It’s been more than a decade that the E-commerce industry has scaled from multiple perspectives. Whether it is the popularity of the sector or the revenue generated by them or the level of competition, the E-commerce market witnessed exponential growth. And this trend doesn’t seem to halt in the upcoming decade.
A recent survey predicts that the E-commerce sector would move up to $4.88 trillion by 2021 which happens to be exactly double the value as it was back in 2017. An upsurge of technologies such as AI in CX, Chatbots, 5G and many others contribute to the overwhelming response of users. It becomes imperative for retailers to keep track of the market enhancements and upgrade their infrastructure to sustain their position in the industry. In case, you too are planning to cash in the technologies and upscale your business, the given five trends would be of much value.
Without wasting much time, let’s walk down the top E-commerce advancements that own the potential to disrupt the global economy.
Top E-commerce Trends To Shape Your Future
- Artificial Intelligence – Streamlining Customer Experience
Customers are the most vital aspect of any business. And the key to business success is customer satisfaction. There was a time when organizations had to wait to acquaint themselves with customers’ expectations and preferences. This affected their business on a massive scale. However, with the inception of industrialization 4.0, entrepreneurs have access to customers’ insights in real-time. Tools created using artificial intelligence have the knack to gather and analyze customers’ behavior based on their past purchases and the feedbacks rendered.
Knowing what lures a customer, helps the organization leaders transform their line of business and manifest changes that stand at par with the customer’s requirements. Also, AI-driven tools can connect in real-time and help professionals make informed decisions. As a matter of fact, Tesla, one of the most renowned car manufacturing companies, embeds tools and technologies that connect the vehicle with the company allowing them to monitor the condition of the engine. This in a way helps the company to keep track of the engine and detect any sort of malfunction within the device. Having done that, the company can take immediate steps to curb the impact and prevent severe damages.
- Mobile Apps To Transform The Face of Industry
Digitization has no doubt laid an enormous impact on the retail sector. There has been a shift in the way people shop. From traditional brick and mortar stores to the 24/7 available online channels, mobile apps have dominated the e-commerce industry. No longer does a buyer steps out to make a purchase or reschedules his/her day to find time to shop. Nearly every shop owner now runs a mobile app, offering customers the ease to buy products as and when needed and at any point in the day.
Multiple surveys opine on the growing popularity of mobile apps with 73% retail sales being driven directly through apps. Such a trend is likely to further magnify in the near future with mobile apps taking over the old school method of buying and selling.
- Chatbots For Direct Consumer Interaction
Gone are the days when organizations had to hire CX professionals to cater to the needs and expectations of the customers, let alone address an issue. With the rise in technological implications, the current face of business mandates the need for chatbots within the organizational infrastructure to better handle customer requests and speed up the process of providing assistance.
Whether you want to connect with the brand, know more about a product, raise an issue or file a complaint, chatbots are active throughout the day rendering seamless, the friction-free engagement between the company and the customer.
- AR/VR For Enhanced Product Visualization
When we talk about eCommerce or online purchase, one thing that always put up in a doubt is the quality of the product. Often customers complain about a poor quality product. In fact, a discrepancy between the product received and the one actually uploaded on the site happens to be the most common reasons as to why customers return a product.
To deal with the same and render a better visualization experience, present-day marketers have embedded a new technique, something that we call as Augmented Reality or virtual reality. Mobile apps that are developed using the above offers a real-time product visibility experience to the customers. Where some offer a 3D image of the product, companies such as IKEA offers a real-time image of the product. Meaning that customers can view the product in real-time and decide later. This kind of purchasing enhances the trust a customer has in a brand, boosting productivity and likewise sales
- Moving Beyond The Metro Cities
The E-commerce industry is more about growing and the fact that they have experienced an excellent response from the mass thriving in the metro cities, the next decade would witness their popularity beyond their geographical boundary. The industry plans to expand its reach in rural areas and explore newer business avenues.
Also, the industry has shown an inclination towards the fashion segment, with electronic gadgets being the second most sold out items. To further push sales, entrepreneurs would add distinct products. Though the acquisition of customers here would be a costly affair and would open them to risk, yet the leaders are ready to plunge and enhance their market share.
Having said all of the above, it is pretty clear that the e-commerce industry is on the cusp of change and in order to retain your position in the industry, you definitely need to restructure your workforce and employ methods that stand at par with the market needs. Modernization has just transformed the retail sector, followed by the pattern followed by entrepreneurs to take on the competition and expand their audience base. The coming years would witness a steady growth both in terms of sales and revenue. Of all things, customers remain the key to success and to reach the peak, you need to keep your customers happy!
So, get along with the industry and get started to roll, you need to change and you need to do it now!
Author Profile –
Naiya Sharma is associated as a Content Strategist with Apptunix – a leading Web and Mobile App Development Company. Her write-ups are usually based on technology, mobile apps, and mobile development platforms to help people utilize the mobile world in an efficient way. Along with writing, she also has a keen interest in managing social media marketing campaigns.