The research highlights the potential of Shopify Plus apps and shows how they contribute to online store revenue growth.
The rapid growth of digital markets is not surprising in this era of globalization. Elogic analysts estimate that in 2023, eCommerce will account for 21.5% of the total retail market volume, and the figure continues to rise annually.
The share of eCommerce in global retail is growing by 1% annually
Note: Elogic calculations based on Statista and N-ix
Forecasts suggest that by 2026, eCommerce will account for 25% of the global retail market share. This growth trajectory is closely linked to the spread of new, innovative technologies that permeate all sectors, including retail. In specific numbers, the volume of eCommerce in 2023 will reach an impressive $6.3 trillion. Of this, 28.8% of the market, according to Mobiloud, belongs to online stores on the Shopify platform. The eCommerce sector shows stable annual growth of 10%. Elogic’s forecast suggests:
“A 10% natural revenue increase is a baseline for managers engaged in strategic marketing planning. Naturally, by utilizing modern marketing trends and considering customer expectations, there is potential for annual sales growth of more than 10%”
This study highlights the potential of Shopify Plus applications to increase online store revenues through key factors expected by consumers in 2024.
eCommerce Marketing Trends for 2024
In our quest to forecast marketing strategies that will enhance profitability, we meticulously analyzed various marketing predictions for 2024. After comprehensive research, we have focused on six key directions defining strategic development in marketing.
Directions for the marketing development of Shopify Plus stores and apps that help to realize this
Value-Add
Rule 1: Focus on enhancing your product’s value.
Competitive advantage is no longer solely based on product quality but also extends to service excellence. This broader perspective includes warranties, expedited shipping, Buy Now, Pay Later (BNPL) options, and comprehensive after-sales support. This approach aims to create a cohesive value proposition that resonates with discerning consumers. In 2023, 15% of eCommerce utilized BNPL technology, and this is projected to increase to 25% by 2026.
Top Shopify Plus Apps to Enhance Product Value
Warranties: InstaFeed
- InstaFeed integrates business-customer interactions through Instagram and Twitter. It allows the collection of customer-posted photos to enhance online stores, offering “live proof of quality” that significantly boosts trust and, consequently, revenue.
Payment: Shop Pay Installments
- Shopify’s own BNPL service. By implementing this, customers can make four interest-free payments or monthly installments of up to 12 months, while merchants receive payments instantly. It’s a fully integrated solution for Shopify users.
Shipping: ShipStation
- ShipStation streamlines business shipping, offering discounts from major carriers and efficient order fulfillment tools. It integrates with platforms like Amazon, eBay, and Etsy, simplifying multi-channel retail management and enabling international trade. With a wide range of shipping options, it has become a comprehensive tool for enhancing post-sale service.
Interactivity
Rule 2: Enhance interaction speed and personalize it
In 2024, immediate customer interaction will be a fundamental rule crucial for eCommerce success. Effective marketing requires various distribution channels, instant responses, live interactions, and a personalized experience, fostering a sense of individual significance. Numerous solutions now offer instant responses, and using artificial intelligence (AI) brings innovation to these interactions.
Top Shopify Plus Apps to Improve Customer Interaction
Interaction Speed: Gorgias
- Gorgias accelerates processing orders, data, and customer information from a single platform. Using this app increases interaction speed and significantly boosts revenue from each sales point.
Chatbot: Tidio Live Chat and AI Chatbots
- A versatile live chat platform, Tidio, is designed for Shopify. It enables tracking of chatbot sales impact, bases chatbot triggers on products viewed by customers, and incorporates product recommendations in chatbot messages.
Personalization: Binna.AI
- Binna.AI expands the customer base using AI and predictive analytics to create customer profiles and personalized marketing campaigns tailored to their needs. It analyzes customer behavior and tracks sales history.
Content Quality
Rule 3: Create Modern Content
The digital narrative of brands is increasingly being told through multimedia means. High-definition video content, professional-level photography, engaging textual narratives, and thoughtfully designed layouts are the cornerstones of compelling digital storytelling that captivates and converts users into revenue.
Top Shopify Plus Apps for Content
Video: Video-Wise Shoppable Video UGC
- Videowise offers mass video uploads and user-generated video content hosting. Reviews indicate that users engage with these videos longer than on platforms like TikTok or YouTube. They don’t slow down the site and help increase conversion rates.
Photo: Tiny SEO Image optimizer, Speed
- Tiny optimizes images with a single button press and generates thumbnails and HTML5 code, reducing page loading time. Key features include correcting image distortions and optimizing image compression for fast loading, which is essential for SEO optimization.
Design: Ecomposer
- A no-code page builder, Ecomposer allows for the quick creation of unique pages without the need for programmers. It offers a variety of elements, such as slideshows, video banners, parallax, countdown timers, and lazy loading.
Omnichannel
Rule 4: Scale Up
Scale up both geographically and in distribution channels. Traditional store boundaries are fading, giving way to an expansive approach encompassing various trading platforms, social networks, and digital spaces. Strategically expanding a brand’s presence across these channels is crucial for capturing market share in the fragmented retail landscape.
Top Shopify Plus Apps for Scaling
Geography: Weglot
- Consider whether English is sufficient for your users’ interactions. If not, Weglot can help transition to a multilingual option, working similarly to Google Translate. If automated translation isn’t satisfactory, it can be manually fine-tuned.
Multichannel: Expandly
- Sell not just on social networks but also on other global platforms. Expandly supports Amazon, eBay, Etsy, WooCommerce, Magento, Royal Mail, USPS, Xero, and more. With Expandly, you can manage all your customers within one app.
Social Media: VF Auto Social Post
- VF Auto Social Post simplifies publishing new products on social media. It allows updating product information across all social media pages that complement the online store. This tool streamlines the process, ensuring consistent and efficient sharing of new products or updates and enhancing the online presence and engagement with the audience on various social platforms.
Trust
Rule 5: Build Long-Term, Trustful Relationships with Customers
According to Elogic experts, successful online stores should work on developing their brand. When we talk about a brand, we mean customer trust. Aiming for long-term customer loyalty goes beyond transactional interactions. It’s important to encourage repeat purchases through notifications, loyalty programs, and targeted advertising campaigns that resonate with customers’ evolving needs and preferences.
Top Shopify Plus Apps for Customer Retention
Notifications: NotifyVisitors
- NotifyVisitors offers marketing automation software. Depending on your audience, choose from email marketing, SMS marketing, WhatsApp, push notifications, pop-ups, and registration forms. Its user-friendly interface includes ready-to-use email templates, allowing you to inform customers whenever necessary.
Reviews: Junip
- Junip collects more reviews and displays them wherever possible. Gather, manage, and display reviews using the same platform used by brands like OLIPOP, Jones Road Beauty, Kotn, Lomi, Hexclad, Pier 1 Imports, and many others who have switched to Junip.
Instant Reactions: Fomo
- A social proof app, Fomo, enhances the visitor’s trust in your online store. The app creates small notifications that appear in the corner of the screen, informing people about activities like purchasing a product or service. Sites using TrustPulse reportedly see a 15% higher conversion rate.
Analytics
Rule 6: Continuously Gather Data for a Flexible Marketing Strategy
Data on product performance, placement efficiency, and content engagement is invaluable for fine-tuning marketing strategies and ensuring they align with dynamic market conditions.
Top Shopify Plus Apps for Data Collection
Button Profitability: SquidVision
- Test the effectiveness of your main slogans and calls to action. SquidVision shows how much revenue each button and link in your online store generates.
Real Profit: TrueProfit
- An app for analyzing profit at the level of individual products and the store as a whole. TrueProfit allows for flexible adjustments in marketing strategies, pricing decisions, and profitability.
Multichannel Profit: BeProfit
- A profit analytics app for Shopify offers customizable profit reports, expense tracking, and integration with multiple eCommerce platforms. BeProfit provides a clear picture of your expenses and revenues, aiding in identifying areas for improvement.
Referral Programs: ReferralCandy
ReferralCandy helps merchants acquire new customers at a lower cost by leveraging referral marketing instead of expensive ads. Reward your existing customers for referring friends and family, creating a continuous stream of authentic word-of-mouth growth. Trusted by thousands of eCommerce stores, ReferralCandy is a proven way to boost sales and expand your reach without the high costs associated with traditional advertising.
Finally, it’s essential to recognize that the six outlined points are not separate tactics for increasing company revenue. They are interconnected and complementary elements forming a synergy—a comprehensive influence on the company’s growth.
In 2024, successful brands will treat these insights as future forecasts and actionable steps to build their marketing strategies. Such an approach involves blending diverse tactics to formulate a comprehensive and effective marketing plan. This plan actively adapts to market trends and customer demands, laying a solid foundation for ongoing success.
