Ecommerce continues to experience rapid growth. From subscribing to an online subscription service for laundry detergent or bidding on vintage sunglasses at auctions, consumers are attracted by its ease and convenience.
Customers increasingly expect personalized shopping experiences, making this an opportunity for retailers to increase sales and gain customer loyalty.
Artificial Intelligence (AI)
Artificial intelligence (AI) is making waves in e-commerce. Businesses using this cutting-edge technology can use it to personalize shopping experiences for consumers, automate certain processes and enhance customer service.
Amazon and Alibaba have already begun using artificial intelligence (AI) in their business strategies, for instance using it to predict customer demand and route products accordingly, thus decreasing delivery time and costs.
AI can also assist customers in finding exactly the product or service they’re searching for without spending much time looking. By uploading images of products they like to their search, customers will quickly get results similar to these items, helping customers quickly locate what they need without spending unnecessary time searching.
Chatbots are used by businesses to create meaningful interactions between themselves and their customers. By employing artificial intelligence (AI), these bots are able to understand what customers are saying and respond in the most suitable way.
Best of all, these service providers can work around the clock so they are always available to answer questions or offer assistance. Furthermore, they can conduct comparison research by gathering customer preferences and offering personalized recommendations.
Companies often struggle with maintaining customer service capacity during a recession, yet a simple chatbot can ease some of the strain placed upon live agents by handling routine requests and decreasing wait times. By freeing up resources for more complex matters, chatbots provide relief.
Virtual Reality (VR)
Ecommerce businesses have struggled for some time now to establish emotional bonds with their customers and go beyond simply providing convenience and efficiency.
VR allows companies to give customers an authentic view of products and services, helping increase sales while building customer loyalty.
VR technology holds great promise in the ecommerce industry. By creating immersive shopping experiences without ever leaving home or the office, it can create immersive shopping journeys that give shoppers an immersive experience that re-enacts all aspects of shopping experience – proving invaluable for sales strategies as well as giving businesses a competitive advantage over rivals.
Augmented Reality (AR)
Augmented reality (AR) is an immersive technology that overlays virtual data onto the real world, similar to virtual reality (VR). AR offers less restrictive access than VR due to not requiring a headset that fits over one’s head to present a simulated environment.
Augmented reality apps allow consumers to virtually try on products. For instance, Sephora’s AR app enables people to view cosmetics on their face; IKEA customers can “see” furniture in their home; paint brands allow users to visualize colors on walls; and Warby Parker allows customers to virtually try on frames.
Immersive experiences offer eCommerce businesses a powerful means to reduce returns and consumer complaints, an ongoing burden for eCommerce stores. Furthermore, this immersive approach can enhance post-sale customer service by providing virtual demonstrations on how to use and troubleshoot products.
Mobile payments provide a quick and efficient method of purchasing items online. Most use biometric authentication (such as fingerprint and facial recognition) to confirm that only authorized buyers are making purchases.
Mobile payment options like contactless credit cards and digital wallets offer convenient payment methods that increase customer retention while increasing satisfaction during in-store purchases.
Mobile payments offer faster transaction processing times compared to traditional EMV chip or swipe transactions, making them an appealing solution for businesses with lengthy checkout lines. In addition, mobile payments provide greater levels of security compared to other payment methods.
Same Day Delivery
As customers demand quick delivery services, brands are turning to technology to fulfill orders more efficiently – same day delivery has become an essential service in the eCommerce sector.
Amazon Prime members enjoy one-day shipping, which has contributed to their rapid online retail growth. Furthermore, many retailers are turning their physical stores into distribution hubs to reduce shipping costs through click and collect models or offering “click and collect”.
Brands must adopt these technology trends to remain competitive and reach out to new consumers, while these disruptive technologies could transform e-commerce and increase profits for businesses.