What five characteristics will define the digital consumer in 2024?

The growth of e-commerce is leading online shoppers to expect and become increasingly demanding of their shopping experience. Personalisation, according to Euromonitor's report, is increasingly perceived as a crucial shopping feature. Some 59% of digital consumers globally are looking for unique products and services, while 19% want a more personalised shopping experience.However, the constant changes and latest data rules make it difficult to obtain the consumer information needed for personalisation. And this is where Gen AI (Generative Artificial Intelligence) comes into play, enabling brands to leverage first-party data at scale to create next-generation experiences. Gen AI, which we have already seen over the past year, can be used in a variety of ways, from improving customer service to tailoring marketing messages and optimising the processes and timescales involved in the supply chain. An example of this Generative Artificial Intelligence would be the case of Zalando. The online shopping platform for clothing and accessories products has incorporated artificial intelligence to provide a bot that acts as a virtual fashion assistant during the shopping process, and demonstrates how technology can enhance the consumer experience.That is why in 2024 we will see, as Euromonitor's latest report shows, that the role of shopping channels will continue to be challenged for improvement, as consumers will want experiences that continue to make the shopping process more convenient, easier and faster. Brands, for their part, will have to find new ways to build strong relationships and bonds with consumers in order not to be left behind.Social media and recommerce will triumph in 2024, inflation permittingTikTok in Europe and Douyin in Asia are set to become powerful shopping engines. With more than 2 billion users between the two platforms, they are transforming the social media landscape. The migration of users from platforms such as Facebook and Instagram to these new networks is occurring significantly. Viral videos and content on platforms such as TikTok can drive sales of products or services, and the power of viral videos is expected to expand further by 2024.Rising inflation is shaping consumers' shopping mindsets. Anxiety caused by the global economic situation and digitalisation are simultaneously influencing their behaviour. Consumers, affected by the economy and inflation, are looking for ways to save money, driving the rise of online commerce.Recommerce' is becoming a growing category and a more accessible alternative for the consumer and is attracting more and more interest. This has been one of the reasons why companies are betting and investing more and more in circularity. Younger generations, particularly Z and millennials, are prioritising resale for value and sustainability. Brands and retailers are adopting diverse strategies to enter the resale market, offering convenience and diversifying product categories.2024 promises to be a year where artificial intelligence, personalisation, emerging social media and circular commerce will play pivotal roles in the evolution of digital commerce. Brands and retailers that adapt to these trends will be better positioned to meet the growing expectations of online consumers.

What five characteristics will define the digital consumer in 2024?

Euromonitor has published a report that shows five aspects of digital shopping