The Future of eCommerce Technology To Change it for Forever
Some fifteen years ago, retailers did not face any threat from the online business. A decade ago, the platform on which 60% of the eCommerce trade flourishes did not even exist. However, with the pace of innovation and technology, the growth of eCommerce has been enormous and it can well be expected how it now influences the global business scenario.
Here is a list of what the future holds for the eCommerce:
1. Customer experience is the priority now
eCommerce today is not only about changing the look and feel of websites or online platforms, it now focuses on the entire shopping experience starting from effective brand strategies to efficient delivery. And there is a growing effort to enhance every element associated with customer’s buying experience!
With the limitations in the eCommerce sector gradually on the decline, scores of eCommerce startups have already started setting up bases. To complement them, there are thousands of marketing vendors who are trying to sell their technologies for the better online experience.
This has led to some great innovations in the retail and eCommerce logistics industry. The whole objective of this exercise by online brands is to improve the buying experience of their customers to keep them associated with the brand. As mobile users are growing rapidly, eCommerce brands want to give a seamless experience to the users irrespective of the device they are using. So, one can’t deny the fact that online shoppers will have a good time while making purchases in future.
2. Artificial Intelligence will have a great role to play in eCommerce
Artificial Intelligence has already started to make buzzwords in the eCommerce circuit. However, there are still certain limitations when it comes to using AI in eCommerce to its greater potential. In order to provide much better customer experience, machine learning algorithms require a lot of data to learn about the user behaviour and journey. But unfortunately, currently, most of that data is not filtered in a manner where it is smoother for such algorithms to create unified customer profiles for better understanding.
Nevertheless, with many smart innovators and startups making their way into the online commerce industry, these hindrances are expected to ease off and practical applications of machine learning and eCommerce problems will come into effect in the coming years. These will benefit brands that adapt to the changing technology.
3. It will be a difficult year for small and medium retail
Small and medium retailers will experience tough economic conditions in the coming year. With eCommerce giants like Amazon and Alibaba coming up with innovative strategies, it is expected to be tough for SMBs to sustain the competition. To combat this, SMBs have to effectively blend competitive pricing with advanced forms of digital technology and supply chain management.
4. Amazon will enter the fashion sector through acquisition
Come 2018, Amazon will soon make its presence felt in the fashion world by way of acquisition. Nordstrom is expected to be a part of Amazon with the buying target of about $40 billion. Amazon is also thinking of venturing with Whole Foods acquisition and other medium retailers.
5. Brands will come with much lesser value
With the growth of the eCommerce market, brand value is expected to go down. In this year, quite a lot of unbranded apparels are expected to flock the online market, which will put more pressure on iconic brands to rise up to the competition.