For over two decades, online retail and related sectors – collated under the moniker e-commerce, has been the major driving force in global consumer trade and sales across diverse goods and services. In 2022 alone, retail e-commerce sales worldwide amounted to over $5.7 trillion. This is almost double the figures for just five years previous, with 2018’s figures only accounting for 2.8 trillion. Projections for years end 2026 suggest the segment will break 8 trillion dollars, with a CAGR of 10.45%.
This impressive growth is perhaps unsurprising, with 2.7 billion people around the globe still due to come online in the next decade. The scale of this market is also a byproduct of its outcompeting legacy brick-and-mortar stores and malls on everything from product range to price.
Clearly, the future of global commerce resides in the province of online goods and services – and it is for this reason that it’s crucial to keep abreast of the latest trends impacting this market. From novel payment processes, to disruptive new technologies, 2024 will see the way people interact with businesses online evolve rapidly.
The AI Question
The big news story of 2023 was the rise of sophisticated AI language models like ChatGPT which have redefined what the public has thought possible with tech, and sowed the potential for huge disruption in their wake.
Yet for all the concern and criticism justly levelled at this new wave of machine learning tools, there’s no denying the fact that they are already having a huge impact on the way people engage with e-commerce. We are already beginning to see more complex models replace the buggy and limited chatbots and yesteryear, opening up the potential of giving every online user their own personal shopper capable of searching for deals and making nuanced suggestions at checkout.
Where this all will lead is hard to say at present, but there’s no denying that 2024 will be the year that AI will begin to integrate itself into e-commerce at depth.
A Move Way from Algorithms
Arguably one of the more surprising developments we’re witnessing today is a move away from algorithms. This is curious as the wider tech landscape today is a story of greater and more comprehensive automation and the rise of so-called “smart” systems.
Yet this pivot away from algorithms in certain sectors is actually an understandable byproduct of global systems reaching a saturation point. Algorithms have proven incredibly enriching for modern life, providing us with an evolving feed of social media posts to scroll, or auto-generated music playlists to suit our tastes. Yet there are situations and contexts where people would rather have human input over the number-crunching output of a robot.
One great example of this is when it comes to real money transactions. Consider, for example, a wine tasting service operating online. Were we to poll prospective customers of such a service on whether they would be more likely to part with their hard-earned cash in exchange for a pricey case of wine if it had been selected by an algorithm, or recommended by the expertise of a skilled wine taster, the answer would be obvious to everyone.
We’re beginning to see this pivot towards human expertise adopt a more central role across a range of sectors, particularly those where human input and the trust that accompanies it are considered valuable. A notable example of this can be found in the realm of real money casinos, as with such diversity of options on hand for gamers today, choosing the right platform can be a challenge, and not one most people would be content leaving in the hands of a mere algorithm. In light of this demand, dedicated platforms like CasinoReviews have risen up to provide prospective patrons with a rich catalogue of carefully vetted and reviewed gaming services to peruse, replete with competitive welcome bonuses and sign-up offers.
Tentative Adoption of Crypto
Cryptocurrencies have been the next big thing for almost a decade now, so much so that many pundits have begun to question whether their widespread adoption will ever actually come. However, today we’re seeing more and more fintech platforms and e-wallets offer the ability to convert funds on the fly into bitcoin and other leading currencies. Furthermore, many of the classic concerns pertaining to crypto, from its poor environmental credentials, to its market volatility, are being ironed out.
Rest assured, in 2024 crypto will become even more visible, and we can expect larger web stores to begin offering it as a payment option.