Evolution across technology, consumer behaviour and business strategies, in ways that support commerce on social media platforms, have led to the uptake of digital engagement and social commerce. Here, we discuss key technologies such as Ai, AR/VR, new payment methods, and integration of web 3 technologies on social media platforms.
Despite the longstanding existence of the resale model, recent years have witnessed a transformative surge in recommerce. Fuelled by ongoing digitalisation, global financial instability, and a growing commitment to sustainability, recommerce has reached heretofore unforeseen levels.
Euromonitor International forecasts that consumers will spend nearly USD11 trillion on goods and services bought online in 2024. This expanding consumer base needs to be at the centre of your strategy. This article explores three key digital trends for the year ahead.
Digital transformation is changing how brands engage with their target audience, whether in the online space, through better and more personalised purchase experiences and other aspects of the purchase process, according to Euromonitor's Voice of the Industry survey in 2023.
Marketplaces are expected to continue expanding their online dominance. Such growth is being widely driven by the evolving preferences of online shoppers who increasingly favour the convenience, variety, and competitive pricing offered by digital marketplaces—online retail platforms for which the bulk of sales follow a marketplace model.
Investment in emerging technologies is likely to benefit from improved understanding and realised need for digital transformation across industries. While funding remained challenged during 2023, planned investments are expected to show positive prospects over the next five years, in alignment with the understanding of potential impact of emerging technologies for businesses.