5 Predictions For The UK Ecommerce Market In 2024

The likely motto for the 2024 consumer: “If it’s not cloned or pre-owned, it better be cheap”. As rising living costs continue to bite, consumer habits follow suit.

As we bid farewell to a stop-start 2023, and look ahead to the Year of the – £3, plastic Temu – Dragon, here are my five big predictions for the UK market next year.

Spoiler alert, there’s a clear theme: Accessibility and affordability.

1) Can we get a ‘woop’ for dupes?

Dupes (or ‘cologned’ fragrances..) are essentially clones of higher-end products, and by offering the same smell with a small price tag – what’s not to love?

In fact, it’s loved so much that notedaromas.co.uk – which markets dupes of luxury fragrances at a fraction of the price – have seen their monthly visits exceed 273K. This ranks them at 58th for visits within the Beauty industry, surpassing traditional retailers like Clarins, Elemis, and La Roche Posay.

2) Secondhand marketplaces continue to rise

This year alone, Vinted – a brand that appeals to the cost and eco-conscious shoppers around the world, as well as those looking to make a little extra money – has seen an extraordinary growth of 111% in the UK.

3) Fast fashion VS environmentally-friendly

Consumers are searching more and more for ethically-sourced products, yet Shein’s contrasting business model looks set to generate $60bn by 2025.

12% of Brits have adopted the Shein app (#2 in the UK fashion category) and Shein.co.uk is the 4th most popular website in its category – growing faster than the category average.

On the flip side, ASOS, who were once the fashion powerhouse of choice for many, saw traffic decline 43% this Black Friday weekend vs 2022.

4) #TikTokMadeMeBuyIt

TikTok is set to surpass all to become the pound-for-pound, undisputed destination of choice for social commerce.

Proving it’s far more than just an entertainment channel, TikTok is in fact considered the main search engine for more than half of Gen Z, with 3 out of 4 Gen Z’ers buying something after seeing it on the platform.

Millennials are set to join the fun, with 40% now using the platform.

5) We’re falling back in love with experiences

Less of the material possessions and more just doing stuff.

There was a notable increase in visits to travel websites in 2023 (+7%), including LoveHolidays who grew an impressive 51% in comparison to the same period in 2022.

This trend suggests that despite the cost-of-living crisis, UK shoppers are prioritizing affordable experiences over luxury purchases.

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by Richard Robinson

Richard has 20+ years in brand building and go-to-market strategies, with leadership roles at Google, Turn, and Cambridge Analytica. He frequently speaks at industry events.