Competitive marketing, strategic planning, customer-attracting special offers (e.g. https://www.raise.com/coupons/macys) and technological advancements have the potential to strengthen e-commerce businesses. E-commerce is an integral part of people’s lives. It’s changed how prospects and customers connect with brands. Gadgets, the Internet of Things, Big Data, and cutting-edge tech are closing the gap between consumers and businesses. Technological innovations are disrupting the e-commerce industry. In 2019, e-commerce sales reached $3.5 trillion worldwide and e-retail channels are expected to reach $6.54 trillion by 2022, according to Statista. Nasdaq projects that by 2040 about 95% of all acquisitions will be made via e-commerce. So, here’s a brief on how technology is changing the e-commerce industry.
A Focus on the Customer Experience
The customer experience (CX) will dominate the e-commerce sector. Businesses can reach an audience across multiple channels and offer seamless experiences to improve loyalty and boost sales. About 76% of consumers consider that a customized CX proves how much a brand cares about them. Technological innovations will help businesses create extremely personalized and individual customer experiences. For example, contextual marketing allows real-time prospect targeting based on user intent. It displays what users need when interacting with a specific brand. Optimized relevance and timing allow for an individual CX.
For e-commerce businesses, the storefront’s design attracts prospects. An effective design must include personalized components to strengthen the communication and interaction with your target audience. Implement and use a high-performance software development approach using the likes of commercetools or other technology options to focus on your customers’ experience.
Introducing the Internet of Things
By 2021, worldwide e-commerce sales will reach about $4.88 billion, as projected by Statista. The Internet of Things is the main driver of this growth as it’s helping e-commerce stores perform their operations efficiently. JuniperReport highlights that investment in IoT will reach $2.5 billion by the end of 2020.
IoT will improve e-commerce inventory management, logistics management, and supply chain management. It’ll streamline and enable real-time inventory management through sensors. Through GPS and RFID tags, e-commerce business owners can receive data including involved personnel, location, weather and traffic conditions. Also, IoT tracks all the steps involved in the supply chain, from production to delivery through companies such as CBX.
Multiple Delivery Choices
Consumers have a wide range of delivery options offered by e-commerce sites. Delivery impacts the consumers’ purchasing decisions. Multiple delivery options help online retailers grow their customer base and stay competitive.
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Chatbots and Live Chat
Conversational marketing involves two-way communication. It allows you to receive information from the consumers rather than trying to predict it. So, by utilizing and incorporating the idea of Real-Time Applications into your business, any communication that you have via a real-time and personalized conversation will help you better understand what your customers want and need now instead of wasting valuable time.
E-commerce businesses can use chatbots, which can handle multiple customer conversations at the same time. They offer answers and drive the conversation according to the customers’ needs while maintaining a consistent brand tone.
Through live chat, your customer support team can communicate with your prospects or customers through live messaging systems. You can invite your prospects to check out an offer or answer their questions. E-commerce stores can also connect with customers through mobile messaging. It prevents promotional email fatigue.
Mobile e-Wallets and Apps
Integrate a mobile wallet on your online store website. It’s not enough to simply optimize your e-commerce store for mobile. Also, consider creating a mobile app for your store, which will improve your brand awareness and increase your reach. Mobile wallets add trustworthiness to your site’s checkout and payment processing functionalities. In turn, this will boost sales and build consumer loyalty. A mobile app offers increased convenience. Think of your mobile app as a department shop, while the website is like a pop-up store.