Consumer Shopping Trends 2024: New Behavior Updates to Learn

Consumer Shopping Trends 2024: The landscape of customer shopping behavior and preferences is undergoing significant transformations as a result of the profound effects of the Covid-19 pandemic and the global economic downturn.

As we transition from the conclusion of 2023 to the commencement of 2024, it becomes crucial to explore the anticipated shifts in consumer shopping trends during this period.

The subsequent article provides timely insights into these evolving patterns.

Embracing Green and Sustainable Consumption

World consumer preferences are experiencing discernible shifts, with 80% of individuals expressing a willingness to pay a premium for products demonstrating a commitment to eco-friendliness and cleanliness, crafted from environmentally sustainable materials. Consequently, in 2024, the market for green products, encompassing organic fruits and vegetables, vegetarian fare, biological preservation, and renewable energy, is poised for substantial growth, capturing the attention and interest of consumers.

Consumer Shopping Trends 2024: Immersive Virtual Reality (VR) and Augmented Reality (AR)

Marking a consumer trend driven by cutting-edge technology, this approach introduces a novel, convenient, and personalized shopping encounter for consumers. Through applications and online platforms, individuals engage in virtual shopping experiences, enabling them to virtually try on products and interact with both sellers and fellow consumers.

Innovations in Products and Services for the Aging Population

As per a report by the United Nations Population Fund (UNFPA), Vietnam stands among the countries with the fastest rates of population aging globally. Consequently, in 2024, the market for products and services catering to the elderly anticipates increased innovation and diversity, focusing on safety and convenience. Consumers express a genuine desire for the market to offer a broader array of high-quality healthcare products and foods.

E-commerce Dominance and Enhanced Online Shopping Experiences

E-commerce remains the predominant shopping channel in 2024, witnessing numerous enhancements aimed at elevating customer satisfaction. Consumers have ingrained the habit of online shopping to save time and avail themselves of various special offers, along with substantial discounts, both during major sales events and regular days alike.

Consumer Shopping Trends 2024: Engaging Real-time Interactive Live Streaming Shopping

Live streaming activities on various social networking platforms, including Facebook, Instagram, and TikTok, have yielded positive outcomes, garnering substantial orders and revenue. Compared to traditional image-based purchasing, buying in real-time during live streaming sessions instills customers with greater confidence and excitement, offering exclusive promotions available only during these live sessions.

Harnessing Big Data for In-depth Consumer Behavior Analysis

Brands and retailers have increasingly turned to intelligent analytics data to explore innovative avenues and gain a deeper understanding of consumer behavior and shopping patterns. Analytical reports derived from purchase data empower business owners to formulate more targeted product and service promotion strategies.

Sales analytics enables the tracking of information related to store sales activities, order status, and returns over specific timeframes and branches. Store owners can discern consumer shopping trends 2024 based on various factors such as goods, inventory, revenue by sales channel, seller, or branch. This insight helps identify anomalies in the business process, enabling timely improvement plans.

Influencer Marketing’s Impact on Consumer Shopping Behavior

Utilizing Key Opinion Leaders (KOL) and Key Opinion Consumers (KOC) for product promotion is now a familiar trend among consumers. The year 2024 continues to mark the peak development period for this activity, aiming to help brands establish trust, increase awareness of services and products, foster emotional connections between brands and consumers, and generate more interactions to facilitate the conversion of viewers into customers.

Leveraging Social Media Platforms for Product Research

As per Globalwebindex, 54% of people utilize social networks to research products before making in-person or online purchases. For instance, the customer’s buying journey starts with the identification of a need or desire for a product, followed by gathering information through popular channels such as Google, Facebook, and the brand’s fanpage. Subsequently, they seek customer reviews, compare brands, and opt for those with favorable feedback. Therefore, following Consumer Shopping Trends 2024, brands must concentrate on cultivating a strong image on social networks to enhance their quality and optimize purchase rates.

Embracing Cashless and Contactless Payment

The integration of cashless and card payments has permeated every aspect of production, business, service delivery, and daily life. Over the past year, 94% of consumers have increased their usage of at least one digital payment method. Notably, 54% have employed QR codes for transactions, 76% have utilized biometric authentication technology for payments, and 89% have linked their bank accounts with other platforms for bill payments (as reported by the Financial and Monetary Market magazine). Emerging payment technologies like Soft POS, facilitating one-touch card payments, QR code scanning, and e-wallet transactions, have gained familiarity and popularity, indicating a trend that will shape the future of payments.

Purposeful Shopping

Infusing consumer products with meaning has become crucial. The demand for healthier and more meaningful products, including foods, beverages, and supplements with organic ingredients, is on the rise. Opting for local or locally perceived brands fulfills this consumer desire, with robust domestic businesses securing a significant market share. Hence, the development of such products can contribute to substantial growth.

Leveraging AI to Elevate Customer Experience

Projections indicate that AI will continue to wield a profound impact in 2024, influencing areas such as self-driving cars, healthcare diagnostics, personalized marketing, and smart home systems. AI’s role in facilitating search and product consultations, providing personalized recommendations, and enhancing the overall shopping experience for consumers across both offline and online channels is set to advance further. Machine learning and deep learning will play pivotal roles in advancing natural language processing, making AI more conversational and intuitive.

With insights into consumer shopping trends in 2024, businesses can aspire to construct more impactful marketing strategies. Stay connected with Daily Magazine for continuous updates on valuable information to further enhance your understanding and guide the development of effective marketing plans.