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What's happening in the global ecommerce scene in 2024?

Smart business strategies with a sprinkle of wit and patience—that’s the mix that would let you thrive in the dynamic ecommerce arena. The last two are completely up to you, but we could help you with the first one through our news lineup today:

ECOMMERCE NEWS

Compared to last year, the global ecommerce market this year shows a more promising upward trajectory. Yahoo reported a projected annual growth rate of 1.76%, making it a $7,633.2-billion market. Predictions also anticipate a 6.64% CAGR from 2024 to 2028.

And guess what? This is just the start—2024 seems like it's gonna bring even more to the table.

📈 What's up in ecommerce this 2024?

  • Convenience and top-notch store infrastructure continue to fuel rapid business growth.
  • Online marketplaces pursue higher levels of AI integration to offer smoother shopping experiences.
  • Sustainable shopping remains trendy, with more consumers embracing responsible consumption.

But perhaps the most notable trend of the year is the global expansion of Chinese titans—led by TikTok's ambitious plans in the U.S., Temu's expansion across the Asia Pacific, and Shein’s capitalization on the inflation in South Korea and Japan. 🌍

Not to be outdone, reports expect Amazon to gear up to defend its turf and boost revenue growth.

The challenge

Continued economic uncertainties are still inhibiting consumer spending into the first half of 2024, following a slowdown in the second half of 2023. Rising inflation and the pinch of higher living costs are prompting shoppers to tighten their purse strings.

🎯 Change—big or small, good or bad—is uncontrollable in a rapidly evolving landscape like ecommerce. But you can control your proactive and reactive measures. So, keep your eyes on the upcoming trends, innovations, and opportunities on the horizon.

TOGETHER WITH INSENSE

The perfect low-cost strategy to boost your organic reach on TikTok

The perfect low-cost strategy to boost your organic reach on TikTok

Need to source authentic UGC at scale? Or maybe you’re looking to trade in free products for some high-quality marketing content?

Then, you need to start collaborating with influencers on product seeding (influencer gifting) campaigns!

And here’s the good news: partnering with micro-influencers for organic influencer posting doesn’t need to be complicated or costly. Especially if you partner with Insense—an end-to-end platform for UGC and influencer campaigns!

  • Launch a product seeding campaign on Insense and receive applications only from influencers eager to produce content in exchange for free products within 2 days!
  • Download creator shipping information in bulk to save time.
  • Use the chat to download fully licensed content for paid social ads.
  • Enjoy automated influencer agreements and a money-back guarantee if an influencer ghosts.

Join 1,500+ brands like Malouf, Rankster, and Upper Echelon that use Insense to run product seeding campaigns at scale and partner with influencers on long-term campaigns.

Book a free 1-2-1 strategy call by April 5 and get $200 for your first campaign.

BITES OF THE WEEK

SOCIAL PULSE

How customers’ moods can impact your sales

How customers’ moods can impact your sales

Did you know shoppers are heavily influenced by their emotions when making purchases? This means you must know what they need AND recognize how they feel to convince them to buy your products.

If you’re not sure how to do this, Retail TouchPoints shared some insights into how you can truly connect with your customers' emotions.

🚀 How powerful is a person’s mood?

Apparently, powerful enough to influence retail shoppers’ ecommerce perspectives.

  • 57% of shoppers worldwide and 62% of U.S. shoppers want an online shopping search tool to find products that match their mood.
  • 72% of U.S. shoppers like the idea of music playlists adjusting to their mood instantly.
  • 67% of customers in the U.S. also believe it is healthy to feel negative emotions sometimes.

So, how should you use it to increase your sales?

  • Sort products by the feelings they bring. Group items based on how they make customers feel, so it’s easier for them to find what matches their mood.
  • Offer customizable playlists. Allow customers to choose their music playlists while shopping to create a personalized atmosphere that matches their mood.
  • Use visuals to attach different emotions to your product listings. Learn when to use positive and negative emotional appeals. While negative emotions can grab your customers’ attention, remember that they might also drive them away from your marketing.

📍Having great products, prices, and promotions is good—but isn't always enough. You need to understand and tap into your customers’ emotions to enhance their shopping experience and drive up your sales at the same time.

SELLER REFRESHER

Things you need to know when handling Amazon returns

Things you need to know when handling Amazon returns

Amazon’s Big Spring Sale has just ended. If you participated in the event, you know you have to brace yourself for an influx of returns. 

🗒️ But even if you didn’t join the big spring fun, SellerEngine says you have to consider some factors to properly handle returns. Here are some things to take note of about Amazon’s Returns Policies:

  • Return and refund options vary based on the fulfillment method used (FBA, MFN/FBM, or SFP).
  • The Buyer-Seller Messaging Service is the only approved communication channel by Amazon. Also, Seller Messaging Assistant is the official seller contact feature that offers a return option.
  • You can opt for the Prepaid Returns Program, Free Returns, or Returnless Resolutions or charge buyers for the return shipping.
  • You can use the Manage Returns page to:
    • Check the products exempted for prepaid labels.
    • Track your returns.
    • Monitor and manage refund status, delays, and other related processes.
  • Refunds are issued no later than 2 business days upon receipt of returns. 
  • Be careful of the Refund at First Scan (RFS)policy, which may issue refunds before the returns are received. 

We recommend that you also refresh your knowledge of other factors like refund disputes, replacement orders, and restocking fees. This way, you won’t be victimized by return and refund fraud and can still provide transparent and seamless service to your customers. 🛡️

Author : SellerBites
Faith began working on SellerBites in 2021, a weekly newsletter that provides sellers with the latest news and updates in FBA. With first-hand experience in managing various seller and vendor accounts, she understands what sellers face on this platform. Her background led to the conception of SellerBites, which main goal is to help people become better, more informed entrepreneurs in the Amazon marketplace.
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