The online business landscape is ever-shifting, making it challenging to maintain a competitive edge. Yet one thing can be said with certainty: technology leads the way in this change.
New technologies like AI-powered chatbots and blockchain-enabled payments may help e-commerce enterprises increase profits and provide superior customer service.
In this article, we’ll look at some of the most promising new technologies that e-commerce enterprises may use to advance in the market and satisfy their consumers’ evolving wants and needs. Strap in because you’ll learn how these innovations can revolutionize your company.
The Top Emerging Technologies To Adopt
It might take time to anticipate changes in the e-commerce landscape. There are, however, several new technologies that e-commerce companies might employ to increase their competitiveness and better serve their consumers’ evolving needs.
Both chatbots and blockchain technology can enhance customer service and boost revenue. Lastly, voice search may help with search engine optimization and increase user participation.
E-commerce companies experimenting with and using such cutting-edge technology have a much better chance of standing out and providing outstanding service to their clientele.
Augmented Reality
By superimposing digital data over a user’s perspective of the actual world, augmented reality (AR) creates a more interesting and immersive experience in which to interact with a brand’s products.
AR has the potential to revolutionize the e-commerce industry by allowing consumers to “try before they buy,” which should result in higher conversion rates and fewer returns.
By using AR, a furniture shop, for instance, may show buyers how a potential new piece of furniture might appear in their own home.
Similarly, a clothing shop may employ augmented reality to build virtual fitting rooms, where clients can try on garments to get a feel for how they might look and feel.
In the grand scheme of things, augmented reality (AR) has the potential to revolutionize the way e-commerce enterprises sell items and interact with consumers, ultimately leading to greater client loyalty and more sales.
For Example
Several companies are using augmented reality technology to provide better customer service. Try on various makeup styles and colors before you buy them with the Virtual Artist app from Sephora.
Similarly, Warby Parker offers a Virtual Try-On allowing buyers to see how various frames appear on their faces before making an online frame purchase.
IKEA’s Place app also features augmented reality, letting potential buyers see how furniture might occur in their room.
Wayfair, Lowe’s, and Dulux are just a few more companies that have integrated augmented reality elements to aid shoppers in visualizing their purchases.
These companies are adopting augmented reality to provide their consumers with a more exciting and engaging shopping experience, which might lead to higher satisfaction levels and more purchases. Companies increasingly use augmented reality (AR) solutions to improve customer service.
Artificial Intelligence
AI is a cutting-edge technology that promises to revolutionize the e-commerce sector as we know it.
Using AI in corporate processes allows for more customer involvement, eliminating mundane chores and discovering previously unknown information about consumer habits.
One kind of AI that can potentially boost customer service and, ultimately, sales is the chatbot, which may provide instantaneous advice and suggestions to clients.
Furthermore, by proposing items relevant to the buyer’s interests and requirements, AI-powered product suggestions might boost the chance of a transaction being made.
AI may also help e-commerce organizations enhance their marketing strategies by evaluating consumer data for trends and predicting future behavior.
AI may benefit online retailers by boosting productivity, strengthening customer loyalty, and increasing sales.
For Example
Several companies already use artificial intelligence to boost consumer engagement and increase sales. Chatbots are a well-liked AI implementation because of the immediate help and tailored suggestions they can provide clients.
Kik’s H&M chatbot, for instance, lets users shop for merchandise and make purchases without ever leaving the app, all while receiving tailored suggestions based on their previous purchases.
Similarly, the Sephora chatbot on Facebook Messenger offers users advice on applying cosmetics, tips for new products, the ability to schedule appointments, and even the chance to buy the recommended items.
E-commerce enterprises often utilize AI-powered product suggestions to enhance conversions. A good example is Amazon, which uses AI to provide product recommendations based on a user’s past purchases, queries, and page views.
Automatic trading systems, such as immediate edge, employ artificial intelligence to sift through mountains of financial data in real-time and execute trades in consumers’ best interests. Market trends, financial news, and other data sources may all be analyzed by AI algorithms to reveal patterns and provide forecasts of future market moves.
Blockchain
Blockchain technology is a decentralized and secure method of recording transactions and information that is gaining popularity in the e-commerce industry.
By using blockchain, businesses can improve their operations’ transparency, security, and efficiency. One way blockchain is used in e-commerce is supply chain management.
By using blockchain to track products and shipments, businesses can improve transparency and traceability, reducing the risk of fraud and counterfeiting.
Blockchain can also be used to process payments, offering faster and more secure transactions without the need for intermediaries like banks or credit card companies.
Additionally, blockchain can be used for customer identity verification, improving security and privacy for both customers and businesses.
Overall, blockchain offers e-commerce businesses a way to improve trust and security in their operations while reducing costs and increasing efficiency.
For Example
Many companies use blockchain technology to facilitate safe financial transactions and streamline their supply chains.
Walmart is one company that has deployed a blockchain-based supply chain management system to monitor the origin and distribution of its food items.
With this information, Walmart can rapidly determine where problems have arisen with its goods, increasing its credibility and decreasing the likelihood of food poisoning.
Similarly, IBM and Maersk have collaborated on a blockchain-based supply chain management system for the shipping sector that is being used to monitor containers’ whereabouts and cut down on paperwork and delays.
Numerous companies are using blockchain to provide more rapid and secure financial transactions.
For instance, Overstock.com accepts Bitcoin and other cryptocurrencies as payment, giving a safer payment alternative that bypasses the need for conventional payment gateways.
As an additional example, the widely used payment processing business Square has released a Bitcoin trading facility, allowing users to purchase and trade Bitcoin without ever leaving the app.
Companies may increase consumer trust, save costs, and provide a safer, more streamlined service by adopting blockchain technology to manage customer payments and inventory.
Chatbots
Chatbots are AI-enabled automated messaging systems that improve customer service by facilitating the conversation. With the help of chatbots, companies can provide around-the-clock assistance to their consumers.
There is less need for as many human employees to handle customer support inquiries if chatbots are utilized instead, and chatbots can provide quicker, more consistent replies.
Chatbots offer clients a customized and straightforward experience while increasing corporate efficiency, lowering expenses, and boosting customer engagement.
For Example
The usage of chatbots by companies for customer support and sales is on the rise. A good illustration of this is the H&M chatbot on the Kik messaging service, which lets users shop for items without ever leaving the conversation.
With AI, the chatbot can provide specific suggestions to each user and answer their questions instantly.
Amtrak has done the same thing by launching a chatbot on Facebook Messenger where consumers can purchase and manage their rail tickets and get up-to-the-minute information about the status of their train.
The result is shorter wait times and faster responses for clients needing support. The Whole Foods chatbot on Facebook Messenger, for example, not only helps users find new recipes and products but also promotes specials and discounts.
In addition, chatbots like the one employed by Bank of America to assist clients with account management and assistance may contribute to cost savings in customer care by promptly responding to customers’ frequently asked questions.
With the help of chatbots, companies can streamline their customer service and sales processes, customize their interactions with clients, and boost both efficiency and profitability.
Voice Search
Voice search is a new method of searching the web and interacting with electronic gadgets. Voice recognition and other forms of natural language processing help machines decipher and make sense of human speech.
With the introduction of famous voice assistants like Alexa, Google Assistant, and Siri, voice searches have skyrocketed in popularity.
Consequently, e-commerce organizations realize the significance of optimizing their websites and content for voice search to reach better and connect with consumers who prefer to utilize voice commands.
Using voice search, companies can provide consumers with easier access to their offerings, make it simpler to find what they need, and give them a more customized and exciting shopping experience.
For Example
Voice search is the practice of doing an online query or interacting with a gadget by speaking a series of instructions instead of typing them.
Now that voice assistants like Amazon’s Alexa, Google Assistant, and Apple’s Siri are becoming more commonplace; voice search is rapidly becoming a significant development for online retailers.
Businesses may increase their exposure to consumers who prefer voice commands by optimizing their websites and content for voice search.
The cosmetics and beauty retailer Sephora is one company that has used voice search by releasing a chatbot on the Google Assistant platform.
The chatbot employs AI to provide individualized suggestions per the customer’s tastes and past purchases.
Similarly, Domino’s Pizza now supports voice-activated ordering through Google Assistant and Amazon Alexa, enabling consumers to make orders for delivery or pickup using just their voices.
Using voice search, companies can provide consumers with easier access to their offerings, make it simpler to find what they need, and give them a more customized and exciting shopping experience.
Conclusion
How online retailers communicate with and serve their consumers are undergoing radical changes due to the proliferation of cutting-edge digital tools.
These tools may boost your business in many ways, from client interaction and conversions to safety and logistics.
These technologies allow firms to differentiate themselves in the marketplace, improve productivity, and provide consumers with a more gratifying and satisfying experience.
E-commerce companies must remain abreast of these developments and find ways to use them to innovate and expand if they want to succeed.
