We all understand how critical it is to have resources available online. As more people buy and make purchases online, the growth of ecommerce is projected to accelerate. Here we will be taking a close look on 5 game-changing technologies for ecommerce businesses.
When we talk about digital transformation in the ecommerce industry, we’re talking about more than just putting products and services online. It includes :
- Better inventory control thanks to better demand forecasting
- Better customer experience by providing personalized experience and focusing on customer journey
- More conversions rate hence more business growth.
Digital transformation is important if you want to survive and thrive in this new Post-COVID era. Digitizing your commerce business is not an option, but rather a need.
Here are the 5 game-changing technologies for ecommerce businesses
1. Machine Learning and Artificial Intelligence (AI)
Artificial intelligence and machine learning are becoming increasingly important in the business world. It is no longer a trend, but rather a need.
Businesses are starting to implement artificial intelligence and machine learning solutions to improve the way they operate.
Some of the benefits of using AI and Machine Learning:
More relevant and targeted marketing and advertising
By analyzing the available data, AI and machine learning can assist in the planning of highly targeted marketing campaigns for customers.
For example, AI can customize marketing campaigns by evaluating data from purchase histories and other customer interactions with a company’s website. It will also improve the company’s customer experience. This will aid in increasing the conversion rate.
Personalized product recommendations
Businesses can utilize AI to increase conversion rates by serving a product that matches what their customer wants – or needs – at the moment.
These technologies can help websites figure out what customers might like based on what they have already bought. This means customers get better-targeted recommendations, just like the ones that you observe on Amazon or Google.
Better demand forecasting
Artificial Intelligence has the ability to deliver more accurate predictions. Using AI, organizations can make use of Machine Learning algorithms to predict changes in consumer demand as accurately as possible.
2. Digital Twin
Basically, Digital twins are virtual replicas of physical devices.
Having a digital replica of a product makes it possible to simulate a product in use. Without having to develop a real product, businesses can find flaws and improve their product by using only its digital replica.
Digital twins allow businesses to create digital representations of their physical products. These digital twins are created to allow customers to see and interact with their product before they purchase it. For example, you are visualizing a pair of shoes in Metaverse.
3. Internet Of Things
Here is how IoT can improve ecommerce business processes:
Real-time Inventory Management
IoT is a powerful tool for merchants to easily manage their inventory and streamline the entire process. IoT technology makes use of IoT sensors and RFID tags to track the products in warehouses and update the information in real-time in the system without having to add information manually.
Iot-enabled products and gadgets are directly connected to the ecommerce platform, which can predict when a customer will need to buy a new product if the old one is about to expire or end, and recommend making an automated purchase.
Automated tracking and logistics
IoT technology, by making use of IoT sensors and RFID tags , allows ecommerce companies to track consumer orders from the time they are placed until they arrive at the customer’s door.
4. Cloud Technology
Cloud computing offers many benefits over traditional computing in e-commerce. From providing flexible access to data and services anytime, anywhere, through secure web-based management and support.
Cloud technology provides scalability and it gives businesses the flexibility to scale up or down as they grow.
Using a cloud platform may reduce the overall cost of doing business by reducing the cost of infrastructure, maintenance, and management.
Advanced security features are available in the cloud to safeguard your businesses from attacks and other dangers.
5. Augmented Reality
In ecommerce, augmented reality (AR) provides customers with an immersive experience including real-time interactivity.
When your customer chooses to view a product or service using AR, they see exactly what the real-life item would look like. This makes it easier for them to decide whether or not they want to buy it.
AR allows your customers to try out products in their environment without leaving the comfort of their home, and increase the conversion rate.
These digital transformation technologies are proving to be a game-changer in the ecommerce business. Digital transformation not only automates and improves your online presence but can also be helpful automating physical store processes. This digital transformation strategy will help your business become more efficient, improve customer experience and increase revenue. To know more about the ways to onboard this digital wave, contact us and we promise to give you the best advice and resources that will help you in taking your business to the next level.