ChannelSight – eCommerce Insights, 2023 - 2024

ChannelSight’s report on eCommerce Insights for 2023-2024 addresses the uncertain future faced by brand, marketing, and eCommerce teams after years of steady growth. It highlights key factors that will shape the future of eCommerce, including the importance of flexible pricing strategies, speed, convenience, mobile-first marketing and sales approaches, distinctive brand store experiences, and authentic sustainability. The report also suggests that retail media will be a battleground for visionary marketers in the coming year. Despite global economic slowdown and shaky consumer confidence, the report indicates that eCommerce continues to grow. Global retail sales are estimated to reach $6.31 trillion in 2024, with eCommerce expected to capture 24% of the market share. However, cart abandonment remains a challenge, with factors such as hidden shipping fees and taxes, forced account creation, and slow shipping cited as reasons for abandonment. The report identifies the phasing out of third-party cookies as the defining shift of 2024 for brand marketing and eCommerce teams. Emphasis is now placed on first-party data collection to drive actionable insights. Additionally, the report highlights the unstoppable rise of mobile eCommerce, which is projected to account for 43.4% of total eCommerce sales in 2023. Overall, the report provides valuable insights and trends to watch for in the eCommerce industry in 2023-2024, offering guidance for brands and marketers to navigate the evolving landscape.