Technological advancements are transforming the eCommerce ecosystem and shaping the use and perception of eCommerce platforms. While traditional eCommerce generated most of the value through providing an online space for trade, the latest technologies have enhanced the value by increasing customer engagement and personalizing the customer experience. In such times, having an understanding provides a competitive edge to business experts and anyone else looking to work in any sector related to eCommerce. Through this post, we plan to explain the transformational tech that is impacting eCommerce platforms around the globe.
With time, it has become clear to most businesses that major internet traffic originates through mobile devices and that the services need to be designed to cater to the needs of this segment of users. Most eCommerce platforms have either launched Mobile apps, using open online selling platforms or have developed a reactive website compatible with mobile devices. This is mainly due to the observation that clients expect mobile-optimized user experience and consider it as a deciding factor for shopping through a platform.
One of the major factors that have had an impact on User experience on eCommerce platforms is the availability of payment options suited for the customer. It has thus become crucial to make all famous and new eWallets available as payment options on these platforms to attract more customers. Some eCommerce companies have gone to the extent of adding a Cryptocurrency payment option as well.
Another considerable advancement in eCommerce is the introduction of personalization features. The idea is simple. For traditional brick and mortar shops, the sellers used to use their knowledge of the buyer to sell them products suited to their requirements. Now, just move this concept to an online system and add the scalability factor. Although it seems simple, the biggest players in eCommerce pay huge money to collect the data that can be used for this personalization and then develop algorithms that can predict buying patterns. But the impact of personalization has been substantial evident through the boosted sales of early adopters.
Subscription services have been in use for a long time now. Although the concept is not new, the benefits of subscription services for eCommerce platforms have been huge due to the scale at which these subscriptions services are being implemented. Companies such as Amazon have multiplied their repeat customers through subscriptions and the discounts offered to subscription holders have been the driving point for increased subscriptions.
AR and VR
While some companies are still grasping with the basics of eCommerce, some companies have gone to the extent of incorporating Augmented Reality and Virtual Reality. Although we don’t see the giants incorporating AR and VR in their platforms yet, most companies have teams researching these technologies and they may turn out to be revolutionary for the eCommerce business.
Companies like Amazon, which were once small, have now become giants and companies like JC Penny have fallen from great heights as well. In business, it is imperative to keep up with the times. Any company ignoring new technologies and sticking to old ways may have to face a dark future.