Which Technologies Have Most Potential To Impact An E-Commerce Business?

Uncertain times call for quick pivots to the plans in sales and marketing is what is taught in the first few months of 2021.
Quite rapidly, businesses have had to evolve. Throwing a wrench in several sales and marketing strategies, trade shows, in-person sales meetings, and events have been canceled.
Which Technologies Have The Most Potential To Impact An E-Commerce Business?
It is the ideal time to invest if you do not have an e-commerce store.
You need to ensure that you are equipped to keep up with the influx of shoppers and increased competition if you do have a presence in e-commerce.
As we move through the year, let us review the latest e-commerce technology trends to aim for:
1. Mobile dominated sales online
From $2.91 trillion in 2020, worldwide mobile retail revenue is expected to reach $3.57 trillion in 2021. One hundred twenty-five million Americans own and use smartphones, and this comes as no wonder. Consumers use mobile in terms of researching products they are considering to buy and not just to make the purchases is interesting to note here.
2. eWallet technology is mandatory.
It is no longer an option to allow your customers to use eWallet functionality that is commonly known as a mobile wallet. The digital payments are projected to reach a whopping 6.6 trillion USD in 2021, more than doubling in only four years though earlier it accounted for $3.04 trillion in payments in 2017.
eWallet usage offers customers ease of use and increased security in addition to the boost in sales and conversion rates for merchants.
3. Gain in traction for eCommerce subscription
To purchase products and services online, subscriptions are an increasingly common way. The Subscription Economy Index reports a 403% growth in subscription services in the past eight years, while the eCommerce subscription market is forecasted to grow by 68%, reaching $478.2 billion in revenue by 2025.
Replenishment, curation, and access are the three types of e-commerce subscription services.
4. Making products highly personal through customizations
With the advancement in digital and manufacturing technology, brands can allow them to personalize as well as customize products that they want online as the consumers are increasingly expecting their customized products.
Brands can now strengthen the user experience, increasing customer satisfaction, and loyalty, leading to higher profits with the empowerment of customers to become partners in the product creation process.
5. Personalized product recommendations backing up upselling and cross-selling
You increase the likelihood of them making a purchase with the personalization of the product recommendations to the tastes and interests of customers.
You should be leveraging the details of the user’s previous purchases and on-site search for recommending relevant products in order to make personalized product recommendations.
6. Interactive online shopping through AR and VR
The fact that their customers cannot try on or experience products before purchasing them is one of the biggest challenges that is now dealt with in the best way to help e-commerce retailers with augmented reality and virtual reality.
Customers can virtually try on placing furniture within rooms of their homes, try on the products, and more with AR and VR.
7. Better CRM integration for customer experiences improvement
Through online marketplaces, chatbots, emails, e-commerce websites, and social media, all of which are managed to make sure of the ideal customer experience, as these are the various channels that the online retailers are using to connect with their customers.
Online retailers often use third-party integrations to connect their e-commerce tool not only to CRMs but to all the channels and systems that are collecting customer data besides building built-in integrated e-commerce CRM systems. They make sure of a smooth customer experience across the channels and platforms this way.
8. Emergence of top global eCommerce platform- Magento.
Magento is the most well-known e-commerce platform in the world, powering over 250,000 businesses due to its reliability and scalability. With a high volume of products and the budget to invest in certified third-party design, programming, and development services, their customers are typically enterprise-level online stores.
9. Drive business with actionable content.
Attracting potential shoppers, guiding them to their purchase opportunities, and boosting conversions, relevant with helpful content, helps in driving business. You can mix and match the contents as they are available in several forms. Interactive, stance-taking, email, and lifestyle storytelling are included in them.
10. Shoppers can now complete tasks quickly with PWAs.
Websites accessed directly in a browser offering high converting features of a native app are what Progressive Web Apps or PWAs are. From an app store platform, these apps are not downloaded.
PWAs are designed to help shoppers accomplish tasks quickly while websites are optimized for users to get informational content. To create a highly engaging shopping experience, they have fast and reliable features and functionalities.
11. Social media drives mobile sales.
To drive sales, platforms enabling e-commerce stores to sell directly through their social pages are increasing. Consumers are immediately taken to a product page where they can make a purchase with a simple click on a product link within a social post.
Social commerce sales are expected to reach upwards of 80 billion USD in revenue by 2024 as an outcome of this shift.
12. Cognitive supply chain management gains pace.
Cognitive supply chains are self-learning, intelligent, and adaptive, with e-commerce Companies, increasingly looking for distribution and inventory management systems. Improved, decreased inventory, and personalized customer service is what they result in.
These systems can also increase transparency, mitigate risk, improve performance and insight.
13. Video continues to gain consumer attention.
Sales are increased along with product understanding with the use of product videos on e-commerce sites. With 78% of marketers says that video directly increases sales, and 94% of video marketer agree that video helps buyers understand what their brand offerings are.
14. Online shopping is now fun.
Shopping online can lack the interactive experience of shopping at physical locations for some. By motivating customers to behave in a certain manner in exchange for additional benefits, gamification injects fun into online shopping.
Promotional contests, tiered VIP loyalty programs, and spin-to-win opportunities are the three common gamification methods included.
15. eCommerce is now personalized through Chatbots.
A computer program simulating a human conversation is what a chatbot is. It can help resolve their challenges among several platforms 24/7 as it communicates with customers instantly.
To create a personalized online shopping experience and artificial intelligence to infer customer’s preferences is what Chatbots uses. This medium has grown in its popularity and will continue its growth, and it comes as no wonder.
16. Voice search is growing in popularity.
With the speaking of queries, mobile users and owners of devices such as Amazon Echo or similar technology are increasingly comfortable.
Implementation of a robust SEO strategy, building brand affinity with actions and informational skills that includes product feature and review videos, and focusing on delivering a superior customer experience, are included in successful voice search strategies for e-commerce retailers.
Closing thoughts
Implementation of some of these e-commerce trends to gain an advantage this year and beyond is what your toughest competitors are inevitably planning on. To become a dominant e-commerce brand, which ones do you intend to act upon?