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October 1, 2024

Navigating 2024 E-commerce: Predictions From 5 Industry Experts

Join 5 leading voices in the e-commerce industry and learn more about their predictions for the e-commerce landscape in 2024. Click here and watch the full webinar.

Navigating 2024 E-commerce: Predictions From 5 Industry Experts
Table of Contents

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Get ready with our 5 leading voices, and learn what they are predicting for e-commerce in 2024. We've gathered more than 100 years of e-commerce experience to have a fireside chat about the future of retail.

Join Christian Degn Vester, Steven Hubbard, Krister Karjalainen, Ian Rabbidge from Alvio, and Luis Esteban from TheJump as they share their insights and predictions for e-commerce in 2024.

During this webinar, you'll:

✔️ Gain insights into 5 pivotal predictions for e-commerce in 2024

✔️ Know how to leverage these predictions to your advantage

✔️ Understand how industry experts think about the future

... and much, much more!

This webinar offers an opportunity to immerse yourself in the future of e-commerce alongside some of the most seasoned professionals in the field. Watch the full webinar and learn how the e-commerce landscape is changing in 2024 and what you can do to get a head start!

Discover how Live Shopping

‍can 20X your conversions

Experience Live Shopping with Sprii

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Use our Live Shopping calculator to see how much you could earn.

The #1 Live Shopping master class is here
Unleash the power of Live Shopping with Sprii's 5-part bootcamp series!
Crush Black Friday with Live Shopping
Win the retail rush with this playbook packed with Live Shopping strategies
Whoa, Live shopping crushes E-commerce
Learn how they compareand discover the 12 key industry benchmarks.
BLACK FRIDAY WEBINAR
How Elgiganten smashes sales with Live Shopping
Learn how leading retailers leverage Live Shopping on Black Friday
The #1 Live Shopping demo experience
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Live Shopping event works on FB, IG and your website
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BLACK FRIDAY WEBINAR
Gamification:
5 ways to win Black Friday
Learn about 5 Live Shopping strategies to dominate Black Friday
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Sprii in Action

During a Live Shopping event, Sprii automatically replies to comments, creates orders for your customers, sends them a link to their basket, and handles payment and shipping.

5. Create hype & excitement during your events

The beauty of Live Shopping is that it can be used in so many ways. This is particularly valuable during Black Friday and Cyber Monday when businesses are looking to engage their viewers in as many ways as possible.
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Here are 3 ways to create hype and get customers excited about your Black Friday events so you can achieve your revenue goals.

5. Create hype & excitement during your events

During Black Friday and Cyber Monday, potential customers often experience an intense pressure to participate in the shopping frenzy, driven by the fear that they will miss out on the best deals and discounts if they don't join in.
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Live Shopping enables viewers to make purchases instantly while watching the stream, which can be especially effective during Black Friday and Cyber Monday when time-limited deals are available. This instant purchasing capability can drive sales during Live Shopping events.

With Live Shopping, consumers get the personal assistance of an in-store shopping experience and the convenience of being able to shop from the comfort of their own sofa or favorite coffee shop.

Viewers can get information from the retailer in real-time by asking questions directly in the Live Shopping event.

During a live show, viewers can ask questions and get answers in real-time. Even better, they can interact with each other and share their experiences with your products.

AspectTraditional E-Commerce JourneyLive Shopping Journey
Marketing ApproachHigh ad spend and several channels to attract shoppers to webshopLeveraging existing social media followers
NavigationRequires navigating through a static webshop to find products.Requires nothing more than watching a live video to discover new products.
Product PresentationProducts are presented through static images. Products are presented in a live video by engaging hosts.
Customer ExperienceFeels like a business transaction.Feels like a personal connection.
Engagement and InteractionLimited to static product descriptions, images, and occasional customer reviewsOffers real-time interaction between hosts and viewers, allowing for immediate Q&A, live demonstrations, and personalized recommendations
Customer ExperienceCustomers independently navigate the webshop and make purchase decisions without help.Customers are guided through products, receive helpful information, and can ask questions as well as see what others are writing and asking.
Conversion RatesRelies on well-designed websites and optimized marketing funnels to convert visitors into buyers.Often achieves higher conversion rates due to the sense of urgency and interactive nature of live events.
Customer Acquisition Cost (CAC)Higher CAC due to extensive marketing efforts across various channels.Typically lower CAC by leveraging social media followings and organic engagement during live events.
Return RatesHigher return rates due to customers not fully understanding the product before purchase.Lower return rates as live demonstrations provide a clearer understanding of the product, leading to more informed purchasing decisions.
Time to sellCan range from hours to weeks or even months. Often much quicker, ranging from minutes to hours.
Metric Traditional E-Commerce Live Shopping²
 Avg. Conversion Rate 2.5%³  Up to 60% (Sprii Data)
 Avg. View Time 54 seconds⁴ 20+ minutes (Sprii Data)
 Avg. Checkout Rate 45%⁵ 60% (Sprii Data)
 Avg. Return Rate 20-30%⁶ Under 10% (Sprii Data)
 Avg. Customer Acquisition Cost (CAC) +€50⁷ 0*
 Avg. Sales Cycle Hours, weeks, months Minutes