New trends of e-commerce and its developments
New trends in e-commerce are developing every day. By the end of 2019, the global e-commerce market had recorded sales of $3.5 trillion. This represents 14% of all global retail sales!
But what does this mean for e-store owners?
Online competition is certainly growing rapidly. Where advertising rates and e-commerce rates are increasing. And it’s hard to build a strong brand to stand out among that digital noise. Moreover, consumer shopping habits are changing along with the emergence of entirely new technologies such as the Internet of Things (IoT) or augmented/virtual reality (AR/VR).
This is why keeping up with the latest trends in e-commerce is critical to surviving in the retail scene.
To make it easier for you, we have compiled a list of the top tech solutions that e-commerce retailers will be using this year and in the near future to attract new customer segments and secure their growth.
Some new trends in e-commerce
- Artificial Intelligence (AI)
- Augmented Reality (AR)
Artificial Intelligence (AI)
One aspect that has been lost in online shopping that makes physical shopping so much fun is the help of an in-store assistant who is knowledgeable about the offer and can provide relevant recommendations and personalized instructions.
The advent of artificial intelligence and machine learning will only cement it in the market, allowing retailers to find new ways to improve and personalize the user experience and improve customer service.
AI can take the form of a useful virtual assistant that guides customers to appropriate product offerings by asking them some questions about their needs and preferences.
AI can also help companies:
- Learn more about their customers and provide them with a personalized experience.
- Connect customer data to the real-time strategy to enhance the shopping experience.
- Automate processes such as customer support thanks to chatbots that help customers 24/7.
- Improve pricing and discount.
- Increase demand forecasts to make smarter digital advertising spending choices.
Consumers love brands that care about them. AI helps achieve this by explicitly connecting different data points, creating customer profiles that include meaningful insights that retailers can use to craft personalized experiences.
Augmented Reality (AR)
Augmented reality is set to become a major game-changing factor in online shopping. It will help online shoppers visualize the products they want to buy, be it furniture or clothing. Consumers using augmented reality can see what they would look like wearing a certain item or how the sofa would fit into their home. And all without the need to visit the store.
This way, shoppers will be more confident about purchasing products online, and retailers will enjoy discounted return rates. Of course, augmented reality takes the entire shopping experience to a new level as it helps customers try out the product as quickly as possible.
The greatest implementation of AI capabilities lies in chatbots that can provide 24/7 customer service. Chatbots allow retailers to connect with thousands of their customers while giving them a sense of personal connection and providing relevant recommendations.
One research study found that more than 60% of customers would rather have small books, websites or apps get their questions answered.
Today, chatbots are mostly used by retailers for customer support. However, chatbots have the potential to become one of the most important marketing tools in a retailer’s toolkit. For example, in the retail space, self-checkout will become the norm, and personal shopping assistants will be there to help shoppers get what they want. Furthermore, they will use the data collected to help anticipate new products that customers might like.
Be prepared for the future
In the e-commerce sector, there are many exciting technologies that are not yet visible in the future. Mobile or mobile platforms will be a part of the e-commerce business, and subscription to services will be more important in the digital market. There will be a leap forward in the way of marketing and displaying products.
You need to ensure that your e-commerce site is ready for the future by incorporating these technology trends with it. In case there are any missing features, you should adopt one as soon as possible. Get professional support in this regard if you are passionate about integrating any of the latest technologies for e-commerce businesses.
Read more about the importance of owning your own online store here.