Top 7 Marketplace Development Trends in 2024
In 2027, the eCommerce market is projected to reach a volume of $6.35 trillion, with a compound annual growth rate (CAGR) of 11.51%. The experts predict the fastest and constant online marketplace development in the next few years, making electronic commerce the main global retail channel. Actually, we have now come to the point when the cutting-edge technologies and the growing digitalization are fundamentally changing the way the eСommerce is conducted.
We have analyzed and presented the digital eCommerce trends in the top online marketplace in 2024. They can help you lead the pack in the following year and beyond improving the online shopping experience for your customers.
Top marketplaces in the USA present businesses with the new and exciting ways to drive innovative changes within their eCommerce activity.
So if you have been considering shifting to a new level in your business, it’s high time and the right moment to think about the digital marketplace development. Not sure what to start with? The Stfalcon expert team is always ready to provide you with all kinds of professional assistance in this question, practical or informational.
What are the Main Online Marketplace Driving Trends
1. Mobile Design and Progressive Web Apps.
The number of smartphone owners continues growing and it will not stop in the several nearest years for sure. To be in trend you should create an online marketplace with a perfect mobile design and consider the app development for the marketplace you launch.
At present, the technological progress of mobile devices goes at such a pace, that they can even stamp out ordinary Computers from the market completely. As a smart business owner, you should make the mobile-first design creation the main priority in your online marketplace software development. Make sure you put enough effort into the adaptive or responsive design you work at and provide the users with a sufficient UX quality. The additional bonus to cover your effort will be better search-engine ranking because mobile-optimized sites are ranked better. Use Google AMP technology for your site and get your web platform prioritized in the search results by default.
Another software development trend, closely connected to a mobile interface, which will remain up-to-date in 2019 is progressive web apps creation. The PWAs work on any mobile browser and should not be downloaded. The apps are called progressive because they combine the advantages of mobile experience with the benefits of browser technology. At the same time, they are easier to develop and maintain compared to the native or hybrid mobile apps. It’s a sparkling idea to think about PWA for your business next year as well.
Contemporary customers expect personal experience from shopping, that’s why personalization is going to rule the eCommerce sphere in 2024. To be successful you should make all the ways you target and appeal to your customers personalized. We would even advise tying together all digital touch points and create hyper-personalization across all the aspects of the customer journey around your online marketplace. The truly unique user experience for each individual visitor is a secret ingredient of your web-based shopping platform success in 2024. Top marketplaces in the USA already use that.
Satisfying the high expectations of the consumers may be quite challenging, however, not impossible. If you want to gain your users once and forever present them with a few, but high quality, safe and relevant search results, specific to the many data points collected from their profiles. Relieve your customers from the necessity of scrolling through multiple irrelevant items, value their time and you’ll benefit from it.
3. Voice Search
The rise of voice technology has already totally changed the way the users interact with their gadgets. Human voice has become a tool of searching and purchasing products already and gave birth to a new term «voice commerce». Voice commerce has been creating ripples in the e-commerce industry, with remarkable growth of 321.74% in just the past two years. What's even more astounding is the forecast that by 2024, voice commerce is expected to exceed the $30 billion milestone, marking a substantial 54.63% increase from its 2023 figures. So for your users’ convenience, building an online marketplace you should optimize it for the voice search.
4. Artificial Intelligence
The development of voice technology goes in tie link to the artificial intelligence, which can fundamentally change the modern online marketplace solutions making them more efficient for the consumers. But why is artificial intelligence considered nowadays the key driver in the top online marketplace?
AI can categorize goods automatically, improve the quality of photos by default, translate item descriptions and listings as well as messenger conversations. Besides, aiming to provide the high-quality services and enhance customer experience, AI technology can recommend the items similar to the ones the buyer search and the ones to match his or her choice.
If you have taken up an ecommerce marketplace development or optimization, then artificial intelligence is something you should keep an eye on in 2024.
5. Augmented Reality
AR has already become an alternative way to see the world, blurring the lines between physical and digital reality it can provide the users with the unique opportunity to try goods outside physical stores. Augmented reality is able to enhance the customer’s experience in the purchase consideration phase, thus to help your clients make better choices just offer them AR and the opportunity to interact with it.
6. Mobile Payments: Google Pay & Apple pay, Blockchain Technology
Mobile transactions have come to make the traditional payments easier and safer. The user’s information stored on the mobile devices reduces friction in the process of making a transaction. Apple Pay and Google Pay technologies are now quite beneficial for the development of a web-based marketplace as they allow creating a seamless experience for the customers in the process of checkout. A «long or complicated checkout» was one of the main reasons for cart abandonment in 2023, about 26% of the buyers admitted that.
Besides, digital currencies are no longer a foreign affair. To be in trend, you should also introduce such a payment option to your customers in the process of web development of a marketplace. The advantage of this payment method is that the currency can be received and converted in real time, with direct funds deposited into your account without any restrictions to the amount, location or device. More than that the Blockchain technology almost eliminates the risk of frauds and chargebacks.
7. Customer Involvement
In 2024 consumer engagement is going to shift to quite a new level. So, how to make an online marketplace engaging with this in mind? As a smart developer, you should invest in complex software for data collection and exploration and also encourage your users to generate content. Active customer engagement results to the users’ loyal attitude to your platform and has a fantastic marketing side effect. In case you have not involved the buyers until now, it’s high time to start.
Nova Poshta Shopping V2.0
Over the extended lifespan of the service, our client had identified numerous shortcomings in both the interface and the service itself. Our objective was to identify the most pressing issues for users and explore fresh, innovative perspectives for a significant redesign.
To gain a comprehensive understanding of the product and deliver the most effective solutions to our client, it was imperative to not only consider the business requirements but also delve into the challenges faced by the service's users. We aimed to comprehend the tasks they assigned to the Net Promoter Score (NPS) and the value they sought to derive from it.
Our team was assigned the mission of developing a CRM system, intended to serve as a comprehensive platform for selling tickets to a wide array of events in the market.
The product was designed to address the following key objectives:
- Event creation and management.
- Ticket management.
- Sales management.
- Generating diverse types of reports.
- Facilitating API integration with external systems.
- Integration with payment services.
Today the online marketplaces offer businesses all kinds of great benefits and advantages for making money and for getting sales. However, the industry is constantly changing ruled by recent changes in the marketplace. In case you are really interested in the creation of your own commercial platform but lack expertise in the online marketplace development, choose the specialists with the right skillset and experience. We can’t but say, that Stfalcon is the right company to turn to. We have enough experience to turn your concept into a reality and enough competence to make it a really progressive marketplace leading the niche. Just contact us, and our dedicated team will gladly help you.