Every year, new trends are introduced with the potential to improve business operations.
Thus, setting the stage for a lot of online companies this coming decade.
As a result, customers will be searching for brands and businesses that are up to date with the latest trends. That said, the most innovative brands will be the ones who will experience the most success.
As a retailer, you should always be on the lookout for these trends, as this will transform how you operate your business.
Here are the 11 Latest Tech Trends That Every E-Commerce Brands Needs to Know
1. Visual Search
The visual search technology allows you to point your smartphone to an object.
Recently, Amazon launched its Show and Tell feature. With it, you can even hold up a particular
item to the camera and it will immediately identify what you are holding.
Let’s say a mustard-colored couch. What it does is it will pull images of mustard couches that
have been around for years.
There is also Pinterest Lens, a visual search tool that garners about 600 million searches
monthly. Shoppable pins were also recently added to Lens.
So, if you hover over an item, you can buy without hassles with just a click of a button.
2. eWallet
Allowing your customer to use the eWallet functionality (aka the mobile wallet) is no longer just
optional. It is now imperative that you implement in your online store.
Although mobile wallets only accounted for $75 billion back in 2016, it’s now projected to hit
$500 billion this 2020.
Apart from boosting conversions and sales, using e-wallets keeps your customers at ease
because of its added security. They no longer have to input their credit card information on
websites or give their credit card details to the cashier.
Additionally, most eWallets also need dual authentication before use.
3. Mobile Devices
In the US alone, 125 million consumers are using smartphones. Also, more and more people
are making purchases on their mobile devices.
Although customers still make online transactions using their desktop, there are an increasing
a number of mobile users that shop online.
Global trends in e-commerce indicate that mobile has become an essential piece of technology.
It is used by people to research, discover, and buy products and services.
Thus, mobile users should be at the forefront of your strategy. Its because mobile optimization
significantly impacts your store’s ability to rank high on Google. Mobile-friendliness also plays a
critical factor in the ranking algorithm.
Do you know that 40% of mobile users won’t buy or go back again after a bad experience with
your brand or company?
Most people these days expect your site to be mobile-optimized. Optimizing ones site for
mobile has been a trend for the last couple of years, and, in 2018, mobile became the standard.
4. Augmented Reality
Augmented Reality has made a significant game-changer in online shopping, closing in the gap
of ambiguity.
This helps the prospect to visualize the products that they are interested in. It does not matter if
it is a particular piece of furniture or clothing item.
With Augmented Reality, shoppers can now see how it looks without wearing a particular item
or buying furniture. Doing so can help them have an educated decision before hitting the buy
button.
Moreover, it helps buyers overcome the challenges of not having the first-hand experience with the
product. Thus, making comparison shopping to a whole new level.
Augmented Reality makes it possible for people to visualize a particular product in their life.
5. Voice search
More and more e-commerce stores are now optimizing their content for voice search.
In the new guidelines by Google, voice search content should provide you with more textual
content. This lets them show up on rich snippets and knowledge graphs.
While using tablets and pictures are excellent, websites won’t usually get any benefit from it.
Using voice-enabled buttons can lead to more conversions and increase your sales. This
explains why brands like NorthFace and Amazon made their e-commerce apps tailored for
voice assistants. Doing so allows users to order via smart speakers.
6. Chatbots
Chatbots can play the role of the equivalent to the greeter and salesperson in your e-commerce
store.
What is it exactly?
In a nutshell, it is a computer program that encourages human conversation. It will immediately
communicate with the customer and will help resolve their issues in numerous platforms 24/7.
As of the moment, 47% of consumers open to purchasing chatbots, and this number is
expected to grow. In relation to this, 60% of customers now prefer that their questions are
answered by a website, chatbot, or app for simple inquiries.
One of the main reasons why they prefer doing so is quicker response time.
Chatbots are also using artificial intelligence to know the preferences of their customers. This
helps them create a more personalized shopping experience.
7. Omni-channel Support or Presence
Most modern shopping habits usually involve cross-channel research, consideration, and then
purchase. Moreover, a majority of customers expect smooth interactions from several channels
and devices.
This explains why having an omnichannel presence is imperative. Nonetheless, you need to use
the right technology. Doing so allows you to provide your customers with what they need,
whenever and wherever necessary:
● Video Chat allows you to create a face to face interaction with your customers. This
helps you craft a personalized, cross-channel, and visually consultative and
demonstrative experience.
● Co-browsing is a visual engagement system that brings agents and customers together
on the same page. This allows your team to guide your customers through complicated
procedures.
● Screen sharing is a kind of method that allows you to interact with your customers,
resolve difficulties when filling in forms, do transactions, etc.
● Document Interaction gives a platform to your agents when it comes to interacting with your customer’s documents safely. You can also use e-signature technology to improve security.
8. AI Technology
Identifying patterns and customer segmentation based on the customers browsing history offers
a massive challenge for e-commerce stores. More so, when it comes to storing personalization
and automation.
Intelligent algorithms are now essential and considered as the key to overcoming these types of
challenges.
According to Business Insider data, retailers have implemented a lot of personalization
strategies that have seen a gain of 6% to 10%.
Now, the accuracy of this data depends on the data size and quality. This can be challenging
for small businesses that don't have a massive volume of data.
But these businesses can partner with third-party providers. Doing so lets them overcome this
restriction, indicating that more and more companies will be tapping on AI-powered tools. This
allows you to create a personalized recommendation for every user out there.
9. Payment Options
More and more customers are expecting better payment options. For instance, when they shop
overseas business, they expect that they can still buy using their local payment provider.
Also, a lot of people are used to shopping on large retailers like Walmart and Amazon. These
platforms usually save their customers billing and shipping information for a more
straightforward check-out process. The best part? The customer’s don needs to input their data.
More and more e-commerce sites use alternative payment options like ApplePay, PayPal, and
other options that allow a frictionless check-out. Even some e-commerce stores are accepting
cryptocurrencies as well.
Apart from that, mobile commerce is also surging. Over the years, we’ve seen the rise of other
alternative payment methods like mobile-based payments.
10. Subscription-Based Models Will Rise
Digital payments have become more convenient, and this year, we will see the rise of
subscription-based business models.
Take companies like Loot Crate and BirchBox, for example. The subscription-based business
the model allows them to personalize their offerings.
11. Cognitive supply chain management
Supply chain management plays a vital role in the e-commerce world. Still, 3PL services are delicate aspects to handle.
In supply chain management, three critical factors will warrant constant improvement:
● Automation: When it comes to supply chain management, everything is about
automation. Process consolidation will help entrepreneurs crystal-clear unopposed shifts
of information flow.
● Sharing Data: Details such as your inventory availability, customer information, and
shipping. All of this should be available in every stage of supply chain management.
● Customer-Centric: Will identify your customer’s goals and tendencies. This depends on
factors that enhance your business operational efficiency.
Over to You
The world is rapidly changing. E-commerce is getting bigger and better this year, and new
technologies allow them to achieve that.
The most successful e-commerce ventures use cutting-edge technologies to stand out from
their competitors. Thus, use these technologies to provide a better understanding of your
customers. This includes knowing what they want and how you can deliver it without hassle.
This ensures that your company will be able to reap the benefits of it as well.
As an e-commerce business owner, you must embrace those that you think will best suit your
needs, and never forget to provide value to users.
This allows you to craft and a better experience for users, as well as increase your sales.
