The Market Insights 2024 report by Synergy Market Research + Strategic Consultancy highlights significant trends in e-commerce that reflect changing consumer behaviors and preferences. Growth in e-commerce usage: E-commerce continues to grow as a preferred shopping method for many consumers. The convenience, variety, and competitive pricing offered by online platforms are key drivers of this trend.
According to the report, 9 in 10 online purchasers now regularly use e-commerce sites for their shopping needs. Major e-commerce platforms like Lazada and Shopee dominate the market, particularly among younger demographics such as Gen X and Millennials. These platforms are popular for their wide range of products, user-friendly interfaces, and frequent promotional offers.
E-Commerce apps are primarily used to shop for media streaming, mobile and Internet services, offline/online betting, financial services and investment products, holiday/travel, cosmetics and beauty products, clothing and footwear, and tech devices. Consumer preferences and behavior: Free delivery, product quality, variety, product reviews, flexible payment terms, and affordability are critical elements that keep consumers returning to the same platforms. These factors not only attract customers but also encourage repeat purchases and brand loyalty.
A significant portion of e-commerce activity is shifting to mobile devices and applications. Consumers prefer the convenience of shopping through mobile apps, which of.