With the consistent advancement in the technology, you will hardly find any industry that until now remains untouched with its exploring footprints. According to technological experts, latest technological trends come with immense abilities to deliver pool of opportunities to modern businesses in the coming years.
Irrespective of the type and size of any business enterprise or company, it works with the prime objective to boost its productivity levels and increase profits. To attain the mentioned goals, the respective business/commercial unit has to reduce the overall cost of its products, provide expanded market share and improved value addition. Here comes the role of digital transformation, as it mandates and inspires most of the modern business ventures to bring changes in their already existing strategies and business models, while to adapt the latest innovation drive.
Anticipation of Trends with Big Data
Sudden increase in the demand of products, latest trends and preferences by customers help many e-commerce companies to make sure about the availability of the best selling products and market them easily. In addition, customer engagement, pages visited by people and search done for specific products and/or services give valuable insights to any business.
With the aim to achieve success, every ecommerce business owner should stay aware of the mentioned touch-points, so that they can easily increase the understanding of existing customer behavior. For this, e-commerce companies use advanced big data analytics, which help them to identify fraud on a real-time basis and employ the necessary proactive solutions.
If this is not enough, big data analytics help businesses to accomplish both up-sell and cross-sell activities. Now, the question is what big data is and what are its major functions? For this, experts have said that big data implies a collection of both digital and traditional data obtained from both outside and inside of any company’s operations. Big data analytics and its related applications are therefore consistently achieving huge traction to anticipate the latest market trends.
Game Changer Blockchain Technology
A majority of companies involved in the entire e-commerce industry are dealing with varieties of inherent challenges based on data security, supply chain management, payments, lack of transparent marketplace and many more. To overcome the mentioned common challenges, most of the members of e-commerce industry started to find various ways to influence ecommerce industry by Blockchain technology to resolve various challenges readily.
Blockchain is one of the distributed types of digital databases, which allows both public and chronological transactions. The best part of Blockchain it involves decentralization of control to allow enterprises to gain trust based on consensus and thereby, to encourage transparency right from the fundamental level. Blockchain is helpful to e-commerce industry in the following ways-
- As a decentralized platform, Blockchain provides the fastest, easiest and secured transactions and it eliminates the requirement of providing financially sensitive and personal information to any third party.
- With Blockchain, customers and businesses may interact as well as transact directly with one another without requiring an intermediary.
- Because of decentralized feature, none of the hackers may hack every node present in Blockchain platform, which further assures security of data collected from varying social media platforms and online customers.
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Machine Learning and Artificial Intelligence Provided Improved Implications
Machine Learning and Artificial Intelligence has proved to provide improved implications for many e-commerce businesses. According to the latest study, about 85percent of the total interactions between retailers and customers take place without the intervention of human beings. Because of this, AI has enough ability to bring a big shift in the already existing customer experience, with personalized and seamless customer experience.
On the other side, MI utilizes relevant statistical data and techniques to provide enough ability to computer systems to learn with the available data. In this way, companies have succeeded to accomplish customer-oriented solutions. AI algorithms are helpful to setup personalized marketing messages to boost the rate of customer retention. For instance, Chatbots perform varieties of functions, including the job of scheduling appointments, making shopping lists and weather forecasting. Since it acts as highly interactive AI tools aim to enhance customer experience drastically; besides ecommerce industries, mobile app development companies are also finding the best ways to utilizes Artificial Intelligence for nextgen mobile apps.
Intelligent Chatbots are able to give solutions to various queries made by customers associated with a specific product and/or service. Other than this, these bots are able to handle various on-site types of chat sessions, tweets and social media posts. Automation of warehouse and smart logistics is an important aspect associated with the implementation of AI in the entire e-commerce industry. Here it plays a major role to improve efficiency in the existing delivery process, reduces shipping costs and streamlines various warehouse operations.
Voice Shopping/Amazon Alexa to Gain Traction among Consumers
Voice shopping or Amazon Alexa by using Smartphone apps and speaker devices has started gaining traction among its consumers. The latest technology has created a wonderful scope for conversational type of commerce channel to disrupt the ecommerce business sector drastically. According to experts, today voice search succeeds to make about 20percent of the total mobile searches and they predict it to increase the same by about 50percent during the year 2020. Reason for this is that Google Home and Alexa powered speakers, along with other devices respond to human voice commands in no time. In this way, consumers get plenty of new options to place their orders for goods and services conveniently.
Visual Search is a New Way to Search and Purchase Online Products
Visual Search or Image Search has bought a further new way, in which consumers search and make purchases for online products. It gives a direct pathway to various items and created pool of sales opportunities to benefit online retailers. Amazon, eBay and other top online retailers have already started with the implementation of Visual Search in their existing Ecommerce platforms. According to experts, Ecommerce platforms offering visual search facility are able to entice more number of customers as compared to others, who have until now not started offering such services.
If this is not enough, Image Search has simplified the Ecommerce’s backend part based on automated tagging of products. This is because; automatic product tagging allows easy optimization and organization of the complete product catalog or tracking stock levels as well as the bestselling items across different channels.
Beacon Technology Sends BLE Signals
With consistent growth in the entire e-commerce industry, a majority of retailers have started making a huge investment in the beacon technology and its use-cases. Beacon is a low-powered and a small size of transmitter device equipped with Bluetooth Low Energy to deliver context-aware and proximity-based messages. These beacons perform a major function to transmit a combination of numbers and characters in the form of BLE signals.
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Based on broad classification, beacon use-cases are available for e-commerce in two major categories. Accordingly, first category is for only ecommerce businesses with minimum to approximately no physical presence and second one is for traditional retailers with both physical stores and ecommerce sites. Beacon technology has played a prime role to bridge the gap present in between different shopping channels. Accordingly, you may utilize the collected data from varying channels with the aim to obtain a clear insight on specific demands of your customers to send them relevant promotions.
To conclude, we should say that cutting-edge technology is fully set to integrate into almost every aspect of the modern business and thereby, it brings radical changes in the operation performed by ecommerce companies, while at the same time the value they deliver to customers. Therefore, technology will definitely bring changes in the future of any online business.
So, are you ready to explore the power of innovative technologies integration with ecommerce portal? Then no need to look further. Contact Coreway Solution who is the leading ecommerce web development company offers business oriented and customer-centric custom ecommerce development solution to meet your customers globally and increase your revenue. Our ecommerce web development solution has been robust with dynamic features and functionalities, advanced on-line stock and inventory management system, secure transactions with SSL, easy navigation which ultimately leads convenient shopping experience