Predictions for e-commerce trends: 2024 Edition

As consumers increasingly seek a more interconnected shopping experience, small businesses, particularly in retail, are recognizing the need to adapt by expanding their reach across multiple channels, including social media, websites, marketplaces, and even offline retail. This shift is not just about embracing a trend, it is a very strategic response to customer preferences for diverse interaction points. A 2023 Salesforce report titled ‘State of the Connected Customer’ reveals that on average, business buyers engage with companies across 10 channels while retail customers typically use eight. 71% of customers prefer different channels depending on context. This approach is essential because a digital-only strategy might not suffice in today's diverse consumer market, as some customers prefer to buy online and pick it up from a store. In addition to this, going omnichannel can also help businesses manage inventory better and make marketing spends more efficient and market-specific.

Take Chumbak for instance. The brand initially started with an online-only presence. Recognising the need for a more holistic customer experience, Chumbak expanded into offline retail, opening physical stores to complement its online platform. This approach enhances brand visibility and reach, appealing to a diverse customer base across various channels. By maintaining a consistent and recognizable brand identity across all channels, Chumbak ensures a seamless and engaging customer experience. This seamless integration not only fosters customer loyalty through convenience and reliability but also enables the collection of valuable data for personalised customer interactions. The flexibility of this model allows customers to discover products on one platform and purchase on another, therefore adhering to the adaptability that modern consumers seek. For small businesses looking to integrate multiple channels, it’s vital to understand that an omnichannel approach isn't just about being present on multiple platforms, it's about creating a cohesive experience that resonates with customers

While many small businesses have managed to maintain their transactions over social media, as they scale up, they will require affordable website services like SmartBiz by Amazon.

Another transformative wave that has been sweeping the D2C ecosystem is the rise of social commerce. Consumers are not just scrolling through posts but are actively engaging in shopping experiences within their social apps. Not engaging with users on social media platforms is an automatic loss for the business both in terms of marketing and credibility. While consumers will turn to websites to make the final purchase, social platforms are where they will find out about, discover, assess and form opinions about a business. We expect that consumers are going to continue to turn away from sales-focused content, meaning that if a business is to draw their attention, it will have to be done through value-added content. This will also result in businesses having to find new ways to partner with content creators to drive their sales messages through storytelling.

To tap into India’s growing digital market, brands must embrace a strong digital presence. The Open Network for Digital Commerce (ONDC), an initiative by the Indian government, is a significant development in this sphere. It's an innovative, open-sourced digital infrastructure designed to democratise and standardise e-commerce transactions. This initiative aims to break down monopolies in the digital marketplace by allowing small businesses and local sellers to compete alongside major e-commerce giants.

The government’s aim with this initiative is to break down barriers and cultivate trust, enabling brands of any size to establish credibility, expand their customer base and further drive growth. This fosters healthy competition, promotes a more diverse market space and gives homegrown labels a fighting chance. It also ensures that buyers retain control over their data. ONDC will no doubt bring about a rise in the number of homegrown brands and their success.

Indian consumers are being impacted by two factors, their growing sense of awareness and knowledge; and high expectations for quality. As Indians become more informed, they appreciate the unique value of homegrown labels. These brands resonate with their cultural identity and often offer exciting alternatives to global giants, whether it's catering to niche markets, celebrating the "made-in-India" appeal, or prioritising sustainability. At the same time, while embracing homegrown options, consumers aren’t willing to compromise on any front. They expect consistent quality, reliable performance, and excellent customer service.


The way that homegrown brands behave and the way that they are received by Indian consumers is changing, especially after the Make In India Initiative by the Government.
Nowadays local brands have stopped mimicking their global counterparts. Today, they’ve raised the bar on every front, from product quality to innovation.
What sets the homegrown brands apart is their inherent understanding of the Indian consumer and the local environment. They are finely attuned to the evolving needs and preferences of the customers. This allows them to adapt offerings and marketing strategies.
Additionally, their focus is not on replicating global trends but on crafting products tailor-made for the Indian context. Since they are unburdened by the global homogenization, homegrown brands have the freedom to explore niches and unique approaches. Their innovative spirit gives birth to distinctive products and experiences.


SmartBiz by Amazon is geared towards providing homegrown brands with free website services while they are still in their budding phase.

Consumers will be more conscious while purchasing from businesses. So while slapping sustainability onto your brand may have worked earlier, businesses will have to explore ways where they can prove their sustainability efforts. According to a source from Statista, a survey done on sustainable consumption in India conducted in February 2022 said that 69 percent of consumers stated that they were willing to pay more for products which are sustainably produced or environmentally friendly. From using recycled materials to exploring innovative alternatives like biodegradable or reusable packaging, brands can align their production with environmental conservation goals. Another impactful strategy involves embracing transparency in the supply chain. By providing consumers with a clear view of the journey from raw materials to finished products, brands build trust, and authenticity and also help contribute to a better planet. A study by McKinsey also concluded that “Gen Z and millennials are leading in new shopping behaviour, with value being the top reason and sustainability as an emerging factor.” While the sustainability tag was something that could help a brand stand out before, we expect that it will soon become the norm.

The government has been promoting self-reliance, innovation, and local manufacturing through numerous policies over the years. This has fostered a positive environment for homegrown brands, aligning with the 'Vocal for Local' sentiment. The strategic focus has been to boost the domestic economy and instil confidence in the quality of homegrown brands.

Some of the initiatives that have proven to be useful to small business owners are:

Startup India: Providing financial incentives, tax benefits, and mentorship to startups, aiming to catalyse their growth and contribution to the economy. Click here to watch a video on this initiative to know more.

Pradhan Mantri Mudra Yojana (PMMY): providing small business owners with loans of up to Rs. 10 lakhs, and for loans up to Rs. 50,000, no collateral is necessary. It also extends financial support to micro-enterprises and individuals engaged in small business activities. Click here to watch a video on this initiative to know more.

Skill India: providing vocational training and skill development to individuals across the country.

Udyog Aadhaar Registration: offering a single-window registration process, allowing entrepreneurs to register their businesses online without the need for any paperwork

We’re sure to see new policies in the coming year that will benefit small business owners as the government diverts its efforts to make India self-sufficient. Furthermore, we hope to see more businesses take advantage of policies put in place for them.

We see 2024 favouring small businesses from every direction. As the cost and effort to identify a profitable space and launch a business gets more accessible, we expect to see more people take their first step towards entrepreneurship.