Feb 27

7 Magento eCommerce Trends for 2024. That You Need to Know

A closeup of a Lobbster mug and a Magento website that is being built.

Imagine a future where using Magento 2 for B2B causes a big shift, making your wholesale orders as much as 30% more efficient. Well, that day is closer than you may think. And not only that, but with headless commerce, virtual and augmented reality integrations, social commerce, and artificial intelligence, the eCommerce world is about to change forever. 

So, if you plan to stay in the cut-throat race for customer loyalty and more conversions, explore these 7 Magento eCommerce trends that will shape 2024. And gain some premium insights that will make your business shine in the overcrowded landscape of online commerce. 

1. The Rise of B2B eCommerce: Leveraging Magento 2 for Wholesale Success

Looking for a powerful tool to boost your wholesale efforts? With its robust features and customizable options, Magento 2 offers the best tailor-made solutions for any B2B business looking to dominate the eCommerce realm. This platform has all it takes to ensure intuitive design and a seamless purchasing journey that will bring you the ultimate wholesale success.

And self-service portals have been winning the popularity contest for a while now. They allow buyers to manage accounts, track orders, and access customized catalogs with zero effort. That kind of flexibility empowers businesses to personalize their portals by simply enhancing the overall user experience and building stronger relationships with their B2B clientele.

By opting for customer-specific pricing, negotiated quotes, and tiered pricing structures, you will simplify the buying process and make sure your business has a competitive edge all year long. Just quickly go through this Magento B2B features list and check if your business has all it takes to win the B2B eCommerce race.

Magento 2 B2B Features That Will Skyrocket Your ROI

  • Custom Pricing

Custom pricing will improve your pricing strategies and enhance efficiency. All you have to do is set up custom pricing structures based on customer groups, quantity discounts, and negotiated prices. 

  • Self-Service Capabilities: 

Studies have shown that self-service options such as bulk ordering, reordering, and account management are of immense importance to B2B buyers. This way, they can manage their accounts and make purchases independently and when that suits them the most.

  • Advanced Catalog Management: 

Magento 2’s advanced catalog management tools make it super easy to effectively organize and present your products. B2B customers do not prioritize the same things as B2C customers, so you’ll need to adjust your approach accordingly. 

  • Integration Options:

Magento 2 is well-known for its flexibility and extensive integration capabilities. So whether you need to connect an ERP (Enterprise Resource Planning) or a CRM (Customer Relationship Management) software with your eCommerce business, Magento 2 is always there to ensure maximum efficiency and impeccable order management. No matter how complex your back office systems are.   

  • Scalability:

Magento 2 is predesigned to handle high volumes of products and transactions. That means that your online store can have an abundance of large catalogs and a very big customer base, but that won’t endanger the site’s performance or diminish the user experience in any way. 

2. Headless Commerce for Flexibility and Scalability

The headless commerce trend has gained importance over the past few years, and ever since Magento 2.4 was released, its users can even use native support for PWA Studio. This integration empowers merchants to quickly and effortlessly build Progressive Web Apps that have faster loading times and more responsive design. Which translates to higher customer satisfaction and increased conversion rates.

Many renowned brands are already leveraging the power of Headless, with Nike being good examples of how headless can significantly improve the site’s performance and engagement. These kinds of stores now have the ability to quickly adapt to the ever-changing market demands and deliver content-rich experiences without compromising on speed. But this is just a small bonus, considering that soaring conversion rates and higher revenue are the inevitable result of any Headless implementation.

So, if you are interested in reaping the fruits of Headless Magento and implementing it in your eCommerce, you’ll need a highly strategic approach. Or help from those who have done it before. The process should start by choosing the appropriate front-end technology that will deliver your content to the end users (usually it’s React), and end with seamlessly connecting your store’s back and front. Everything in between will depend on the project requirements and the specific needs of your business. 

3. Crafting a Tailored Shopping Experience – Personalized AI Approach 

If you are a fan of product recommendations, you’re going to love this emerging trend. With AI-driven related and recommended products, your customers will have the ultimate shopping experience tailored to their needs and preferences. 

And Magento 2 does that better than any other eCommerce platform. Of course, many other platforms harness the power of AI and machine learning to power their product recommendations. However, only Magento 2 provides a robust framework that fully leverages customer data. 

Magento’s secret? Dynamic content. It will allow you to customize your web pages based on user behavior, preferences, and demographics. That means that products, promotions, and content are showcased dynamically, allowing you to create a personalized journey for each visitor.

It is all based on complex AI algorithms that analyze customer behavior and purchase history. Those algorithms then suggest relevant items and enhance your cross-selling and upselling opportunities for each customer. 

You can additionally utilize Magento Customer Segmentation to categorize customers based on various attributes, including purchase history and browsing patterns. This ultimately affects your tailored promotions, targeted emails, and personalized product recommendations, and results in fostering customer loyalty and repeat purchases.

A young wife deciding on the color of the chair she would like to purchase by leveraging the VR option on her favorite Magento eCommerce website.

4. Transforming Magento 2 Shopping Experience With Augmented Reality (AR) and Virtual Reality (VR)

AI is not the only technology that is slowly finding its way into our everyday lives. The fast development of Augmented Reality (AR) and Virtual Reality (VR) has ensured many common things and shopping items are at our fingertips (now literally) even while we are commuting or enjoying a quiet evening in our homes. 

When integrated with Magento 2, AR and VR technologies open the gateway to immersive product visualization, providing customers with a lifelike preview of items before making a purchase. This new trend will allow you to implement AR features that enable customers to visualize furniture in their homes, try on virtual clothing, or see how a new appliance fits into their kitchen.

Moreover, with virtual try-ons, your customers can now virtually try on not only clothing but accessories and different makeup products as well. If you do business in the fashion or beauty industry, this game-changer will increase your sales and heightened customer satisfaction.

Good examples of those who have already embraced these technologies and leveraged them to drive their revenues are brands such as IKEA and GAP

The IKEA Place app allows customers to virtually place furniture in their homes so that they can see how different pieces will fit into their living spaces. GAP does something similar and utilizes augmented reality by allowing users to virtually try on clothing items before buying them. All the customers need to do is download Gap’s DressingRoom app, and check how different outfits look on them. In addition to driving more purchases, this approach has significantly decreased the number of returns.  

So, if you want to redefine your customers’ shopping journey and position your business at the forefront of innovation in the highly competitive eCommerce arena, a mixture of Magento’s powerful shopping features and its integration with AR and VR technologies is a way to go.  

5. Magento 2 Integration With Social Commerce That Will Boost Your ROI 

You don’t have to be a Magento eCommerce expert to see the pivotal role that social media plays in shaping consumer behavior and influencing purchasing decisions. Integrations with social commerce have become a necessity, and this trend is here to stay. 

More than a billion users are actively engaging with different eCommerce brands via Instagram, Facebook, TikTok, and Pinterest every day, so the competition is becoming harsher by the minute. Everyone who chooses to look the other way and ignore the surge of brands leveraging social commerce will inevitably be left behind. 

Nike and Sephora are definitely not in that group, since they are already blending their online stores with Instagram’s shopping features. By tagging products in posts, these brands transform their social media presence into a direct sales funnel.

Moreover, Zara uses Magento’s integration with Facebook Shops to create a unified shopping experience across platforms, and Adidas leverages Instagram Shopping by using tags the same way Nike and Sephora do. This creates a direct link between the social media content and the brand’s eCommerce platform, ultimately resulting in more purchases due to a completely streamlined purchase path.   

Social sharing extensions that Magento offers are built-in, easy to navigate, and will help you integrate social commerce into your selling strategy in no time. There are also some custom features and integrations that can help you win the social commerce race, and for those, you’ll need a well-versed team who can create and implement them. But the basic ones I mentioned above are rather simple to integrate and navigate.   

6. Omnichannel Commerce With Magento 2: Bridging the Gap Between Online and Offline

One of the most persistent challenges of businesses nowadays is the seamless integration of online and offline sales channels. A unified shopping experience for all customers is often difficult to ensure, and many businesses fail to bridge the gap between offline and online shopping. 

Proper and seamless integration of Point of Sale (POS) systems is crucial here, and Magento is one of the rare eCommerce platforms that can offer that and provide robust omnichannel commerce for all users.

When you implement a Magento-compatible POS system, your inventory levels, product information, and customer data remain synchronized in real time. So, when online and offline transactions are well connected, you can easily manage sales across various touchpoints. 

Another key aspect of Magento 2’s omnichannel capabilities is effective inventory management. Ensuring that customers receive accurate information whether they are shopping online or in a physical store becomes easy with the platform’s inventory tools. You can track stock levels, update product availability, and prevent overselling all at once. 

And when you combine all that with flawless customer data synchronization (customer profiles, purchase history, and preferences are easily synchronized across all channels) you get a cohesive shopping experience that has targeted promotions and consistent customer interactions, regardless of the shopping channel.  

7. Optimizing the Performance of Your eCommerce – Key Strategies for a Lightning-Fast Store

Having a lightning-fast store with fully optimized performance is one of the key ingredients of your eCommerce success. No one wants to shop at a website that takes ages to load. That being said, performance optimization becomes a strategic imperative that will underpin all your eCommerce efforts in the long run. 

Magento 2 does provide a robust foundation – still, without actively working on the site’s speed and efficiency, your big and successful eCommerce could quickly become a liability to your revenue. 

In order to prevent that from happening, you need to explore the possibility of utilizing Magento 2’s built-in Varnish Cache. This is a powerful tool that reduces page load times by leveraging Full Page Cache (FPC). Once configured, FPC and Varnish work together to ensure that your store delivers rapid response times which are imperative for a good user experience. 

Efficient coding practices and server-side improvements are also quite important, so make sure you have an experienced team in your corner. They will make sure that your eShop is perfectly optimized at all times. 

I won’t go into details regarding these two, but here is a short list of items your team can implement: 

  • Use asynchronous operations to streamline processes and minimize frontend loading times 
  • Implement lazy loading for images
  • Implement server-side solutions such as Redis 
  • Configure your server environment to support opcode caching for PHP files
A experienced Magento software developer working on improving the code for his client's e-store.

All in all, the recent developments in the eCommerce ecosystem and buying habits of current and potential customers do bring us new and exciting opportunities that are worth exploring. Still, before you jump on this alluring bandwagon, make sure that any changes and improvements you decide to make are in line with your business goals. Not every trend should be followed at all costs. The trick is to figure out which ones will bring the most value to your business. 

Once you do, the rest is easy. And if you need more detailed insights on which of these trends you need to focus on, feel free to ping me. I am always up for a good Magento eCommerce challenge.    

About The Author

Milos is the CEO of Lobbster and a proficient Magento Solution Architect.