E-commerce trends 2024: how a retailer can adapt to a new market model

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E-commerce trends 2024: how a retailer can adapt to a new market model
How are sales volumes and the number of orders growing online? Where do customers shop most often? What trends should a retailer take into account to increase sales in 2024?

Data Insight partner Fyodor Virin answered kuwait phone numbers these and other questions at the Digital Retail 2024 conference. In this article, we have collected the main points of his report. The full speech can be viewed on YouTube.
Speech by Fedor Virin at the Digital Retail 2024 conference
Sales statistics 2022-2023: how the e-commerce market has changed
Trends: what a retailer should consider to stay in the lead
Key findings
Sales statistics 2022-2023: how the e-commerce market has changed
In 2023, the total revenue of online stores amounted to 8 trillion rubles, which is 41% more than in 2022. There are three main reasons for this:

1. After the 2022 crisis, the e-commerce market recovered. Brands adapted to the new conditions, and buyers stopped postponing purchases.

2. Inflation in recent years has been from 7% to 20%. Despite the fact that purchasing power is declining, and the total amount of money, on the contrary, is increasing, household incomes are growing faster than inflation.

3. Redistribution of consumer spending. After the departure of brands, the range of products in retail stores decreased, so buyers switched to the Internet. But when the situation recovered, most of the goods remained only online
Dynamics of e-commerce
The number of orders in online stores is growing every year. In 2023, the growth was 81%
In 2023, shoppers made 5 billion orders. At the same time, the number of stores with a low average check also increased. Consumers started buying more, but online stores did not start making much profit from it.