The worldwide eCommerce market is rising at a rapid pace. Revenue is projected to hit $4.2 trillion by 2025. Despite its rapid growth, however, the e-commerce industry is also experiencing rapid change. The eCommerce environment of the future may appear very different from the one of today due to the high rate of innovation in this area.
We may not be able to see into the future, but there are indicators of what may lie ahead. Nivida Web Solutions - the best eCommerce Website Development Company In India has commissioned this blog to discuss five key trends that will help in shaping the future of eCommerce.
Nowadays, most people check out an online store's website and learn about a brand there before ever setting foot in a physical one. Businesses must fully connect their channels to deliver a seamless, unified buying experience for their customers as they navigate the increasingly complex customer journey that spans many devices. Availing the omnichannel shopping services from the best eCommerce Development Company in India will benefit your business significantly.
This is the goal of omnichannel retailing, which seeks to combine a company's offline and online shopping experiences. When done right, omnichannel tactics can be valuable revenue drivers. In fact, 80% of a company's in-store visits can be attributed to omnichannel tactics, according to research by Google.
AI and AR:
AR, as well as AI, are transforming the online shopping experience, with things like:
- AI-enabled chatbots
- Programmable digital aides
- AI-enabled personalised shopping
- AR apps that assist recreate the physical world online
Ideally, these applications create an easier, more delightful purchasing experience for consumers. AI and AR technologies are amazing on their own, but when coupled, they harness each other’s strengths to create an improved purchasing experience.
For instance, a speech-recognition system in an augmented reality app may interpret your words and create a visual representation of them in real-time.
New Payment Options:
One common goal of technological advancement is to improve the efficiency of online buying. To prevent customers from giving up on their purchases in the middle of the buying process, it is essential for merchants to accept a range of payment methods. Some payment possibilities include:
- Mobile payment systems, or "digital wallets,"
- In-App Purchases
Rise of Visual Commerce:
Brands are continuously vying and looking for the efficient eCommerce Marketplace Consulting Company who can help them get the attention of consumers in today's environment of overwhelming information. Because of this, the importance of good visual communication cannot be overstated.
To keep customers interested, companies are turning to visual strategies such as professional photography, movies, and augmented reality.
In the same way that omnichannel tactics can boost earnings, so can visual commerce. Shopify found that consumers who experienced an item in augmented reality were much more inclined to make a buy.
Data-Driven, Dynamic Pricing:
The term "dynamic pricing" refers to the practice of adjusting prices regularly to meet the needs of customers. Although not a new occurrence, advances in AI and other technologies have made it more reliable and widely available.
Technology has been developed and used by companies like Amazon to optimise pricing strategies; if other companies adopt these methods, their profits may increase.