Here we go into 2024, determined to have another prosperous year for our clients, our employees, our communities, our Earth, and ourselves! In thinking about the new year, we decided to search for some predictions – what do the Ecommerce and Supply Chain experts see upcoming in 2024.
Upon reviewing the predictions, we can say that AMS Fulfillment is ahead of the game! We are already carbon neutral, we do have top-of-the-industry technology and data security, gold standard bi-coastal customer service teams, and we utilize robotics to assist our workforce in pick and pack efficiencies. And one more thing, we are determined to succeed for our clients, our employees, our community, and our shared planet.
2024 Predictions
First, we’ll quote Google about Ecommerce and Communication: “In 2024 achieving the right tone via AI will be a major priority for brands, particularly as they increasingly use channels like conversational commerce. This will lead to stronger conversations, an increased customer base, and more loyal customers.”
Next, what does Google say about the Supply Chain and Visibility: “In retail supply chains, traceability, tracking, and visibility will reach new heights in 2024. Location intelligence, powered by AI and machine learning, will offer real-time insights and predict future conditions, helping businesses avoid delays and bottlenecks.”
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Ecommerce Predictions from Martek.org – Marketing:
“2024 will find marketers leveraging AI to create a more robust ecommerce presence. The data will be connected, enabling brands to offer more ways for shoppers to discover and purchase, either digitally or in physical stores.”
Apparently, there are some efforts taking place to make AI sound more ‘human’. The AI chat is being trained to use emojis and express empathy. “Emojis, humor, empathy — these are all nuances that must be incorporated into retail and ecommerce communications to ensure messages come across as authentic in addition to personalized.” The article goes on to say, “AI models will need to be trained to codify and operationalize brand tone. In 2024, achieving the right tone via AI will be a major priority for brands, particularly as they increasingly use channels like conversational commerce.”
Ecommerce predictions from Forbes.com – Data Protection:
In the view of the Forbes experts, there are four trends: #1 AI will go mainstream, #2 ecommerce will get serious about data protection and privacy compliance, #3 attribution models will become more sophisticated, and #4 retail media network advertising will increase.
Regarding prediction #1 – AI going mainstream, the article mentions AI-Powered Personalization, AI-Powered Search Engines and AI Prediction Technologies being used. About prediction #2 – data protection and privacy compliance, the article states the following: “In 2024, we are likely to see a stronger focus on governance, risk and compliance (GRC) in e-commerce, prompted by high-level litigation against several large companies in late 2023. Companies will need to pay close attention to the ways they collect and use customer PII, including aspects such as informed consent and effective opt-out from tracking.”
Prediction #3, regarding attribution models, brings the following opinion: “In 2024 we are likely to see more brands adopt a broader range of attribution techniques such as media mix modeling and incrementality.” Prediction #4 offers the following: “Retail media network advertising such as Walmart Sponsored Search and Amazon Ads will play an increased role due to preparations for the end of the third-party cookie in late 2024.”
More Ecommerce predictions from Martek.org – Better Buying Experience:
“In 2024, keys to customer success will include better personalization delivered at scale by ramped-up automation and generative AI. And better digital content will surface, if organizations put in place the necessary guardrails for generative AI to fuel the anticipated content surge.”
“Humans aren’t going to be taken out of the customer experience entirely in 2024. Instead, look for AI-augmented systems to help make experience and service more efficient for marketers and agents. Organizations realize that for more challenging issues, customers want to have the ability to connect with a human.”
On this matter, we most certainly agree. There is nothing like speaking with a real live human. It does look like AI will be playing a greater role, and the programmers are aware that the human touch is needed.
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Forbes.com Supply Chain Predictions – Sustainability:
The authors state that resiliency, sustainability and artificial intelligence have been stealing the headlines and they ask… will these trends continue in 2024?
Risk Resiliency and Risk-Mitigation: #1 Strategies for on-shore, near-shore, and off-shore to be closer to the actual demand. #2 Alternate sourcing strategies for key materials to reduce supply chain risk by identifying alternate suppliers in different geographical locations to reduce dependencies on a single source of supply. #3 Rethink inventory optimization strategies to identify decoupling points and postponement strategies, to better position the right materials, intermediates, and finished products across the supply chain. #4 Improve collaboration and increase visibility with suppliers, logistics service providers, contract manufacturers and other key trading partners.”
Sustainability is a major concern: “Supply chains are a huge part of the problem when it comes to emissions (estimated to be about 70% for most companies), circularity, and inequality, and are therefore a great area to focus on when looking for solutions.” There is an expectation of regulations to come: “2024 is the year we will begin to see a constant flow of regulations around ESG coming into effect. Companies will be required to both understand and disclose their carbon footprint and emissions. And they will look to their supply chains for the data.”
AI and Digitization: “By investing in supply chain technology to digitalize processes, such as AI (artificial intelligence) the (IoT) Internet of Things and robotics, companies have been able to improve visibility agility and resilience across the supply chain. Digitally networking all the trading partners puts companies in a much better position to anticipate disruptions and take appropriate actions needed to keep customers and regulatory bodies happy.”
Predictions regarding the Workforce: The author states that technology will help alleviate worker shortages and improve retention. In addition to improving retention, experts believe technology will improve productivity and decision making of both existing employees and new talent with state-of-the-art tools. It is also predicted that the workforce will be freed up from repetitive tasks, allowing them to focus on more complex problems and decisions that require human interaction.
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At AMS Fulfillment we look forward to an excellent 2024. We’re up to speed with our technology and sustainability, and our customer service is top notch. AMS is a B Corporation, so our dedication is to purpose before profit. We serve our stakeholders – our clients, our employees, our community, our environment and ourselves. We look forward to an excellent 2024!
Links to our sources: Martek.org [LINK] Forbes.com (ecommerce) [LINK] Forbes.com (supply chain) [LINK]
