Euromonitor International, a global market research firm, has highlighted five digital consumer trends in 2024.
The London-based firm, in a recent report, said the trends are intuitive e-commerce, TikTok economy, outsmart online, E-commerce and revamped returns.
“The online shopping experience continues to mature. Euromonitor saw this theme play a prominent role in three of our 2023 trends, and we see it again this year,” Michelle Evans, global head of retail and digital insights at Euromonitor International, said.
She said the use of emerging technologies like generative artificial intelligence will make online shopping feel more like the in-person shopping experience as explored in intuitive e-commerce.
“Cautious and conscious consumption is growing. The cost of a purchase whether that cost is monetary or environmental was top of mind for digital consumers in 2023 and will continue to be in 2024. Saving money is playing out in how consumers are seeking to outsmart brands online or joining the resale movement,” she added.
She said consumers are also seeking more power in their relationships with brands. This is prevalent in both the TikTok Economy and Outsmart Online trends, which at their roots are about how consumers are using social media to give them a greater voice in the consumer-brand relationship.
“The benefit of hearing from consumers over the brands is that it leads to more authentic interactions, which is valued by younger consumers like Gen Z,” she added.
“With twice as many digital consumers in the world as compared with a decade ago and the spend for goods and services online more than doubling in that timeframe, it is important to prepare strategies with these digitally savvy shoppers in mind,” said Evans.
According to Euromonitor, sophisticated consumers are increasingly expecting online browsing to feel like an in-person shopping experience.
“Saving money is paramount for consumers and they are looking to outsmart brands online and find the best deals. Consumers want more power in their relationship with brands and are using social media to give them a greater voice,” it added.