Technology is redefining the e-commerce industry in more ways than we can even begin to imagine. New concepts and their potential applications are getting discovered every passing day. As technology becomes more and more advanced, the e-commerce industry moves with it. How is technology reshaping Ecommerce?
E-commerce stores are continuously growing their web presence and providing more advanced ways to relate to their customers. The results of these innovations are an interactive, booming and sophisticated e-commerce industry.
Information easily passes from company to customer and vice versa. Similarly, services and products are easily accessible to customers, and companies easily provide more efficient support to their clients. Additionally, having an e-commerce business, means trying different experiments until finding out what works best for you.
That said, with the evolving information technologies and their multiple benefits, many businesses have been adapting them into offering promotional offers such as deals and discounts to their clients with the sole purpose enticing new customers and keeping the old ones loyal. So which technologies exactly are leading the pack in shaping the e-commerce landscape today? This article will highlight a few of the leading trendsetters and find out what ripples they are causing.
With thousands of currencies all over the world, the introduction of a decentralized currency was one of the greatest news the e-commerce industry could ever receive. Blockchain has streamlined the online payment process by ensuring that there’s a single digital space where transactions take place and that the issue of currency exchanges is a thing of the past.
People can carry out online transactions freely without interference from governments, the hustle of exchange rates and the fear of lack of transparency. It is very easy to keep track of a transaction information since everything is carried out in the digital space.
So many people have begun carrying out transactions using cryptocurrencies like the Bitcoin due to the increased level of transparency. Business owners enjoy this technology since it has broadened their market coverage and increased profitability.
This is the ability to allow customers to make purchases with just a single click. With this, there is easier check out of goods since customers get to skip the cart and go directly to checkout.
The good news is, this is no longer available to Amazon customers only since their patent expired last year. Shopify, Stripe and other companies have also jumped on the bandwagon enabling their customers to enjoy this amazing technology.
This new technology has not only brought about higher conversion rates but also repeat customer purchases. The one click check out is good for business since the efficient check out process enhances profitability since more goods will be purchased by the clients.
Voice shopping can best be described as making purchases using smart speakers. This practice is becoming common every day but most people are not aware that it has been available for quite some time now.
Today, a number of homes already have these speakers and the number is expected to grow rapidly over the years. Amazon’s Echo has especially dominated the voice shopping market competition but other players are slowly catching up. In a few years, voice shopping is expected to dominate the e-commerce industry and this can be attributed to technology.
AR technology allows consumers to interact with products virtually. It allows the consumers to visualize and imagine what owning a particular product might actually feel like.
It gives customers the chance to experiment with technology. A great example is IKEA Place that allows the customer to virtually put furniture in their home and imagine the end result through their phones. With this kind of technology in place, search capability is enhanced enabling customers to search and purchase products that perfectly suits their needs.
So many sites have chatbots to enable them to interact with their customers efficiently. In the past, these chatbots were not as effective as they are now. In recent times, chatbots have become more human-like and super-fast in their responses.
This means that customer service in these platforms is top notch. Recently, chatbots have been enhanced to have the quickest responses and to analyze and store a lot of vital information. Companies can quickly obtain information from the customers, analyze the information and come up with the best strategies to perfectly align the best support, services, and products with customer needs.
These tools enhance the relationships between businesses and their customers. A more efficient and fluid user experience translates to profit, and profit is the primary business of an e-commerce store. Information technology has therefore played a huge role in reshaping the e-commerce space, and will only continue to do so. Advancement in technology enables businesses to come up with the best methods to suit their customers’ needs. No one knows what the future holds but it does seem pretty bright.
Author: Rilind Elezaj is an experienced Digital Marketing Specialist with a demonstrated history of working in the marketing and advertising industry. Rilind possesses a strong entrepreneurial mindset and has devoted his career to enhancing the sphere of digital marketing. In his methodological approach, Rilind integrates web development and other digital marketing solutions to create hybrid strategies that bring the best results.