According to the Similarweb team, the likely motto for the 2024 consumer will be “If it’s not cloned or pre-owned, it better be cheap”, as rising living costs continue to bite. This will benefit both second-hand marketplaces and fast fashion brands and lead to an emerging battle between these two categories.
Another interesting insight from Similarweb is that dupes of higher-end products will become more popular in the new year. notedaromas.co.uk which markets dupes of luxury fragrances at a fraction of the price have seen their monthly visits exceeding 273K this year, surpassing traditional retailers.
5 Ecommerce Trends to expect in the UK for 2024 according to Similarweb
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.
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.