Regularly, new technologies emerge in the field of eCommerce. As a result, online businesses must adapt to satisfy the evolving needs of modern customers. The momentum of online shopping is particularly strong, leading to significant growth in eCommerce sales. The projected eCommerce revenue in the US alone will be $1.7 trillion by 2027. To maintain a competitive edge in the online retail space, it is crucial to stay up to date with the latest e-commerce technology trends. From this article, you will learn about innovations in online business.
Keys E-commerce Technology Innovations
#1 Livestream Commerce
The TV shopping channels of the past may seem outdated now, but livestream commerce is here to revolutionize the way you shop. With this innovative approach, hosts showcase various products in real-time on commercial platforms, allowing viewers to make direct purchases right from the shopping site.
Livestream commerce has gained immense popularity, particularly in China. During the Taobao platform’s Global Shopping Festival in 2022, over 300 million users tuned in to watch these engaging sessions. Even companies in the United States have taken notice and embraced this new form of ‘shoptainment.’
The buy now, pay later service has emerged as a prominent trend in eCommerce. This service allows customers to purchase goods in interest-free installments, gaining popularity during the pandemic. People sought alternative funding sources and flexibility, avoiding credit card usage while shopping. BNPL became an ideal option for them.
Reasons motivating users to choose BNPL include:
- Direct providers like Afterpay and Klarna contribute significantly to BNPL’s popularity.
- Facilitators, such as Mastercard, Shopify, and Stripe, act as intermediaries and incorporate their services into the BNPL infrastructure.
- Retroactive service providers, like American Express, offer flexible payment options for the buyer’s credit card after shopping.
#3 Digitalization of everything
There is no longer any place for physical documents, with rare exceptions. Everything exists in the digital world and a PDF scanner for iOS helps you digitize documents. If you still use physical documents, download the scanner app and digitize them. To easily convert your documents to PDF, you just need an application on your smartphone. This PDF scanner app can also convert PDF to docs if you are interested in this format. Then you can analyze the data through AI, conveniently organize it in tables, or quickly find the information you need.
#4 AI Content Creation
AI-based content creation stands out as one of the top eCommerce tech trends for 2023. The potential of artificial intelligence goes beyond personalizing the shopping experience – it has the power to revolutionize content-making and brand marketing. According to Ross Beyeler, the COO of Trellis Commerce, artificial intelligence will bring automation and scalability to these fields.
Artificial intelligence can prove invaluable in various areas. For instance, tools like Synthesia and Designs.ai leverage AI to effortlessly generate logos and video content. Services like Pencil, Bannerbear, and EXOD automate the creation, testing, and optimization of advertising campaigns using AI. Salespeople can rely on AI-powered platforms like Frase and Jarvis to craft copies for blogs, products, and landing pages.
Personalization plays a crucial role in driving business profitability. Providing a personalized shopping experience increases the likelihood of repeat purchases by approximately 49% of consumers. The latest trend in e-commerce technology is leveraging artificial intelligence (AI) to personalize online stores.
AI can enhance product and search recommendations, customer segmentation, and customer support, among other areas. By analyzing customer behavior patterns and interpreting user data, AI and machine learning analytics enable brands to make personalized recommendations.
Here are some key applications of artificial intelligence:
- Voice assistant: Many consumers use voice assistants to search for products, and AI needs to understand and provide relevant results for customer queries.
- AI-powered chatbots: eCommerce chatbots enhance the customer experience and improve brand image. These virtual assistants assist with order status information, respond to queries, and facilitate purchases.
#6 VR and AR
Virtual reality (VR) and augmented reality (AR) have emerged as highly-discussed technologies in recent times, with VR being well-established and AR gaining popularity. These technologies possess immense potential to revolutionize our interaction with the world. VR, for instance, creates immersive experiences for users to explore virtual environments, while AR overlays digital information in the real world, enabling novel interactions. The applications of VR and AR span across entertainment, gaming, education, training, and more. As these technologies progress, we can anticipate even more groundbreaking uses in the future.
Major corporations and governments worldwide are already utilizing blockchain, a distributed database that enables secure, transparent, and tamper-proof record-keeping. With its potential for countless applications, blockchain can track various valuable assets, from digital currencies to physical commodities like cars.
#8 Artificial Intelligence and Machine Learning
AI and machine learning create a buzz in today’s eCommerce landscape for good reason. These cutting-edge technologies possess the potential to revolutionize online business operations. Let’s take a closer look at AI, machine learning, and how they benefit eCommerce. We’ll also explore top companies already leveraging these technologies to their advantage.
eCommerce is experiencing rapid growth as more people opt for online shopping. This presents significant investment opportunities in the industry. Should you wish to implement any of these trends, enhance your existing online store, add new features, or develop an eCommerce platform from scratch, you can improve your results.