As we approach the end of 2023 and set our sights on the upcoming year, Anchanto, under the guidance of founder & CEO Vaibhav Dabhade, unveils key trends that will shape the e-commerce and online retail landscape in Southeast Asia in 2024:
1. Rise of Social Commerce and Social Media Integration:
In 2024, Social Commerce and social media will continue to play a pivotal role in the e-commerce landscape. Platforms like TikTok will become essential tools for driving sales and fostering brand loyalty. An emphasis on Social Commerce integration will be crucial, allowing businesses to manage social channels alongside other sales touchpoints efficiently.
2. AI-Driven Personalisation for Enhanced Customer Experience:
Personalisation through AI-driven insights will remain a focal point. Tailoring the shopping experience to individual customer preferences using data analytics will lead to personalized product recommendations, targeted marketing campaigns, and improved customer service.
3. Increased Marketing Spending on Marketplaces:
Businesses will ramp up marketing spending on prominent marketplaces like Tokopedia, Shopee, or Lazada to boost sales. Navigating price wars and standing out against competition on these platforms will be essential, requiring a deep understanding of search trends, keyword searches, and category performances.
4. Elevated Focus on Brand Protection:
With the surge of unauthorised sellers on marketplaces, 2024 will witness brands intensifying efforts to protect their digital presence. Utilizing AI-driven insights, brands will actively monitor third-party online activities, identify unauthorized sellers, and optimize distribution strategies.
5. Flexible Shopping and Delivery Options Take Center Stage:
Businesses must offer diverse, customisable shopping experiences, providing consumers with greater control over delivery options. This includes flexible delivery time slots, alternative pickup locations, subscription-based models, and curbside pickup, catering to dynamic consumer preferences.
6. Proactive and Automated Customer Communication:
In 2024, proactive and automated customer communication will become non-negotiable. Businesses will provide real-time tracking information, anticipating customer needs before queries arise. This proactive approach will redefine customer service standards, enhancing satisfaction and streamlining order fulfillment.
7. Increased Scrutiny on Delivery Performance:
As e-commerce order volumes rise, businesses will leverage analytics to scrutinize supply chain and delivery journey data. Tracking return shipments, identifying exceptions, and optimizing logistics will become critical, setting new benchmarks for operational efficiency.
8. Focus on Customer Experience in Third-Party Logistics (3PLs):
In a competitive logistics landscape, 3PLs will innovate to maintain margins. Emphasis on customer onboarding, transparency, and technology adoption will be key. White-labelled interfaces for logistics management will become increasingly prevalent.
9. Omnichannel Practices Continue to Rise:
Brands will double down on implementing omnichannel practices, focusing on seamless product listings, leveraging digital assets, and prioritizing Online-to-Offline (O2O) strategies. Offering a consistent shopping experience across all touchpoints will be critical.
As Anchanto continues to empower various players in the e-commerce ecosystem with its SaaS technology, these trends provide valuable insights for businesses looking to stay ahead of the curve in Southeast Asia’s dynamic online retail landscape.