Taobao, a 200
marketplace run by Alibaba, has long been the driver of live
100
commerce after being the first major marketplace to introduce
live shopping. But in recent years, newer competitors such as 0
Pinduoduo as well as short-form video platforms such as 2020 2021 2022 2023 2024
Douyin and Kuaishou have threatened to outpace Taobao. Taobao Pinduoduo JD.com Kwai Shop

10
Sources: ECDB Analysis as of January 2024, Wunderman Thompson Commerce
TREND 3

TREND 3
Sustainable ReCommerce Is Bigger Than Ever
85% of online shoppers do actively buy or sell second-hand while the reCommerce market
Sustainable
grows faster than the global retail market.

ReCommerce Reaches
All-Time High
85% of online shoppers actively buy or sell second-
hand while the reCommerce market grows faster than the
global retail market.
 Growing by 58% From 2020 Until 2028, the Global ReCommerce Market
Will Outpace the Overall Retail Market Over the Coming Years

Global Recommerce Net Sales, in Billion US$ In recent years, sustainability has become an ever more
important topic in eCommerce as everywhere else.
+58% Combined with higher price-sensitivity among con-
sumers due to inflation, this has given rise to the
276
259 ReCommerce market – the sale of pre-owned products
243 in form of a circular economy. According to surveys,
227 85% of shoppers actively buy or sell second-hand.
207
189 In 2023, the ReCommerce market generated US$ 189
174 billion in global sales. This represented an 8.6% in-
crease compared to 2022, slightly higher than the overall
eCommerce market. The market is expected to hold this
pace, growing to US$ 276 billion by 2028.

This trend is reflected in the largest ReCommerce

marketplaces. ReCommerce platforms such as Vinted,
Back Market or Etsy all saw double-digit annual
growth over the last five years, emphasizing the
continuous strength of the market.
2022 20231 20241 20251 20261 20271 20281

Notes: (1) Forecast.

12
Sources: ECDB Analysis as of January 2024, OfferUp.
 While Sustainability Is the Largest Driver of Recommerce, a Sizeable
Share of Consumers Is Opposed to Wearing Other People’s Clothes

Share of Consumers That Agree With The Following Recommerce Statements1

I Don’t Want Items That Other People Have Used 26%

I like Buying Secondhand for Environmental / Sustainability Reasons 25%

Renting Helps Me Decide if I Actually Want to Buy a Product 16%

Renting Allows Me to Try Out the Newest Products on Offer 15%

I can Only Afford the Brands I Like by Purchasing Secondhand Items or Clothes 14%

Secondhand Items or Clothes Feel More Special and Exclusive to Me 13%

I Am Afraid of What People Think if I Buy Secondhand Items or Clothes 9%

Notes: (1) “Which of these statements about secondhand or rental items do you agree with?“,;Multi-Pick; Base = 9,419 Respondents Over 9 Countries.
13
Sources: Statista.
 Despite a General Shift Towards Sustainability, Fast Fashion Sales Are
Growing Faster Than the Secondhand Market

Global Fast Fashion Net Sales, in Billion US$ While sustainability has reached a prominent position
in the public eCommerce discourse, this has done no
harm to the popularity of fast fashion. Driven by high
product turnover and low prices, the fast fashion
185 market has generated US$ 123 billion in sales in
CAGR1:+12%
167 2023. Estimated to grow by an average of 12% per
151 year, it is estimated to reach yearly sales of US$ 185
136 billion by the year 2027.
123
At the forefront of the fast fashion trend is the Chi-
106 nese apparel powerhouse Shein. Especially popular
among Gen Z and Gen Y users, Shein releases up to
10,000 new items each day. Projected to generate
US$ 48 billion in 2024, the company is the largest
fashion retailer in the world. Chinese eCommerce
companies such as Temu and Alibaba have started to
replicate this global success in other categories.

2022 20232 20242 20252 20262 20272

Notes: (1) Average Growth Rate per Year (2) Forecast.

14
Sources: ECDB Analysis as of January 2024, The Business Research Company.
TREND 4

TREND 4
Augmented Reality Is on a Silent Rise
As Apple gears up to disrupt a new field of technology, we believe that this is a new phase
Augmented Reality
of AR applications in the eCommerce space.

Gains Popularity With

Shoppers
As Apple gears up to disrupt a new field of technology, we
believe that this is a new phase of AR applications in the
eCommerce space.
 With the Release of the Apple Vision Pro, Apple Is Trying to Bring
iPhone-Level Growth to the Augmented Reality Space

Global Sales of the Apple iPhone, in Million When Apple released its first iPhone in 2007, it was
hardly the first phone on the market. Commercial cell-
231 phones had been around for over two decades and the
iPhone was more expensive than its competitors. But
the appeal of the smartphone proved to be too dis-
ruptive and achieved unparalleled success on the
169 back of loyal early adopters. Starting with sales of just
150 1 million in 2007, the iPhone quickly reached critical
mass, selling 231 million devices by 2015 as the compe-
125
tition rapidly shifted its focus to follow the trend.

Fast forward to 2024 and Apple is trying to bring this

disruption to the AR space. Its Apple Vision Pro promises
72
the most user-friendly AR device leveraging Apple’s
ecosystem. And despite a steep price tag of US$ 3,499,
40
early adopters are thrilled by the device with waiting lists
21
12 growing. With Apple’s experience in shaping
1 consumer technology, this looks like a new phase for
2007 2008 2009 2010 2011 2012 2013 2014 2015 a technology that struggled to fulfill its potential.

16
Sources: ECDB Analysis as of January 2024, Statista.
 88% of Consumers Think That Augmented Reality Will Play a Big Role in
the Future, With Asian Markets at the Forefront of AR Growth

Share of Consumers That Think Augmented Reality Will Be Important in 5 Years

India 91%
Mexico 91%
Malaysia 91%
Saudi Arabia 90%
United Arab Emirates 89%
Global Average 88%
Canada 80%
Australia 79%
United States 78%
Netherlands 76%
Norway 58%
Japan 58%
Sweden 67%
Germany 58%
United Kingdom 57%
France 56%

17
Sources: Snap Inc., Deloitte.
 Retail Is One of the Fastest Growing AR Use Cases, With Almost Half of
All Consumers Expecting to Shop More Through AR Applications

Share of Consumers Planning to Use Augmented Reality More in the Future Popular social media apps like Snapchat and TikTok have
popularized the use of AR features in areas such as com-
munication and entertainment. But outside these main
drivers, AR has also seen a silent rise in the retail land-
Media & Entertainment 50% scape. More than 40% of consumers are already
using AR for online shopping and even more users
plan to significantly increase the role of AR in their
shopping experience.
Shopping 46%
But recent surveys have also shown that Augmented
Reality has an impact on the quality of eCommerce
experience. AR provides higher levels of consumer
attention for brands while also increasing consumer
Communication 41%
trust and product transparency. And integrating an AR
experience into the marketing mix leads to an up to 94%
higher conversion rate following strong brand
connection and the possibility for consumers to better
Gaming 35%
assess products.

18
Sources: ECDB analysis as of January 2024, Snap Inc., Deloitte..
TREND 5

TREND 5
Subscriptions Are the Future of Grocery eCommerce
Customers of grocery subscriptions are most loyal and spending the most in a rapidly
Subscriptions Are the
expanding market.

Future of Grocery
eCommerce
Customers of grocery subscriptions are most loyal and
spend the most in a rapidly expanding market.
 Global Subscription Market Will Grow to US$ 320 Billion by 2027,
Showing a Strong Consumer Preference for Convenience

Global eCommerce Subscription Market, in US$ Billion

320

251
CAGR1: +28%
198

156

124
96
73

2021 2022 2023 20242 20252 20262 20272

Notes: (1) Average Growth Rate per Year (2) Forecast.

20
Sources: eMarketer, Mordor Intelligence.
 General Merchandise Is Leading the Subscription Trend, With More
Than 40% of Consumers Paying for Grocery Subscriptions

Global Share of Consumers Using Subscription Service Types Over the course of the pandemic,
physical eCommerce subscriptions
have become increasingly more
Groceries/Food/Beverages 41% popular. And while subscriptions have
always been the main business model
for digital entertainment or mobile
Personal Care Products 38% plans, they are becoming more and
more common for general merchandise
and fast-moving consumer goods.
Household Products 34%
More than 40% of all consumers are
using subscription services such as
Fashion 32% Walmart+, Instacart or Amazon Fresh
to do their groceries. Other everyday
goods like Personal Care Products (38%)
Pet Products 26%
or Household Products (34%) are also
popular targets for subscriptions as the
Toys/Games/Books 26% recurring nature of these purchases
makes subscriptions more appealing.

21
Sources: ECDB analysis as of January 2024, Dynata.
 Subscribers of Grocery Subscription Services Are Spending US$ 356 on
Average Over the Course of Their Membership

Lifetime Value and Average Order Value of Global Subscription eCommerce by Category, in US$ Among retail subscriptions, grocery subscriptions
stand out with the highest lifetime and average
order value. This can be attributed to the essential
356
Groceries/Food/Beverages nature of groceries for consumers, leading to predic-
59
table purchases over an extended period. The relative
250 loyalty and subscriber quality makes grocery subscrip-
Pet Products
56 tions an appealing business for retailers.

202 Following are subscriptions for Pet Products and

Fashion
53 Fashion. Pet owners tend to be dedicated to the well-
being of their pets, resulting in regular purchases of
201 goods through subscriptions. Fashion subscriptions offer
Health and Wellness
40
consumers curated clothes and accessories, fostering
130 repeat purchases.
Personal Care Products
35 In contrast, Personal Care and Household Products
exhibit lower lifetime and average order values in
120
Household Products subscription models. While these products are
28
essential, they often have longer replacement cycles
Lifetime Value Average Order Value compared to groceries.

22
Sources: ECDB analysis as of January 2024, ReCharge.
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