Technology is like a trump card that helps you lead in the E-commerce sector. The E-commerce industry has expanded in all walks of life. You can take examples, including the retail sector, services sectors like a doctor, pharmacy, engineering, repair and maintenance, decor, furniture, home goods, and several others.
Here technology may seem to be a minor factor. But, it makes a big difference and gives you an edge over the others. E-commerce businesses need to update themselves up to the recent developments in technology constantly. Otherwise, customers can easily drift away from your platform due to more facilities and convenience. Further, the number of customers has amplified at a rapid pace after Covid-19.
According to Oberlo, the number of digital buyers is a whopping 2.14 billion in 2021.
So, it is necessary to grab potential customers with the use of proper technologies. We'll cover in this article the influence of recent technologies on E-commerce stores.
Artificial intelligence (AI) is a buzz in the online market due to its enormous potential. AI understands the behavior of the clients using their previous history and searches. But, how is it possible? It uses machine learning algorithms. Whenever customers visit the store, AI shows personalized results. It increases the chances of their purchase manifold.
Furthermore, AI helps in displaying customer-centric product advertisements. Whenever customers come across any of these advertisements, they don't take them as random ones. It grabs their attention instantly! And they are likely to click on them as it matches their interests.
● An E-commerce store can retarget its potential customers easily. How? AI engines give detailed information about target prospects in a particular area. And their product choices as per demand in the market and other information like gender, age group, etc.
● AI utilizes the power of voice searches. E-commerce content managers can create their content according to local slang and famous words. They can include FAQs that people ask in voice assistants. Also, you can take the help of an E-commerce SEO agency to design appropriate content according to voice searches.
AR bridges the gap between physical and digital stores. The advantage of physical stores is that consumers can try the products and see how they look in real life. The returning rate is high with the normal E-commerce platforms due to a mismatch of size, color, or stuff.
But, AR addresses this issue extensively. Users can select their products and try them virtually. For example, Ikea online market allows the live screen placement of the furniture in the room. Let it be a chair, sofa, table, etc. It is possible even to try shoes, clothes with AR.
So, what does AR do? It assists shoppers in making correct shopping decisions. Further, AR provides an extraordinary customer experience. New additions keep on happening in AR. It is ever-developing technology. And it is worth investment to experiment and implement AR in your online store.
Customer support is crucial for addressing customer needs. For this, chatbots are tailor-made for conversations with consumers at any time. Chatbots are pretty influential in welcoming new customers and giving them a unique feel.
No doubt chatbots can't handle complex human issues. Yes, they can be an assistance to the customer support team. Chatbots are the direct route to two-way communication. It opens the door for efficient marketing.
● Chatbots are available 24*7.
● They can solve simple grievances quickly.
● AI can combine with chatbots. With machine learning, chatbots can become intelligent enough to handle most of the customer's problems.
Have you heard about IoT managing stocks and tracking products? The Internet of Things is the new dawn for the automation of E-commerce inventory and Logistics. Consumers order products from online stores seeing their description and brand.
Earlier, there were high chances of replacing genuine products with fake ones on the way. But, with the IoT revolution, it is not possible at all. Products have attached cloud-based technologies like RF identification and GPS. Now, E-commerce managers, as well as customers, can track the live location of the products.
Further, IoT has streamlined inventory management. Using this technology, you can track how many products are in stock and how many more are required. Products have fit in RFID tags and IoT
● IoT provides live information about goods to ERP systems. Thus, it simplifies the procurement and manufacturing of goods.
● It reduces the chances of human error. IoT automates the process of data update and tracking.
● With IoT, there is no shortage of products in peak demand. And it even minimizes the over-production.
Payments are of paramount importance for E-commerce businesses. And customers leave the E-commerce application or websites if payments take more time or don't get completed. So, the payment procedure must be quick, secure, and accurate. It helps in sustaining E-commerce business. Further, a secure payment system increases customers' confidence and makes them return to the store again.
Many e-payment systems are available today, like credit cards, debit cards, and UPI, all available in one place. Further, customers use E-wallets and gift vouchers in their daily life. So, proper search is necessary before choosing payment systems for your E-commerce business. It helps in increasing the credibility and trustworthiness of your online store.
In brief, technology is the lifeline of the E-commerce industry. It makes all the tasks easier, from procurement, logistics tracking, payment processing, consumer satisfaction to delivery. You can adopt these technologies for:
First, boosting customer relationships leads to a higher customer retention rate and thus an increase in word-of-mouth marketing.
Second, seamless integration of inventory and smooth shopping experience.
Next, E-commerce managers need not worry about payment hassle.
Last but not least, customer support is always available whether the in-house staff is present or not.
So, what are you waiting for? Which one of the technologies are you planning to implement first? And what is the first step for that?