E-commerce technology trends have paved the way for businesses to conduct their operations on the internet. With many companies opting to use an e-commerce platform to improve their business, it is only going to grow in the coming years.
E-commerce has been successful for a variety of reasons, including convenience and dependability. Technology is widely used to create a successful e-commerce platform that benefits both sellers and buyers. The better and more advanced the technology, the brighter the future of e-commerce.
The emergence of new eCommerce technologies is directly related to the growing popularity of online retail. Online ordering has become more efficient than ever. As a result, it is unsurprising that the e-commerce sector is expected to grow by nearly $11 trillion between 2021 and 2025.
Following the Covid-19 pandemic, there has been a significant increase in the tendency of businesses to digitally transform. It has also aided the rapid expansion of e-commerce. Even after quarantine, when brick-and-mortar stores reopen, online sales continue to rise.
According to Insider Intelligence, the global e-commerce market will grow from $5 trillion in 2022 to $6 trillion in 2024. Not only are online sales increasing, but so are customer demands. The growth of online stores demonstrates this. And that ranges from 12 to 24 million e-commerce platforms globally.
Customers' shopping experiences are reliable and contented because of the unique features of e-commerce technology. Let's take a closer look at the eight future e-commerce technology trends:
Social networks have long been more than just a communication tool. They create new business opportunities such as marketing your brand, providing customer service, and encouraging your customers to shop.
Thus, social commerce is the process of directly selling goods on social networks. This online retailer provides the entire purchasing process, from product discovery to payment.
More than 30% of all purchases in the United States are made through social media, with Facebook being the most popular. Given that this is already a sizable proportion of buyers, it is likely to expand further. According to Statista, social commerce revenue will reach $2.9 trillion by 2026. It is roughly five times higher than in 2020.
TikTok is also a viable sales platform. However, before using it as a social sales channel, make sure it is appropriate for your target audience. If we return to Facebook, one-third of US users use it for shopping.
Apple has released an AR kit for its new iOS 11 operating system. In response, Google released AR Core for Android smartphones. In 2019, the Augmented Reality trends for product visualization will shift upward. The adoption of AR/VR-enabled smart devices will skyrocket, causing a shift in global eCommerce trends.
For example, Ikea's new app allows users to visualize furniture in their homes using their smartphone's camera. How awesome is that?
Consumer preferences for online payments have evolved significantly over the pandemic years, from cashless retail to buy now pay later (BNPL) services. As a consequence, overarching growth is expected to pick up. BNPL transactions are expected to be worth around $995 billion by 2026.
Contactless and digital payments aren't going away anytime soon, either. As a result, any online
business should prioritize having a diverse range of payment options. It will help to provide a consistent customer experience while decreasing cart abandonment.
The importance of allowing product customization is growing, and it is quickly becoming one of the most important components in the E-commerce world. Product customization is also one of the emerging technology trends in the E-commerce industry. Because product customization makes customers' purchases more convenient, it has the potential to eliminate the hassles of online purchases and cater to today's buyers' needs.
Automation is becoming increasingly important in product/service customization. For example, YouTube suggests a video playlist based on a user's behavior. The service becomes more personalized for customers based on their usage patterns.
Several businesses around the world use the same procedure. Product customization has become more than a trend, ranging from the selection of entertainment, clothing, and furniture to furniture. Businesses are tailoring their products to make their customers' purchases more convenient and comfortable.
Ecommerce businesses should begin optimizing their content for voice search. Google's new guidelines state that content for voice search should include more textual content. They will be able to appear in rich snippets and knowledge graphs as a result of this.
While using tables and images is great, it will not benefit the websites. Voice-enabled buttons may result in more conversions from smart speakers. As a result, eCommerce stores' numbers will improve.
Amazon, NorthFace, and other well-known companies have begun to develop eCommerce apps for voice assistants. It enables users to place orders using their smart speakers.
Video consumption is at an all-time high. Online videos are expected to account for more than 82% of all online traffic by 2022.
This, combined with the surge in Livestream shopping in China, gives us reason to believe that Livestream shopping will quickly gain traction. Livestream shopping is already expected to reach $480 billion in China by 2022. The United States is catching up, but its Livestream market is expected to generate $17 billion in online sales this year, rising to $26 billion by the end of 2023.
Today, the majority of Livestream shopping takes place on social channels such as YouTube, TikTok, Instagram, and Facebook, as well as marketplaces such as Alibaba's Taobao Live or Amazon Live.
The appeal of Livestream shopping is that it is interactive and unscripted. It humanizes your brand by allowing viewers to browse, shop, and ask questions about your products in real-time.
Instead of the traditional in-store shopping experience, where buyers can see and touch your products, live stream videos allow you to showcase your product from all angles, demonstrate its use, and build brand confidence.
Since Mark Zuckerberg renamed Facebook Meta last October, there has arguably been a surge in interest in the verse. Virtual "meta-like" worlds are already available on gaming platforms such as Roblox. Meanwhile, 52% of surveyed Gen-Zers say they want to make money in the metaverse, and several large brands, including Gucci, appear to be jumping in head first.
In brief, the metaverse bridges the gap between the real and digital worlds. It is now possible to experience it using virtual reality headsets, augmented reality glasses, or a computer.
The fashion industry has been incredibly enthusiastic about the metaverse, seeing it as a way to host immersive fashion shows, sell NFT wearables, and engage with buyers all over the world.
Although the metaverse is still a hazy concept, it is out of reach for the majority of online store owners due to the high development costs. Nevertheless, it is essential to keep an eye on it. Could meta-concepts become more popular shortly? If so, will they become more accessible?
Many new technologies in the E-commerce sector are still on the way. These E-commerce technologies, such as handheld or mobile platforms, will become a part of E-commerce businesses, and service subscriptions will become more important in the digital market. Marketing and product demonstration will advance significantly.
You must ensure that your E-commerce website is future-ready by incorporating these technological trends. If any features are missing, you should add them as soon as possible. If you want to integrate any of the latest technologies for E-commerce businesses, seek professional assistance.