Technology is not static, it evolves in response to changing needs of its users and innovation. This is especially true for digital technologies where trends change in shorter periods of time. With mobile phones with more powerful processors than their predecessors, more complex technologies are becoming viable. The trends that will be seen in the e-commerce industry in coming years are as follows:
• Rise in shopping via mobile apps: Shopping is increasingly shifting from website to mobile as people find it a more convenient way of shopping which means the website utility is getting limited to discovery platform. Mobile apps help build a loyal customer base as those who download them find it easier to use them since it has preferred payment method already stored into it and the purchase is just a few clicks away and notifications help them know when the needed product is back in stock or selling under discount.
• Rise in alternate payment methods: Security issues mean that customers would be more hesitant to use their credit cards for the transaction and prefer wallets and other payment networks for the transaction. E-Commerce sites and apps should provide all payment options to their customer as it can sway the customer’s decision to purchase.
• Rise in AI in e-commerce: Increased use of artificial intelligence in fields like customer care in form of chat bots and more automation is the new trend in E-commerce. This is mostly to ensure faster response to customers, minimizing human error and cost reduction.
• Personalization and customization: Analyzing customer behavior and targeting them with products and customized offers which fit their attribute so that even the smallest target consumers are not left out.
• Same day delivery: Customers would like the offline shopping experience by delivery of the product on the same day as purchase. This means retailers have to invest in a more sophisticated logistics infrastructure to reach the last mile in the least possible time.
• Social selling: Use of social media for marketing with help of creative ads, events and much more. Social media sites like facebook have built in features like button and transaction for sellers which helps in getting on-the-spot purchases.
• Loyalty schemes: Reducing customer attrition by loyalty schemes like points and rewards.
• Real-Time, Signal-Driven Analytics: More complex data analytics will supplant the obsolete ones to give better conversion rate.
• Live support and rigorous customer engagement: To earn loyal customers in this competitive market, it is essential to court the customers so that they don’t feel left out and earn their trust by having sound customer care infrastructure which is responsive to every customer.
• Customer retention Program: Marketing with the goal is shifting from customer acquisition to customer retention through easy repeat purchases, list mile delivery, responsive social media customer care, loyalty programs and e-mail support.
• User generated content: Customer reviews and customer posted pictures is an opportunity for marketing as well as a source of negative feedback which has to be addressed by a responsive and proactive customer care.
• UX prominence: Increased quality of user experience with aesthetic, simplistic, responsive and material design.
• Internet of Things: Interconnected devices will create new avenues of commerce. For example, a refrigerator which can detect the empty cans of milk and supply the information to user’s e-commerce account or even making the purchase directly with or without the consent of the user, depending on the settings.
• Dynamic Pricing: Real-time price determination by supply and demand through price optimization software for easier tracking of competitors and extracting profits throughout supply-demand fluctuations.
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