Digital Marketing

What lies ahead for the E-commerce Industry

July 21, 2022

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The world of eCommerce is ever-changing.  Online marketplaces have been gaining popularity as a way for smaller brands to get their products seen by more people and sell their items at a lower cost than they would if they were selling them through traditional retail channels. 

Technological advancements are pushing online shopping to an entirely new level. It’s hard to predict what the future holds for the industry. However, there are some key trends that can help us make an educated guess about what lies ahead. Let’s take a look: 

Interactive Shopping 

The two branches primarily in the growth process in interactive shopping are Augmented Reality (AR) & Virtual Reality (VR). AR  and VR are technologies that have the potential to revolutionize the way we shop, transforming display-based shopping into an interactive shopping experience. 

Many big names have already introduced them and radically transformed how we perceive online shopping. For example, customers can browse a virtual space and see what items will look like in their homes. From being able to try on the shoes you are about to purchase to see how that couch looks in your living room, the use cases will only advance even more with time.  

The future of VR and AR is bright as they are already being used by major companies like Amazon, Pinterest & IKEA to create immersive and interactive customer experiences.

Hyper-personalization

Personalization is a key part of the future of e-commerce. It’s about ensuring customers feel like they are receiving a personalized experience.

There are many ways to personalize an eCommerce experience. One way is by using AI. AI can provide customers with a personalized experience by understanding their preferences and needs by looking at their browsing history, location, and other data points.

It can also be used to generate targeted recommendations for customers based on what they have previously looked at or purchased on the site, as well as predict what they might be interested in based on their browsing history and other data points. 

Automation will lead

The future of almost every sector lies in automation. It’s not just the e-commerce industry that is feeling the effects of automation, but brick-and-mortar stores too. Automation can help retailers predict customer demand and optimize their inventory levels, as well as personalize the shopping experience for customers. 

Moreover, it allows you to efficiently run repetitive processes without worry and helps to focus on the bigger things at hand. This can be really handy for DTC brands that work with small teams. AI & Machine Learning can be used to automate tasks such as customer service, chatbots and database management. 


Multiple Payment Options

Payment is a  crucial part of the Ecommerce business. In the future, there’ll be a need to accommodate multiple payment options other than the existing ones.  It will depend on the coming economic trends, lifestyle choices and the ever-evolving technological progress. BNPL schemes, an increasing number of digital wallets and other multiple options are currently on the rise. Further, even digital tokens and cryptos have a chance of being at the forefront of the e-commerce payment sector. 

Conclusion

To wrap it up, E-commerce is going to be more about the experience than the process. What lies ahead is uncertain but innovation is sure to knock on your door, very soon than you can imagine.  Brands should adopt the latest technical innovations and trends to stay in the race and survive the competition. The future belongs to the ones most adaptable to change.

Thanks For Reading !

Author - Rithik Valsan

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