The year 2023 brought some changes to online retail, from hyper-personalization to social commerce, reshaping how we engage with e-commerce. Looking forward, what does 2024 continue to hold for online retail? Let’s reflect on the leading marketplace in 2023 and explore what’s coming next to make online shopping thrive in 2024.
Leading online marketplaces in 2023
Key players dominated the global e-commerce marketplaces in 2023. Amazon led the way with 4.8 billion visits, followed by eBay at 1.2 billion and Rakuten at 563.4 million visits. In France, a mix of local and global platforms thrived, with Leboncoin and Vinted standing strong among the local favorites.
Key online retail trends in 2024
1. A shift to vertical marketplaces
Unlike broad multi-vendor marketplaces that offer diverse products, vertical marketplaces focus on specific niches, catering to unique customer preferences. In Europe, specialized marketplaces have gained increasing popularity in various categories. These platforms offer tailored experiences within their respective niches to meet customers’ specific needs.
- Fashion and apparel: Zalando, About You, ASOS, Wehkamp, SHEIN, MatchesFashion, BrandAlley
- Home and garden: Home24, Wayfair, Westwing, Argos, ManoMano, La Redoute, Maisons du Monde
- Beauty and care: Zalando, Flaconi, LOOKFANTASTIC, Feelunique, Boots Marketplace, Nocibé
- Baby care: Babymarkt, Kleertjes.com, Babypark, Emma’s Diary, Bebeboutik
2. Conversational AI chatbot taking lead role
In 2023, Amazon began using advanced AI to summarize customer reviews for products. In 2024, we will see more retailers introduce smarter chatbots. These upgrades are designed to highlight brand content, streamline product searches, and enhance product recommendations.
Instead of just using a search bar, we’ll be able to talk to virtual shopping assistants. These assistants will offer tailored and personalized selections to help us navigate through our shopping journey.
3. The rise of subscription e-commerce
Almost 35% of weekly online shoppers use subscriptions. One of the key drivers fueling the rise of subscription e-commerce is the convenience. Customers can enjoy a hassle-free shopping experience without repetitive ordering by subscribing to regularly used products.
Customers have the flexibility to tailor their subscriptions according to preferences, choosing specific products, quantities, delivery frequencies, and even personalized products based on individual requirements.
4. Recommerce thrives and continues to grow
Recommerce, the buying and selling of pre-owned goods, has witnessed huge growth. Predicted to hit €120 billion by 2025, it’s growing 20 times faster than the overall retail market.
More shoppers, especially Gen Z, value eco-friendly choices and are into reusing, recycling, and reselling. This trend isn’t just about buying cheap; it’s about sustainability and community, giving products a new life and reducing waste.
5. Localized fulfillment and last-mile sustainability
Retailers now focus more on being closer to customers through local distribution centers or micro-fulfillment centers. This helps reduce carbon footprint and speed up deliveries. We can also see growing trends in sustainable last-mile logistics, integrating eco-friendly transportation options such as electric vehicles and parcel lockers.
These efforts don’t just meet the demand for faster shipping, it’s all about making e-commerce greener and more sustainable while keeping customers happy with speedy deliveries.
Final thoughts
In the fast-paced realm of online marketplaces, businesses can tap into a wealth of benefits to expand new markets. With constant evolution, businesses have to embrace new trends.
While you focus on growing your business, leave the logistics to us. If you’re not an expert in e-commerce shipping, it’s smart to partner with specialists who have the right skills and experience. Get in touch with our experts to see how we can help you with the challenging logistics part.
