There is a massive change in the eCommerce industry since the last few years thanks to emerging technologies. As technologies tend to become more innovative and begin to include high-level intelligence, their scope widens at each level of eCommerce including the value chain, marketing, advertising, and many more.
An eCommerce website appears as an unlimited scrolling of products that needs to keep the customer patiently engaged long enough for him to make the purchase. As the customers are rapidly moving towards eCommerce platforms, retailers are looking for more advanced technologies to retain customers on their eCommerce websites.
Emerging technologies like Artificial Intelligence, IoT, Blockchain and AR/VR have expanded their reach towards customers’ needs by providing instant search results, personalized customer services, secure transactions and detailed analytics.
Here are few ways emerging technologies will influence the eCommerce industry the most:
Personalization powered by Artificial Intelligence
In today’s era of hyper-commoditization, where retailers are competing against big giants like Amazon, Flipkart, and Alibaba; eCommerce vendors are trying to provide superior customer experiences. The best way to accomplish this is to use intelligent technology that drives a high-level of personalization where each customer is treated as an individual target along with customized recommendations and quick customer care, rather than a part of general mass. AI enabled Chatbot is the best example of this, which can resolve customer’s problems without connecting them any representative.
Not only this, AI-powered personalized recommendation systems able to identify and find products based on pictures and recommends products people might like to see. Artificial Intelligence (AI) is an important part of eCommerce platforms since it embraces the potential for dynamic and adjustable target audience, which helps businesses get the right customers for right products, at the right time, on the right platform.
For example, Amazon’s Echo – a voice-controlled intelligent personal assistant, is influencing every surface of our lives. For eCommerce, just need to get it hooked up to an eCommerce store running on Magento, OpenCart, CS-Cart, Shopify etc. Alexa (Device wake-up word) has an answer for just about any question that people ask her.
Real-time Monitoring with IoT
When it comes to eCommerce, IoT or the Internet of Things is the latest ‘buzz’ among retailers. IoT has undoubtedly begun to play an increasing role in the eCommerce industry.
“Retailers are expected to invest some $2.5 billion to implement IoT technology in their stores by 2020” – IBM
IoT-enabled devices exchange data with each other through the internet, which helps retail and e-commerce businesses to carry on their operations efficiently. Inventory management is the most relevant example of this process. The process of tracking inventory becomes easier with IoT. IoT sensors and RFID tags help employees take care of inventory management in real-time and streamline the entire flow of the supply chain.
Internet of Things can improve the monitoring and tracking of inventory items by reducing human errors in reordering the products. Key information such as product name, type, expiry date, batch IDs, manufacturers’ and suppliers’ detail can be automatically stored in the system without any human involvement.
Using “Smart Shelves” retailers can track number of products that are out-of-stock and able to place automatic orders as soon as the stock reaches reorder level reducing customer dissatisfaction due to out of the stock products. That’s why IoTs are ideal for businesses that need seamlessly inventory management restructuring a smooth functioning of the backend processes.
Secure Transactions through Blockchain
Despite the growth predictions expected to be seen in the eCommerce sector, several problems demand constant attention such as – supply chain management, transparent marketplaces, data security, efficient management systems, payments and satisfied consumers and retailers. One technology that brings solutions to all these problems is Blockchain. In the eCommerce industry, Blockchain Is one of the most impactful technologies that retail businesses are looking forward to adopting.
In the eCommerce industry, payment solutions are the most critical part of the purchase process. When it comes to transactions, retailers are more concerned about higher processing fees, insecure payment gateways and the lack of usability. Blockchain offers low cost transactions and improves the level of security that retailers are expecting.
According to Forrester’s Mobile Payments Forecast, 2018 To 2023 (US), Mobile payments in the US will grow at a compound annual growth rate (CAGR) of 16.8% from 2018 to 2023. Forrester also predicts that in-person mobile payments, remote mobile commerce, and mobile peer-to-peer (P2P) payments from 2010 to 2023.
Another key area of the eCommerce industry is the supply chain that retailers need to meticulously manage. Implementation of a Blockchain network in the supply chain allows clear visualization of the entire process making it authentic. Addressing this issue, Cygnet Infotech has come up with a unique Blockchain-enabled supply chain for record-keeping and traceability powered by its digital document signing and authentication solution – Cygnature.
Cygnet’s blockchain enabled eCommerce Solution maintains transparency in the supply chain and allows consumers to see how their orders are being handled. With the transparent order flow of products, customers can buy confidently as they do their purchases securely and able to track each and everything.
Innovative Experience with AR/VR
The key objective of eCommerce businesses is to attract customers to their stores and encourage them to make purchases. Whether it is from an online store or a brick-and-mortar store, retailers adopt innovative ways to influence their consumers. Augmented reality (AR) and Virtual Reality (VR) are two such emerging technologies that help lead this innovation across stores.
These technologies allow eCommerce brands to facilitate buyers during their purchase journey to engage and get more involved with the products offered. AR/VR attract more attention of potential shoppers prompting them to visit the online business store. Augmented reality changes the core human experience by providing options to try on products.
For instance, AR creates a unique experience for buyers and offers a personalized experience where customers can see products they want to buy in a virtual environment and see how they would fit in the physical space that it will eventually be used for. This way they can discover how it feels like when they mix the “real” and “virtual” elements of the product shopping and buying processes. Same way, using Virtual Reality, users can explore virtual showrooms. Both technologies are used to enhance the user’s shopping experience. In addition, innovative virtual environments can attract consumers before they make the purchasing decision and reduce post-purchase hassles.
Given such essential modernizations in emerging technology, the boundaries between shop owners and eCommerce retailers are expected to disappear quickly. Technology-driven personalized experiences for customers will not only lead to the conversion of one-time purchases but also drive personal and trust-based relationships between retailers and consumers. This move will also increase the goodwill of businesses while retaining customer loyalty. If you want to explore technology solutions for your eCommerce business that can do just and much more, get in touch with experts at Cygnet at +1-609-245-0971 or firstname.lastname@example.org.