Top Five Digital Consumer Trends in 2024: Intuitive E-Commerce, TikTok Economy, Outsmart Online, Recommerce 2.0 and Revamped Returns

DUBLIN, March 22, 2024 /PRNewswire/ -- The "Top Five Digital Consumer Trends in 2024" report has been added to ResearchAndMarkets.com's offering.

Technological advances in 2024 will continue to reshape consumer behaviour. This annual report explores the top five digital shopper trends that will redefine commerce the most in the year ahead. Some of the trends included in this report's edition touch on topics such as generative AI, recommerce, online budget hacks, the popular social network TikTok and product returns.

Key Findings

Trend no. 1: Intuitive E-Commerce

The rising influence of digital channels among consumers is putting pressure on companies to improve the online experience. This is becoming possible due to evolving data-gathering strategies and emerging technologies, from AR to IoT to Gen AI. These advances have the potential to transform the online shopping experience, leading to one that is more intuitive.

Trend no. 2: TikTok Economy

Digital consumers are flocking to TikTok and Douyin, twin social media platforms that have embraced short-form video content. Brands are striving to promote their products and services on these platforms, but some of the viral trends that are doing the most to boost brand sales are emerging organically from users on those platforms, without any direct brand involvement.

Trend no. 3: Outsmart Online

Against a backdrop of mounting macroeconomic uncertainty and increasing digitalisation, consumers are increasingly seeking out online platforms dedicated to rooting out the best deals. However, more and more consumers are utilising these platforms in ways that brands do not intend - and, increasingly, in ways that brands disapprove of outright.

Trend no. 4: Recommerce 2.0

Recommerce is surging and evolving globally, driven by environmentally conscious, thrifty and tech-savvy younger consumers. Brands and retailers recognise the potential of the market and are actively adopting various strategies to enter it, mirroring the convenience of e-commerce, and making recommerce more widely accessible across geographies and product categories.

Trend no. 5: Revamped Returns

Consumers have long wanted hassle-free returns, but delivering on that expectation has not been without challenges. The convergence of trends like the rise of e-commerce, the closure of stores and more sustainable strategies is moving returns up the industry agenda. New technologies and partnerships are paving the way to a revamped return experience.

Key Topics Covered:

The digital consumer in 2024

• A snapshot of the global digital consumer in 2024
• The five digital shopper trends that will redefine commerce the most in 2024

Trend no. 1: Intuitive E-Commerce

• E-commerce growth is leading online shoppers to expect more of the experience
• Personalisation is increasingly being viewed as an important shopping feature
• Most digitally savvy increasingly desire a more intuitive online shopping experience
• Evolving data rules are making it harder to obtain consumer data needed for personalisation
• Gen AI enables brands to leverage first party data at scale to create next-gen experience
• Case study: Alibaba uses generative AI to optimise the Tmall shopping experience
• Case study: Naver's AI tools provide shoppers with recommendations while they shop
• Case study: Expedia adds AI capabilities to make travel planning more straightforward
• Case study: Zalando adds fashion assistant to enable consumers to shop by occasions
• Case study: Wayfair introduced a virtual room styler powered by generative AI
• New technologies like generative AI could usher in a more intuitive shopping experience
• What to expect in 2024 and beyond

Trend no. 2: TikTok Economy

• Consumers are flocking to twin social media platforms TikTok and Douyin
• TikTok and Douyin's combined active monthly user base approaches 2 billion people
• Consumers are joining TikTok and Douyin even as they abandon other social media platforms
• Organic viral video content on ByteDance platforms can power sales of products and services
• Brands try to capitalise on TikTok's popularity by engineering viral video content of their own
• Douyin and TikTok are seeking to capitalise on popularity of platforms
• Case study: A viral TikTok trend powers fast food giant McDonald's US sales
• Case study: A TikTok craze creates a black market for Betty Crocker Fruit Roll-Ups in Israel
• Case study: The TikTok-powered "tinned fish" trend has serious staying power
• Case study: Hai Di Lao Hot Pot uses Douyin to manufacture its own viral video trend
• The TikTok economy looks set to become a significant factor in brands' success
• What to expect in 2024 and beyond

Trend no. 3: Outsmart Online

• Digital consumers are turning to online platforms to uncover "budget hacks" to save money
• High inflation and other economic concerns are weighing on consumers' minds
• Economic anxiety and digitalisation are simultaneously impacting consumer behaviour
• TikTok and other social media platforms are helping to popularise budget hacks
• Some brands are opting to fight back against budget hacks, but others are embracing them
• Case study: ShopBack app partners with brands looking to tout the savings they offer
• Case study: Temu explodes onto the scene with its value-focused, third-party marketplace
• Case study: American Airlines fights back against a skiplagging budget hack site
• Case study: The success of CRZ Yoga shows how "dupe culture" can benefit upstart brands
• Brands will have some tough decisions to make as budget hacks become more prevalent
• What to expect in 2024 and beyond

Trend no. 4: Recommerce 2.0

• Recommerce is becoming more accessible, leading to category expansion
• Recognising consumer interest, businesses are poised to invest in circularity
• Younger generations are driven to resale as they prioritise value and sustainability
• Buying second-hand items becomes more accepted, shedding any remaining stigma
• Businesses adopt recommerce, providing convenience and diversifying product categories
• Brands and retailers employ various strategies to enter resell market
• Case study: Xianyu is more than a second-hand platform, it also creates a community
• Case study: Vinted expands to new categories and creates community
• Case study: Lindex offers verified second-hand childrenswear via circular marketplace Tradera
• Case study: LVMH introduces Nona Source, the first online resale platform for materials
• Case study: Taitonetti gains momentum due to sustainable approach and the chip shortage
• Case study: Reverse.supply provides recommerce service for Decathlon in Germany
• Recommerce is set to grow with business opportunities, legislation, and consumer demand
• What to expect in 2024 and beyond

Trend no. 5: Revamped Returns

• Improving upon the return experience moves to the top of the agenda
• Almost half of global digital consumers desire free returns
• The definition of what is a hassle-free return experience varies by consumer cohort
• Reducing return rates starts with improving the shopping experience
• Retailers are deploying a variety of strategies to solve for rising product returns
• Case study: Loop Returns offer outsourced return/exchange service for brands and retailers
• Case study: Apparel specialist About You prioritises offering convenience with returns
• Case study: Happy Returns helps retailers to provide a more seamless return experience
• Case study: Best Buy is opening new stores aimed at recovering financial loss from returns
• Case study: Gunner Kennels teams up with Shopify, integrating AR in apps to cut return rates
• What to expect in 2024 and beyond

Key takeaways

• Three key themes emerge from the 2024 trends
• How these digital shopper trends will change commerce in 2024

Company Coverage:

• Alibaba
• Naver
• Expedia
• Zalando
• Wayfair
• TikTok
• Douyin
• ByteDance
• McDonald's
• Betty Crocker
• Hai Di Lao Hot Pot
• ShopBack
• Temu
• American Airlines
• CRZ Yoga
• Xianyu
• Vinted
• Lindex
• Tradera
• Taitonetti
• Decathlon
• Reverse.supply
• Loop Returns
• About You
• Happy Returns
• Best Buy
• Gunner Kennels
• Shopify

For more information about this report visit https://www.researchandmarkets.com/r/kpmsa0

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