Technology is the backbone of e-commerce. It connects sellers and customers via mobile and web platforms. It simplifies customer order, delivery, return, and payment management. Overall, technology plays an important role in marketing, advertising, and other areas of the e-commerce value chain. eCommerce technology enables more search, customization, and personalization. Nowadays, advanced technologies are making things easier for eCommerce players and propelling them to critical levels of prominence in the e-commerce value chain. According to eMarketer research, global e-commerce sales will reach 4.1 trillion and 4.5 trillion US dollars in 2020 and 2021, respectively. The same trend is expected to continue, with a $5 trillion increase in 2022. Learn about the five emerging technologies that will have the greatest impact on e-commerce.
Technology in eCommerce
Over the last decade, the retail industry has evolved dramatically. The potential for e-commerce is undeniable. It benefits many businesses and boosts global economies. The crucial arrival of advanced technologies has digitally bolstered e-commerce businesses. The expansion of digital commerce is an essential part of modern life. With more people adopting digital technologies, eCommerce companies rely on cutting-edge technologies to attract customers and provide memorable online experiences.
This blog emphasizes how emerging technologies vigorously promote e-commerce business growth. Examine a few new eCommerce technologies that are likely to accelerate growth and connect more people with higher consumer interest.
Artificial Intelligence & E-commerce
AI is a 21st-century buzzword. It plays an important role in e-commerce because it provides valuable marketing insights into customer preferences. It directs them to develop better business marketing programs.
To improve eCommerce performance, e-commerce technology provides an automated platform. Leading e-commerce companies use AI to develop various unique business aspects.
Cloud technology in eCommerce
The cloud technology is self-explanatory. eCommerce industries, like other industries, use cloud technology to make business decisions and serve their target audience. Cloud data processing and management provide both eCommerce players and consumers with quick and secure access to valuable data.
When it comes to understanding how cloud technology can improve eCommerce, a cloud ERP stands out as a one-of-a-kind tool for increasing product delivery speeds, adding flexibility to operations, and successfully growing businesses.
Technology to Send Customer Recommendations
Customer behavior patterns are intelligently predicted by artificial intelligence (AI). As a result, eCommerce players regard AI as a unique tool for guiding consumers in the right direction and recommending the correct information on various products, products, and more. With the help of customers’ search history, the technology’s algorithms can efficiently forecast valuable information. Furthermore, third-party data provides valuable data and information on consumer behavior.
Modern technology also assists eCommerce businesses in understanding their customers’ needs and providing unique information for selling products and services.
Chatbots for eCommerce
Chatbots are another useful modern technology that can drastically alter how eCommerce companies serve their customers. Chatbots are well-known for their high customer satisfaction rates and broad availability. They function similarly to a virtual call center agent or a client communication executive. Chatbots are now built into every e-commerce app and website.
According to eCommerce chatbot statistics, approximately 70% of e-commerce merchants would like to integrate a chatbot into their website by 2023. It will assist them in interacting with their audience and answering all of their questions. When you don’t have enough staff to provide accurate information to customers over the phone, a chatbot can help. So, give chatbots more space on your e-commerce website to get the best quality solutions.
Personalized User Experience with Technology
Approximately 74% of businesses agree that user experience (UX) is critical for increasing sales and conversions. Approximately 59 percent of customers say emerging technologies have influenced their purchasing decisions and supported their personal preferences. When we discuss the role of technology in fostering e-commerce business growth, we are referring to the direct impact of advanced technologies on consumer purchasing behavior.
From big data to machine learning (ML) to artificial intelligence (AI), all trending technologies provide analytics and insight into customer behavior. Technology can improve advertising campaigns, automate communication, boost engagement, and provide support and services.
