eCommerce Technologies for Business Success in 2019 and Beyond
What makes an e-commerce business a success?
There was a point of time when e-commerce was all about catering to the product/service requirement of a customer. However, in today’s digitalized atmosphere, the customer is looking for much more. Hence for e-commerce businesses to succeed, they must take extra measures, adopt trends, and always stay in the loop of technologies that could benefit them.
E-commerce Businesses have always found the concept of technology to be challenging especially owing to its quick evolution and the growth of ethical e-commerce consumer awareness. The ever-changing trends are making it impossible for most online retailers to catch up with the “now of things”. On the other hand, the consumer today is more aware of the purchasing cycle as well as the impact borne environmentally due to e-commerce.
This is why even though there are about 12 to 24 million e-commerce sites in the world, only 6,50,000 of them are able to sell more than $1000 USD, annually. Other than that, predictions are that the number of online buyers is expected to reach 2.14 billion by 2021.
Hence, it has become impertinent that e-commerce businesses adopt all new technologies and trends of the present moment that can enable them to reach, if not the top, a safe place from where they can only move up. To help businesses achieve this goal, here are some technologies and trends of the future that e-commerce businesses need to adopt.
Future technologies for e-commerce
1. Drones and Droids
Believe it or not, drones and droids are the future of e-commerce delivery. Though this concept seemed like a sci-fi concept in the past years, today customers are actually waiting eagerly for this reality. No wonder, big e-commerce giants like Amazon are already investing and exploring paths to roll out the technology.
The main reasons why most consumers abandon their carts are because of the delay in delivery and shipping costs involved when buying a product. In fact, according to reports, it was found that 86% of online shoppers dropped their purchase midway to making payments because of the high shipping costs. So, if e-commerce business is looking t succeed, drones and droids are the trends to go for.
As key examples of the usage of drones, Amazon has already started testing its ‘Amazon Prime Air’ and ‘Scout’, in international locations, making attempts to deliver goods to customers in 30 minutes or less. Dominos Pizza showcased another excellent example of delivery by drones. In 2016, the world-renowned pizza place made its first drone delivery to a couple in New Zealand, after which the company stated that this mode will be an important part of its services in the near future.
“Bots and chat make it easier for people to buy the way they want to when they want to–and that should be the goal of any business.”– David Cancel, CEO of Drift
Chatbots are not a new concept and have existed since the 1960s but their applications to assist businesses to grow is only a recent concept. Traditional online experiences are not catering to customer needs any longer and they are looking for newer ways to communicate and make purchases.
Designed to emulate a ‘human’ customer service experience’, chatbots are revolutionizing how modern branding and sales are approached.
Consumers can rely on bots for everyday assistance, such as grocery shopping to providing daily wisdom for inspiration. Additionally, in terms of marketing benefits for e-commerce websites chatbots assist in the improvement of conversions and search engine rankings; organically incorporating sales and sorting data with every benefit offered.
For companies which have not yet experimented with chatbots, today is the time to start because, believe it or not, consumers are heavily on this technology for everyday assistance whether it’s about shopping for grocery or providing daily wisdom for inspiration.
3. AR and VR
Augmented Reality (AR) and Virtual Reality (VR) are technologies that are touching the core of human experiences and revolutionizing human actions by the day. In fact, in the arena of e-commerce AR and VR technologies have almost blurred the line between real and virtual user experiences.
Take for instance Sephora’s Virtual Assistant, one of the best Augmented Reality examples. The technology is designed to help users choose their looks ranging from makeup to outfits and more along with giving lessons for doing their very own makeup with virtual tutorials. The application is suitable for everyone, beginner or expert, giving people the chance to experiment without having to use the actual product. The application is also embedded with AR e-commerce features that allow users to try and buy any of the products if they find it suitable. All in all, the application provides users with an enjoyable shopping experience, giving them the confidence to make a purchase without having to think twice, which will likely help increase conversions while reducing refunds for Sephora in the process.
It can be seen clearly that by using technologies of AR and VR ecommerce businesses can allow customers to explore more products and save their time in the process. When ecommerce businesses begin to give their customers more options in less time, the result will be that businesses will receive more purchases and lesser abandoned carts, which will ultimately raise the store profit.
4. Voice Assistants
A new survey by Feedviser states that 43% of brands strongly agree
while 23% somewhat agree to the fact that voice ordering will bring great opportunities for e-commerce in the future. Keeping this stat in mind, another recent study by Walker Sands, the 2017 Future of Retail, states that 1 consumer out of 5, in the USA, has already made a purchase, using a voice-controlled device.
Even in the present time, voice assistants like Alexa, Google, and Siri are already supporting users to cope with everyday life in the present era. Hence, it is but only natural that this technology is going to work wonders for the e-commerce arena as well. We can go ahead and call it an era of V-commerce. Voice assistants for e-commerce is going to make the purchase process quicker, more efficient, and convenient for customers.
V-commerce is a simple tool to use but only a few consumers are using it to their advantage. However, this may be due to the fact that e-commerce businesses have not yet implemented the technology for consumers. V-commerce is expected to grow from its present value of $2 billion to $40 billion by 2022 and will open new doorways for eCommerce and mCommerce companies in advertising and investments.
So, these were some of the technologies that are going to bring transformations in the e-commerce arena in terms of how consumers are going to interact and buy goods. The e-commerce industry has to understand that it will continue to be impacted by new technology. This means greater demands from consumer and a shift from the desktop to mobile devices.
With every new year come new innovations and ecommerce businesses have to keep up with them if they want to be a part of the success circle. It’s time to ask, are we there yet?