A Fun Experiment: We Asked an AI To Make 10 Predictions for E-commerce Sellers in 2024

Artificial Intelligence (AI) has been all the rage in 2023, including in e-commerce. It’s not a new concept by any means, but it seems this year, we’ve seen more stories about ChatGPT and software tools claiming to use AI to power results.

This week, eBay rolled out a new feature to help sellers create social media captions more efficiently, enhancing their integrated social media posting tool.

Earlier this year, Amazon launched a new feature using AI to summarize customer reviews, and all marketplaces are using artificial intelligence in one form or another to enable sellers to list items more quickly, improve buyer search results, and enable targeted on-platform advertising.

This is just the tip of the iceberg, as AI will continue to play an essential role in shaping tomorrow’s online marketplaces.

So, with AI continuing to jump to the forefront of e-commerce, we thought, why don’t we ask an AI to predict e-commerce? If you’ve been reading our site for a few years, you know we publish an annual ecommerce predictions feature at the end of every year.

We are not replacing that feature with one artificial intelligence “expert,” but that doesn’t mean we can’t have some fun.

While ChatGPT often gets more press, several large language model (LLM) chatbots are available today.

Without getting too nerdy, AI chatbots are human-like interfaces that enable the user to ask questions and hold a “conversation” with the AI.

These chatbots can answer simple and complex questions based on their knowledge database, which is one area where ChatGPT lags a bit. The free version (V3.5) knowledge cut-off is in 2021, while the V4.0 (paid version) is now in early 2023.

Google is catching up to ChatGPT and has released a new upgrade to generate better output and utilize the company’s vast knowledge of web content (Google Search).

For this fun project, we didn’t want to make a comparison between different Generative AI models, nor did we want to bias the question to extract specific e-commerce commentary.

We simply wanted to ask the question we ask industry experts: what do you expect 2024 to bring in e-commerce, and how can online sellers take advantage of these opportunities?

Since Google’s Bard utilizes the entire web, we believe it might provide a more interesting and timely “opinion” on this topic.

With that in mind, let’s see what Bard had to say about e-commerce in 2024. (Note: the output is unedited)

Bard Crystal Ball Gazing: Predictions for E-commerce in 2024

With 2023 nearing its end, the crystal ball of e-commerce sparkles with exciting possibilities for 2024. Buckle up, sellers, as we dive into the key trends and how you can navigate them for maximum profit:

1. AI Ascendance: Brace yourselves for a more intelligent shopping experience. AI-powered search engines will predict your customers’ needs before they even utter a word. Imagine hyper-personalized product recommendations, targeted advertising based on real-time purchase intent, and virtual assistants crafting custom gift baskets – all thanks to AI. To ride this wave, invest in SEO strategies that integrate AI-powered keywords and optimize your product descriptions for voice search. Embrace dynamic pricing for personalized offers and consider AI-powered chatbots for 24/7 customer service.

2. Livestream Mania: The live-streaming revolution isn’t fading anytime soon. Platforms like Amazon Live and TikTok Shop will become virtual bazaars, offering customers an interactive shopping experience with influencers and brands. Get ready for flash sales, product demonstrations, and Q&A sessions – all in real time. To capitalize on this, build your brand’s online presence, collaborate with relevant influencers, and host engaging live-streaming sessions showcasing your products in action.

3. Augmented Reality Takes Center Stage: Forget flat product images, AR will let customers virtually “try on” clothes, place furniture in their homes, and test-drive products before buying. This immersive experience will boost confidence and reduce returns. Partner with AR developers to create interactive filters and product experiences for social media platforms and your website.

4. Sustainability Surges: Eco-conscious consumers will hold the reins in 2024. They’ll seek brands with sustainable practices, from recycled packaging to ethical sourcing. Highlight your sustainability efforts in your product descriptions, showcase certifications, and consider carbon-neutral shipping options. Remember, transparency is key – greenwashing will backfire.

5. Mobile Reigns Supreme: Optimize your mobile game because that’s where the action is. Streamlined checkout processes, one-click ordering, and mobile wallets will be essential. Make sure your website is mobile-friendly, invest in app development if feasible, and consider offering exclusive mobile deals to drive traffic.

6. Social Commerce Sizzles: Social media platforms are no longer just for scrolling; they’re shopping havens. Instagram and Facebook shoppable posts, integrated influencer partnerships, and direct checkout options will dominate. Partner with relevant micro-influencers, leverage interactive social media features and ensure seamless in-app purchase options.

7. Community Curates: Forget faceless giants, niche communities will thrive. Think curated marketplaces specializing in handmade crafts, eco-friendly products, or local businesses. Find your niche, build a loyal community, and foster a sense of belonging. Offer exclusive deals and personalized recommendations to become the go-to platform for your target audience.

8. Data Drives Decisions: Don’t operate in the dark. Data analytics will be your guiding light. Track customer behavior, analyze purchase patterns, and personalize your marketing efforts based on insights. Invest in analytics tools, experiment with A/B testing, and tailor your offerings to meet specific customer needs.

9. Subscriptions Shine: Recurring revenue streams are the new gold. Consider offering subscription boxes, loyalty programs, and exclusive member deals. Make sure your value proposition is clear and your cancellation process is painless.

10. Hyperlocal Hustle: Think beyond borders. Local marketplaces connecting buyers and sellers within a specific radius will flourish. Highlight locally sourced products, offer same-day delivery options, and partner with local businesses for cross-promotion.

Remember, staying ahead of the curve requires agility and adaptability. Embrace these trends, experiment with new technologies, and most importantly, listen to your customers. By anticipating their needs and offering an exceptional online experience, you can navigate the e-commerce jungle of 2024 and emerge victorious. Now go forth, conquer, and prosper!

In Conclusion

That was fun, and Bard did an impressive job highlighting many potential opportunities for online sellers.

But here at eSeller365, we are not ready to make Bard an “expert” in our Leadership Series, featuring year-long insights from top industry insiders. Even with (or despite) Bard’s vast knowledge, industry experts have specific knowledge that an AI tool like Bard can’t replace.

Ultimately, for an exercise like this, AI models live too much in the past, while industry experts can see and identify new or growing trends.

When we publish our 2024 e-commerce marketplace predictions on Thursday, December 28, 2023, each industry expert will offer excellent business insights to help you expand your online business based on current trends.

2024 will bring new challenges and opportunities, that we know. The sooner you tweak, pivot or change your business strategy in the ever-changing world of e-commerce, the more profitable the year can be.

You don’t want to miss it! There is a reason why it is one of our most popular stories of the year.

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