According to research compiled by Alibaba Group, the five e-commerce trends to watch in 2024 are:
- Rebooting chatbots AI provides opportunities for brands to offer consumers a more tailored shopping experience and marketers / retailers must continue to experiment with this technology in 2024 to improve the experience
- Green credentials Consumers are looking for information from retailers about how they can make environmentally-friendly purchases online and “merchants and marketplaces are stepping up their efforts on green labelling and certification”
- China recalibrates Economic headwinds dampened optimism about the recovery of China’s economy in 2023 but the long-term outlook is positive “and China’s economy is steadily becoming more consumption-driven”
- Shift to thrift Economic uncertainty and rising living costs are prompting “value hackers” to “cut expenditure without compromising on quality”
- Surprise & delight After several turbulent years, shoppers are seeking light relief and will respond well to brands that bring fun to the purchasing process (e.g. via live-streaming and short videos on mobile devices)
Nicholas Hall Writes: Once the most valuable company in Asia, Alibaba has been overtaken in market capitalisation by its Chinese rival PDD Holdings and its stock is 75% off its peak three years ago as a result of regulatory scrapes, uncertain strategy and staff demoralisation. Jack Ma, who founded the business, has issued a wake-up call and let’s hope the latest reorganisation turns this vital business around.
But what has become clear in the past 20-30 years is that we are still at an early stage when it comes to determining the impact of digital on consumer sales and marketing. We are certainly not at “The End of History” as we were promised by Francis Fukuyama in his famous 1992 book, nor have we reached Nirvana in terms of the triumph of capitalist liberal democracy. In a world full of military dictators, who are shameless in the way they use their power, there is a whole alternative theory both politically and economically. As I’ve commented in these columns and in New Paradigms, I would regret — but fully understand — the deglobalisation of industry, including our own, with many companies bringing home outsourced production in a process known as reshoring.
My next trip to Asia is tentatively planned for the end of February, and I’m looking forward to getting back to a favourite region and to find some pulses where I can place my finger.
Nicholas examines China in a dedicated focus chapter in his recently published signature New Paradigms report! Readers can also explore trends around health through digestion, cannabis and competition, among others, and their impact on CHC. Contact us for a white paper detailing Nicholas’ Strategic Narrative, which provides a blueprint to navigating the CHC Industry in 2024 and beyond. To purchase your copy, or to find out more about optional add-on presentations and quarterly updates, please get in touch with melissa.lee@NicholasHall.com.