4 big trends mixing up commerce in 2024

"This year, retail and commerce will need to find ever more impactful ways of meaningfully connecting with consumers. Yet, while myriad column inches will be dedicated to AI [editor's note: more than myriad], that is just part of the story. Indeed, other areas have been building momentum and will continue to do so throughout 2024 and beyond. This year will be one of evolution for social commerce."

"Parent company ByteDance, is also pushing its 'Fulfilled By TikTik' offering, which offers brands the option to outsource fulfillment - including warehouses to store, pick, pack, and ship goods. Already live in markets like the UK and Indonesia - where there are 125 million TikTok users - the US remains the jewel in the crown and will see the platform aggressively hunt brands to join."

"Beyond this, increased sales will come from influencers - a global market that hit $21bn in spend in 2023. Significantly, the role of the influencer will morph from awareness to conversion driver, shifting to an affiliate-style model with influencers earning commission rather than a flat fee. Not everyone loves the change, but it is an approach honed in China and headed West. Connected content The pandemic reframed the role of the home in most of our lives."

Retail and commerce must find more impactful ways to connect with consumers, with AI only part of the change. Social commerce will evolve as platforms expand in-app shopping: TikTok is rolling out Shops and pushing 'Fulfilled By TikTik' to offer outsourced warehousing and fulfillment. TikTok will aggressively recruit brands in the US after launching in markets like the UK and Indonesia. Competitors include Meta with Instagram livestreaming and WhatsApp commerce partnerships like JioMart in India. Influencer-driven sales will grow, shifting toward affiliate-style, commission-based models. The pandemic reframed the home into a commerce channel, accelerating mobile shopping, home delivery, and purchases during gaming.

Read at The Drum