How Is Magento 2.4 Remolding e-Commerce Business Space?
Magento 2.4, for open source and commerce, is finally out now with general availability. The additional Security-Only Patch 2.3.5-p2 for Magento 2.3 is now available in the market.
Wondering how the Magento 2.4 update will grow your business, help boost sales, and enrich your online presence?
In this blog, we have compiled an extensive list of functionalities you can enjoy with the Magento 2.4 update. We have also explained all the improvements that have been made to the platform in detail.
What Is Magento 2.4 All About?
Magento 2.4 has essential updates that can help you improve security and performance. You need to upgrade your stores as soon as possible and enjoy continued security, compliance, and complete optimization of the platform with the latest Magento module development update.
Since eCommerce is an evolving market, business owners and merchants need to continue adapting in order to meet the latest market trends and consumer shopping behaviors. Magento, as always, is committed to merchants and enables the option to adapt and grow with timely security patch releases and frequent version upgrades.
What are the features available in the Magento 2.4 version?
If you decide to involve a good Magento extension development company for this upgrade, Magento 2.4 can deliver robust feature upgrades for merchants to advance their following online store competences:
- It allows streamlining B2B purchasing using purchase approval workflows
- You can now deliver exceptional customer service with the help of Seller Assisted Shopping.
- The upgrade allows you to generate growth and bringing value back to physical locations using In-Store Pickup
- It helps in saving time and resources on the creative workflow, all thanks to the new Media Gallery
- It helps in building headless and PWA storefronts quicker and more reliably
- The latest update supports higher traffic volumes along with delivering stellar performance with platform upgrades
Let’s understand in detail about some significant enhancements that are included in Magento’s 2.4 Open Source and Commerce update.
What are the Security Enhancements available in Magento 2.4 release?
Magento introduced a very crucial security enhancement in the latest update is 2FA.
The company specifically introduced the 2FA (Two-Factor Authentication) security check for the Magento admin panel. This optional security layer can help protect your account from unauthorized users who might want to misuse your account
Some other significant security updates are mentioned here:
- Magento has now enabled the template filter strict mode by default in order to prevent RCE (remote code execution) attacks
- The company has also enabled data rendering for UI data providers, again as a default option, to reduce malicious user interference
- There are significant improvements noticeable in the content security policy
- It now provides support for new security.txt file for reporting potential security issues to sire administrators
What are the Platform Upgrades available in Magento 2.4 Release?
Magento 2.4 version supports an enhanced level of website security and performance. Mentioned below are a few notable platform enhancements facilities:
- MySQL 0
- Elasticsearch 7.x
- PHP 4
- PHPUnit x
- The Zend Framework migrates to the Linux foundation’s Laminas project
- They have removed the MySQL catalog search engine and replaced it with Elasticsearch
- They have presented the deprecation of PHP 7.4 – 7.1, 7.2 along with PHP Unit x-6.5
- The company has eliminated the Brain Tree module along with the Signifyd fraud protection code
What are the Infrastructure Improvements in Magento 2.4 Release?
With the 2.4 version, Magento has successfully improved the overall quality of the framework by including the following modules:
- Customer Account
- Catalog
- CMS Import
- Cart and Checkout
- B2B
What are the infrastructure improvements introduced in Magento 2.4 version?
The latest version of Magento offers the following benefits:
- Elasticsearch (new default search engine) will now support partial word search
- There is no core integration with third-party payment methods such as net, Worldpay, and others
- It offers the migration of PayPal Express Checkout to the latest PayPal JavaScript SDK
- It also offers Composer Plugin Update, among other things
What are some other significant improvements Magento 2.4 Release?
Magento has shared numerous other updates. Here are some important ones that can help in thriving your business online:
- Enjoy 25-30% of improvement to Quick Order add-to-cart performance
- You can now license stock image previews 30X faster from the Media Gallery
- Users can add all the items from the previous cart to a new one
- Customer can enjoy payments with existing data stored in the users’ browser
- Additional support for PWA studio 6.0.0 and 0.1
What’s the current market scenario like?
The commercial landscape has witnessed a rapid shift at the beginning of the COVID-19 pandemic. Experts expected an unprecedented acceleration of digital transformation initiatives.
A recent study from McKinsey indicated that 96% of B2B businesses have effectively transformed their sales model for improved online and eCommerce-based selling functionalities.
On average, about 65% of business owners admit that the new sales model is as effective or more so than their previous strategies. About 80% of individuals admit they are likely to sustain the shifts in the post-COVID-19 era due to fruitful result
The research data in Adobe Digital Economy Index (DEI) shows the migration in shopper behavior to digital commerce has been persistent. In fact, since April, eCommerce shopping has consistently reached higher shopping levels compared to those seen in the 2019 holiday season. In June, consumers spent about $73.2 billion online, which was 76.2% more than the previous year.
With Adobe’s latest version of Magento Commerce and Magento Open Source, merchants will be able to capture new opportunities in the current commerce landscape and stay prepared for a post-COVID-19 future.
Bonus Material
What is the process for Magento 2.4’s approval workflow?
Magento’s approval workflow feature is one of the biggest reasons why you should upgrade your existing version now.
To revamp B2B commerce sales, businesses must fall in line with their customers’ varying purchasing policies and requirements.
Magento 2.4 offers a new approval workflow functionality that helps B2B buying companies to customize their approval processes by just using a simple form.
The companies can now easily define approval rules based on their number of SKUs, shipping costs, or order value. Companies can specific rules for multiple approvers and can also assign specific roles.
For instance, if a junior buyer makes a purchase over $5,000, the company can make it mandatory to get that order approved by the purchaser’s manager before it is submitted.
The approval process is also designed for efficiency; approvers are automatically notified when reviews are required and can easily approve, reject, or comment on a purchase order in their accounts. Buyers also have complete transparency and receive notifications at each stage of the purchasing process.
Wrapping Up
The Magento 2.4 version has significant upgrades in store for its online merchants and vendors. A lot of experts are speculating that with the recent releases of Magento 2.4, version 2.4.x is not far in the future. The tentative date for the 2.4x version release is currently October 15th, 2020.
Magento 2.4.2, on the other hand, is expected to make an appearance on February 9th, 2021.
