Future Of Shopping 2021: How Technology Is Transforming Ecommerce Industry
Take Your E-business to New Heights
How would you like to earn a portion of the five trillion dollars generated by e-Commerce? As per the developer stats, that’s how much revenue e-Commerce merchants around the world will likely be generating by 2021.
Online merchants who understand the global potential of eCommerce are all set to take their business across the globe. But to make the most of global e-commerce opportunities, merchants need to be aware of the significant changes affecting the online business.
No wonder online shopping keeps the desire for convenience alive. There are multiple ways to compete with online retailers and create more and more in-store experiences. And the easiest way to do this is by using technology to your advantage.
Technology is evolving rapidly and failure to take advantage of these changes will result in weakening your ability to capitalize on this growth in the global e-commerce market.
Through this piece of article, I am going to tell you how technology is transforming the future of shopping in 2021.
Technologies that will Reshape eCommerce Industry in 2021
“E-retail revenue will grow from$ 3.53 trillionin 2019 to$ 6.54 trillion by 2022.”
However, e-commerce is an ever-changing industry. Every year, many new trends emerge that can help your business grow and outpace your competitors - 2021 is no different.
Let’s take a deeper dive into those tech trends that will revolutionize the eCommerce industry.
#1 Voice-Activated Payments Ace the Game of Shopping
Voice is going to play an important role in the future of e-commerce. As the popularity of smart home devices such as Amazon's Alexa and Google Home continues to grow, we can expect a flood of consumers to move towardsvoice-enabled shopping.
Nowadays, the use of digital assistants and voice-activated paymentsfor purchases has grown at a faster rate than any other connected commerce.
Did you know thatvoice commerce salesare projected toreach $ 40 billion by 2022? Another major reason for increasing voice commerce is the increasing accuracy and convenience of technology.
E-commerce merchants are still relying on traditional keyboard data inputs. While by updating their websites and apps to allow voice commerce, they will outperform the competitors.
With Google, Amazon, and Applealready building forays in voice payments, expect to see more disruption in the e-commerce arena as savvymerchants integrate voice payments into their growth strategies.
#2 Omnichannel Shopping Will Become Dominant
Omnichannel retailing gives shoppers a seamless and consistent experience across channels and devices. In a survey by Harvard Business Review, 73% of respondents said that they use multiple channels during their shopping journey.
With the increase in adoption of mobile devices and voice assistants, I can only imagine that in 2021 the number of omnichannel customers will increase even more.
Use analytics tools such as Fintezawhich provide detailed eCommerce analytics to identify customer behaviour and track everything related to cash flow.
An analytics tool like this helps you analyze which products are in demand,monitor your profit and loss, and evaluate customer loyalty.
Finteza also allows you tocreate reports for eventsthat mean the most to your business, such as View Items, Add to Cart, Checkout Progress, and Checkout Success.
These insights enable you to deliver the exact product your shopper is looking for andprovide a seamless shopping experience.
#3 Augmented Reality E-Commerce Experiences
Augmented reality is a new thing in the eCommerce world. However, experts say that this technology will personalize andenhance the shopping experienceand completely change the way customers shop in the coming years.
By offering augmented reality features online, you can gain a competitive advantage that will help you increase sales, conversion rates and the number of products sold. You can also hire API developers in India who will assist your business in achieving the business goals.
Companies such asSephora, Amikasa, IKEAhave already started using this technology to allow shoppers toview their products in real-timeand make more informed purchasing decisions. Now is your time to use augmented reality to maximize your marketing efforts.
#4 Machine Learning & AI Creates a Personalized Experience
By using AI-driven software and machine learning applications, you can get a clearer understanding of what customers expect from your brand and what specific "feelings" they have about the products you offer.
With the help of automated software, you can go through all the customer reviews available on the web, andget insights on customer experienceand satisfaction.
In addition, you can use new technologies to predict what some customers want in the future. By registering and analyzing data about customers' online behaviour, their shopping experiences, and favourite products, the system can define which products customers may be interested in, and when purchases will be repeated.
By leveraging artificial intelligence and machine learning in eCommerce, it becomes mucheasier to anticipate customer needs and optimize sales. So don't hesitate to learn more about these techniques, and rethink your approach to marketing.
#5 The Use of Mobile Technology
As consumers gain confidence in online shopping, they feel more comfortable shopping using their mobile phones. And by the end of 2021, mobile devices are expected to make up about 73% of total eCommerce sales.
In addition,30% of online shoppersleave their cart in the middle of shopping if they find that yourwebsite is not mobile-friendly.
As an online merchant, you should focus on improving the customer experience for mobile users. Here are some effective ways to develop your eCommerce site friendly for mobile devices:
Check your site for mobile-friendliness by using Google Mobile-Friendly Test. For this, enter your URL in the software, and it will display if your online store is responsive or not. Also. it will show if there are any loading problems on your website.
Build a progressive web app (PWA) for your online store. PWA loads faster than a website and allows customers to view pages that they have previously browsed without the Internet.
Implement Accelerated Mobile Pages (AMP) for shoppers visiting your site using a smartphone.
Ensure a smooth checkout process on mobile devices and find ways to make it simpler.
Test your mobile site manually. Check if navigating is easy. Check if it is easy to see the products on your mobile and if there is an option to zoom.
#6 Improved Shopping Experience With IoT
With IoT, in-store shopping can be easily enhanced- and there's no need to go all the way to do this and build a cashier-less store.
Take Beacon, as an example. They allow personal messages and offers to be sent to smartphones within their reach, or analyze the routes they take to stores to better display products to customers.
RFID and GPS sensors, on the other hand, make it possible to obtain more accurate data on how products are stored or handled, and where they are located in the supply chain.
This, in turn, helps retailers ensure the entire process, from creating a product, to running as efficiently as possible when a customer buys it.
The global IoT in the retail market is projected toreach USD 94.44 billion by 2025, this happens shortly before the majority of retailers implement an IoT solution, one way or another.
#7 New Payment Options Will Emerge
Payment options are one of the main reasons why customers choose a specific brand. If you do not offer your customers a preferred payment method, they will not make purchases from your eCommerce store.
Until now, most eCommerce businesses accept digital wallets (such as Google Pay and PayPal) in addition to debit and credit cards.Cryptocurrency, especially bitcoin, has many benefits for online shop owners, such as low transaction fees and no reverse transactions.
For example, Overstock partnered with Coinbase, a Bitcoin platform that allows customers to use Bitcoin as a payment method. In 2021, we can see that more eCommerce businesses will start accepting cryptocurrencies for transactions.
Ecommerce businesses dominating the market should prepare themselves to adopt the latest trends at the earliest. In 2021, voice commerce, omnichannel shopping, AI, and AR will likely prevail.
More and more online businesses will start accepting crypto payments to entice users to select their brand. Well, if you want to implement these technologies into your eCommerce site, then you should hire ecommerce developers in India.They will surely help you with all your business needs. I hope the article proves to be fruitful for you.
For more such types of blogs keep reading this column.