With the advent of the internet, technology has played an active role in shaping the e-commerce industry. In the given article, we have highlighted some important technological innovation which has the power to modify the future of the online shopping experience beyond 2023.
Current Status of E-Commerce
“E-Commerce is a goliath industry”. This quote signifies the strong impact of the given industry on the life of people. With the easy availability of the internet, buying and selling of goods have so common that hardly a day people takes to make some online purchase.
The influence of e-commerce is so huge which is evident from the fact that revenue earned from it amounts to US$ 2,027,945 in 2023. The massive revenue earned from the given online platform has boosted up the morale of the various organizations to open their online stores and enhance their growth prospects.
The above-given figure also signifies how the total share of e-commerce at the global level has enhanced from meagre 7.4% to the staggering 17.5% in 2021, i.e. a whopping 10% increase in just 6 years.
So, e-commerce is the new future of the retail sector and is poised to overtake the brick and mortar stores within a span of time.
A wave of innovation is creeping inside the online business and e-commerce industry is not immune to it. It has disrupted their businesses by opening new channels and providing new opportunities to online enterprises to have good interaction with their customers.
With the rapid advancements in gadgets and the arrival of cutting-edge research is paving the way for more interaction relationships between consumers and businesses. Thereby, the future of e-commerce industry is very bright as the given innovations will shape the working of the online business.
This is 2023, which is a year for innovation! The e-commerce industry has been going through significant change in recent years, but this year; it is bound to astonish the people. The reason is that the innovation is in demand and an industry could thrive only if it incorporates the new trends.
Here, we present some list of innovative and technological trends which are going to alter the working of the given industry so to provide such an online shopping experience just like never before.
There has been an enhancement of the popularity for the voice assistants. It permits ordering the good directly from an online store via voice command. An innovative touch to online shopping, isn’t it?
One notable example is Alexa, which is utilized by the leading online store, Amazon. When a user recommends for required products, it immediately shows the results with “Amazon Choice” badge. A win-win situation for e-commerce sellers associated with the Amazon.
Various experts have forecasted that the time is not far away when the voice-activated speakers will replace desktop browsing and become a familiar name among the households across the globe.
When there is a discussion about the future of e-commerce, one thing is clear that mobile devices will play a key role in improving online shopping. Precisely, why this will happen?
Going towards the recent past, most of the e-commerce businesses have features suiting the working of the customers on the desktop. However, most of the people now possess a mobile phone and requires all the information related to shopping should be displayed on their devices effectively.
It might sound awkward but itis a sensible decision. Because by 2020, almost half of the e-commerce decision will be made on mobile and help the enterprises to earn good revenue.
So, the role of the given device will become more critical and will help the given industry to get access to a large number of the customers which has not been possible earlier. This, in turn, will increase the growth opportunities for the e-commerce sector significantly.
Although the Chatbots are not new but have become increasingly become an innovative part of the e-commerce industry to enhance their online business effectively.
These tools have become highly intuitive. Besides, powered by machine learning, neural networks and AI; they can fulfil the customers’ demand appropriately.
Why are Chatbots future of online shopping? Because they provide accurate information, are available for 24/7 and provide fast responses to meet the expectations of the customers.
Furthermore, they are capable of storing large volumes of data and thus provide instant service and a high level of personalization to the customers.
The video projecting is going to play a massive role in the future of e-commerce because product description has now become obsolete. Furthermore, various studies have found that about 60% of people prefer to watch product video before going for online shopping.
Do you know why the videos gained immense popularity? With the arrival of social media apps such as Facebook and Snapchat, video contents get more priority. Another reason could be a high success for YouTube channels, which permits proper and practical review of the products.
With the successful combination of these two products, the customers are devoting more time to watching product videos and then taking decisions to purchase their desired products online.
Therefore, the addition of the video elements in the marketing strategy, the e-commerce businesses will get instant success not only in 2023 but also beyond that.
The blockchain technology has revolutionized the entire e-commerce industry. They are playing a decisive part in holding the transaction records and also ensure transparency and security in the online payment. The customers are providing safety as the transaction are digitally encrypted to protect their data adequately.
Apart from this, it has also included a new payment option through which payment could be made via Cryptocurrency, which has made the whole process simpler and cost-effective. Besides, it also allows the incorporation of smart contracts, which helps in the proper management of the inventory efficiently.
Final Thoughts
The e-commerce industry has become a lucrative business, thanks to technological advancements. The face of the whole sector is not going to be same and is about to face a significant change.
The incorporation of the given innovative trends will set the direction of the e-commerce industry in the future and the time is not far behind when shopping will become entirely online.
Do you want to become part of the thriving sector in the future? Don’t waste time, immediately refer an experienced e-commerce web developers that will create a robust eCommerce website with latest features and innovations.
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