Office Hours Recap: 2024 eCommerce Trends & Challenges
Hey, Springboarders!
Our first Office Hours of 2024 was hosted in January 11th. The topic was 2024 eCommerce Trends & Challenges and we wanted to share a quick recap for folks who couldn't make it to the live session.
We kicked off the conversation by reviewing some key 2024 eCommerce trends according to responses from a Searchspring survey sent at the end of 2023. Here are the highlights:
- 67% of respondents believe “AI-Enhanced Personalization” represents the biggest opportunity for retailers in the new year
- 57% of respondents identified “Rising Customer Acquisition Costs” as challenge heading into 2024
- 59% of respondents predict that extended promotional periods will be the best way to reach more buyers moving forward
So, what does all of this mean? Our discussion focused on the following questions:
How does AI factor into your eCommerce strategy in 2024? A few customers mentioned that they were keeping an eye on AI tools, but hadn't fully defined a strategy for inclusion at this time since the technology applied to eCommerce is still so new.
How are extended promotional periods playing into 2024 strategy? Some customers said they played heavily (including leveraging early access and VIP access promos), while some shared that their businesses operate outside of typical eCommerce promo cycles.
🔥 Hot take 🔥
Personalization is gonna be huge in 2024, which is viewed both as an opportunity, and as a challenge, because businesses are keen to offer personalized experiences, but wary of tools to provide them for fear of losing that truly human touch (especially when it comes to AI).
If you want to see the full report of eCommerce Trends and Challenges in 2024, you can download it here.
Searchspring Office Hours are held weekly, you can see upcoming topics here.