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12.06.2024
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eCommerce Trends in the Global Food & Beverage Market
Turnkey online store development and promotion of online stores are key to success in the rapidly evolving eCommerce world. Technological progress impacts all aspects of our lives, and consumer habits are changing as well. We no longer need to visit stores or call centers to order pizza. Personalized AI recommendations have become the norm, and sometimes apps know better what we need.
What can we expect in the near future? Which trends are just emerging, and which ones have already become part of our daily lives?
We conducted a study on eCommerce trends in the food market based on data from the first quarter of 2024. In this article, we will discuss strategies that can help companies succeed and share our predictions for the future of the Global Food & Beverage Market (F&B).
This article is a must-read if you plan to enter the F&B market or are already a participant. You will learn how to create a product from scratch, adapt to changes in the external environment, gain significant competitive advantage, and minimize business risks.
Turnkey online store development will help you succeed in the eCommerce world.
Market Size Estimates and Key Drivers
Forecasts indicate that the global F&B market will reach $85.25 billion in 2024, with an average annual growth rate of 20.7%. The main online buyers in the food industry are smartphone users. As their numbers grow, the potential for online orders of food and beverages also increases. This highlights the importance of quickly reacting to trends and identifying new opportunities for innovation and development.
Other Key Drivers:
In 2023, niche app downloads in the F&B sector reached $1.95 billion.
The average revenue per app download is $1.04.
Total revenue from in-app purchases in 2023 was $0.42 billion.
The share of the USA in the global F&B market is projected to reach $3.80 billion by 2027.
Despite this, many Americans, except millennials, prefer in-store shopping to inspect, taste, and smell the product before purchasing. However, 54% of surveyed Alibaba users admitted they prefer online shopping to avoid large crowds.
eCommerce Trends That Will Affect Your Business
Chatbots for Better Customer Experiences: AI chatbots save time and resources, simplifying the ordering process.
Data Analytics for Personalized Recommendations: Machine learning increases sales by at least 10%, analyzing user profiles and purchase histories.
AR and VR Technologies for Food Sales: These technologies create engaging marketing campaigns and enhance brand loyalty.
Developing IoT Applications: IoT is used for real-time monitoring and inventory management.
Creating a Digital Ecosystem: Building online platforms and ecosystems is a global trend, offering more than just a delivery tool.
Conclusion
Creating an online store from scratch require careful attention to detail, including integrations with payment systems, logistics platforms, and courier services. This is crucial for achieving the brand's mission, delivering a unique user experience, and strengthening market position. A personalized mobile application is not just a tool for increasing sales and improving service quality but also a key tool in the modern digital world.
Your idea + our technological capabilities = incredible results.
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