Our world is going through a big transition from industrialization to a technology-driven economy. The success of e-commerce is an excellent example of how our world is shifting toward automation.
The product you purchase gets delivered to the doorstep. In the past, when you had to buy something, you had to reach the local market to purchase the product. In the era of online shopping, e-commerce platforms offer online facilities where you can make payments through a digital platform.
E-commerce has changed customers buying behavior. Web platforms like Amazon, Walmart, and eBay offer customers a brilliant online shopping facility.
No need to go to the local store to purchase products. We will see more development, taking the e-commerce industry to the next level.
Here are some of the emerging trends and technologies taking place in the e-commerce industry.
1) Large Supply Chain
The monopoly business has gone out of the window after E-commerce companies entered the economy. Earlier, a few companies dominated the market with a particular product type.
Monopoly in the business hurts the customers. Due to the monopoly in the industry, the companies had complete control over the price and supply of the product. A client used to end up paying more for the products because he had no other option in the market.
The product’s supply chain extended as the e-commerce business entered the market. E-commerce companies started listing small and large-scale manufacturing companies through their platform, giving more options to buy the product.
Customers are not restricted to buying from particular sellers. Buyers have complete freedom to choose the design product and company based on their reputation and product quality.
Breaking the monopoly culture became possible because of the inclusion of the large supply chain.
2) 24X7 Sales and Customer Service
E-commerce business is powered digitally; thus, there is no need to shut down the store. The entire operation is automated through the core system. Customers can place orders whenever they have time without any restrictions.
Once the order is recorded, the backend team processes it, sending it to the desired location in the set duration. Also, customers enjoy 24×7 customer support services, so you can contact the customer service team if there is any concern.
3) AI Powered Personalize
E-commerce businesses benefit from AI-powered technology to create personalized experiences for customers. Every input of the customers, including browsing, on-platform searches, activities, buying behavior, time on the product page, and cart history, are stored and used by AI technology to assume what the customer is looking for.
Based on the analysis, the personalized product page is displayed to the customer, who gets a good discount on the desired product. The goal is to understand the customer’s needs and offer them affordable products so that purchase happens quickly.
4) New Payment Options
E-commerce platforms are trying to reduce the payment process latency rate. It means the companies are developing a technology where customers do not have to undergo a lengthy payment procedure.
We will see more payment options with the simplified procedure offered to the customers. For that, new technologies are introduced and integrated into the system. Just one click of the button is enough to make the payment.
5) Machine Learning to Monitor Demand
Machine learning is used to create forecasts of demand. The technology uses to analyze the customers buying behavior. Every single input from the customer gives you a potential hint that tells you where the trend is shifting. Every year new data comes in that machine learning technology interprets to find the patterns.
Based on the data, the company can analyze the product demand and create a forecast report accordingly, alerting the manufacturer in advance to prepare for more orders.
Machine learning technology is changing the way we make buying decisions. The e-commerce platform knows precisely what can make your life better. The platform will tell you what you should buy in particular seasons.
6) Augmented Reality Technology
Augmented reality (AR) is getting into the e-commerce business. Augmented reality gives you a perspective of how things will appear in your home before buying them from the store. Companies offer app-based AR experiences to customers where they can turn on the AR-powered camera and choose a wide range of products to see how they look in their homes.
AR technology is changing the way we purchase the product. You can decorate your entire home with the results generated through augmented reality. Once satisfied with the product, you can add them all to the cart and proceed to the payment. You will already know where to put those products in the home because you have seen them before purchasing them.
Conclusion
Giant E-commerce platforms such as Amazon, Alibaba, and Walmart are the early adopter of the new technology. They are focusing on improving the customer experience by offering technology-driven expertise to the customers. We will see more emerging trends and technology integrated into the e-commerce platform to make the customer’s journey more comforting.
