The eCommerce sector has come of age in the year 2021. If the 2000s were the debut year of the global eCommerce sector, the year 2020 was one of tremendous growth. As a result, the industry saw more trends in 2020-2021 than in the last decade.
The eCommerce sector gets a regular infusion of technology from the latest innovation trends. Innovation is the base for everything that advances, including the eCommerce sector. Therefore, if the pandemic was diminishing for all other sectors, it was a window of opportunity for the eCommerce segment.
Like all difficulties and necessities serving as windows of innovation, this also served as one. eCommerce today supports artificial intelligence for virtual assistants, Big Data for customer data insights, and other technologies. These technologies combine to provide the best digital infrastructure to the eCommerce sector.
The eCommerce sector is growing by 23 percent year on year. However, this high percentage of growth will sustain only when it gets support from the technology sector. According to reports, around 95 percent of total retail shopping will happen online on eCommerce platforms. These are significant figures for the eCommerce sector, but only when innovation trends update over the years.
There are many innovation trends in the eCommerce sector. For example, nearly nine percent of e-retail consumers admit to using voice assistant technology to shop. For convenience purposes, this figure needs to grow. This figure will only grow when technology supporting voice technology advances.
4 Hot Innovation Trends in 2021
1. Location-Based Mobile Targeting And Sales
Earlier geo-targeting happened only for hyperlocal stores in the neighborhood. However, today, eCommerce stores are also turning to location-based selling. Today, customers shop on the go via their smartphones. More than half of the eCommerce customers make a purchase decision on the phone. Therefore, it is essential to analyze how the customers make an on-the-go decision on purchases.
Today, eCommerce platforms extend geo-targeted discounts to specific customers based on their locations. For this, the platforms are using real-time location tracking systems. eCommerce stores look towards replacing physical shopping, and geo-targeting can help the media in the same. By location-based services, you can offer services to particular people according to their needs.
2. Use Of Drones
Earlier shipping and delivering a product used to take nearly seven days. However, with the help of priority shipping services and features like Amazon Prime, the customers can get the delivery within two to three days of ordering. This decreases the wait time for customers and provides a distinct advantage to eCommerce stores where they combine speed with convenience. This factor will only increase because of drone technology.
Drone technology can help in faster delivery, like overnight delivery of products. Ecommerce giants like Amazon are trying to introduce drones in shipping services so that customers enjoy super-fast delivery. However, as people’s dependence on eCommerce platforms increases, the delivery speed also needs to increase manifold.
3. Artificial Intelligence-Powered Shopping
Artificial intelligence is an excellent example of technology assisting humans. Today, AI can help humans to shop. With the help of AI, people can use virtual assistants and personal chatbots for shopping. These chatbots can help shoppers get highly personalized options. In addition, AI improves the customer experience for small eCommerce brands and stores. These stores offer personalized services that mimic that of a physical store.
With the help of AI, a customer gets clothes of their size. He can also get the exact product he wants. For example, you can try out different lipstick shades on your face and get suggestions according to your skin tone with AI. This helps in getting the best out of your shopping experience. New eCommerce shops are using AI at some level or the other. While eCommerce stores are virtual shops, AI technology adds a human-like depth to the websites to ensure a better customer-brand relationship.
4. Voice Powered Shopping
Voice assistants like Siri, Alexa, etc., are all the rage now. Voice is a powerful technology tool because it does not require you to use other methods like typing. It is almost like you going into a physical shop and conversing with the shopkeeper about your requirements.
Smart speakers that also double up as your domestic assistant are everywhere today. These speakers can also help you shop the way you want. These voice assistants are connected with the internet and access the virtual shops on your behalf. Then, before taking up an order, they confirm with you. This is a new, tech-powered way of shopping that is very fun and convenient.
Whether you are a new or seasoned business owner, these innovation trends are changing the eCommerce landscape. It is critical to adapt and incorporate these trends in your business to ensure your survival. Why not take a closer look at your current business model and see where you can utilize any of these trends? Your future may depend on it!
Barrett Shepherd is the founder of Simpl Fulfillment– a 3PL pick, pack, and ship solution. He is passionate about helping eCommerce businesses realize their full potential by offering eCommerce fulfillment. He loves to work with eCommerce brands of all sizes and help them reach their full potential.