Online commerce has become an integral part of our lives. With new e-commerce platforms launching every day. The year 2024 is shaping up to be full of innovations both in terms of trends and the new legislation.
Let’s take a closer look.
- E-commerce Trends for 2024
- Legislative News in 2024: What Changes for E-commerce?
- The Role of Legal Compliance in E-commerce
E-commerce Trends for 2024
The trends for 2024 will be the exciting facts that are the results of massive progress in 2023.
- Think clean! People increasingly choose stores that follow a cleaner line of thinking, such as not exploiting natural resources or favoring ethical materials for their production.
- Social commerce (sales through social media channels like Instagram and TikTok). Online Stores are more often dependent on social networks as their direct to customers channel of communication.
Top Tip: the mobile experience that is preferred should be simplified and optimized as more customers are starting to make purchases from their mobile phones.
- Chatbots! In addition to the Artificial Intelligence and the ChatGPT booming industries, online stores are turning to the widespread use of chatbots. This leads to a great number of operations without manual involvement, thus limiting tasks both for store managers and customers. In the same light, if used correctly, AI can also help the retailer to offer personalized service to consumers, thus making more sales chances.
- First party data will play the major role here, as the third-party cookies are going to be offline in 2024. This, therefore, will make it even more tasking to get necessary insights by using tools such as Google Analytics.
Legislative News in 2024: What Changes for E-commerce?
On the legislative side, new policies are likely to alter the political outlook over Europe with the implementation of fresh directives.
- Digital Services Act (DSA) and Digital Markets Act (DMA): These regulations set rules to build a protected environment where Europeans can safely use internet services and fair competition events lead to progress in innovation and development.
Both of these laws have similar effects that target large online platforms (e.g., Google, Amazon, or Meta) which in return need to implement actions that will limit their current market dominance. The transfer effects may hit users as well as other web-based smaller sites that do business on Amazon.
- Data Act: The Data Act creates the framework for the proper employment of data resulting from the provision of goods or services, enabling the users to have their data back and to re-use them. This regulation for example in connection to data generated by IoT [internet of things] enables the portability of data and ensures an easy transition of data from one provider to another.
If you wish to achieve GDPR compliance you should make sure you are updating your legal documents such as privacy policy terms and conditions.
The Role of Legal Compliance in E-commerce
Regulations are being tightened around data protection, consumer rights and online transactions. As an e-commerce, you must make sure that all your legal documentation is up-to-date.
Take a look at this generic privacy policy template and a sample terms and conditions document for online stores, helping businesses meet global regulatory requirements effortlessly.
2024 is poised to be a year full of challenges and innovations for e-commerce owners, but by adapting to the trends and keeping an eye on the latest legislative news, you can turn them into opportunities for your business!
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