E-commerce technologies are becoming more advanced, with resources capable of streamlining processes, personalizing the shopping experience, improving customer service, and increasing sales volume.
Knowing the latest trends and investing in tools that use artificial intelligence and other cutting-edge technologies is thus a fundamental premise for the virtual store to maintain market share and stand out in the future.
With that in mind, we've compiled a list of e-commerce technology resources that every online store manager should be aware of to ensure the business's competitiveness.
E-commerce innovations and new technologies are critical in this highly competitive sector, which is constantly gaining new competitors and new ways of dealing with retail.
Furthermore, the e-commerce business model faces a significant challenge in coexisting with physical commerce. It does not imply being better or putting an end to traditional retail, but rather suggesting alternatives so that the online experience is as positive as the physical experience — albeit in a completely different way.
That is why it is critical for e-commerce managers to be aware of everything new and, to the greatest extent possible, implement these new technologies in their businesses.
Many online stores already have integrated e-commerce software, but to stay competitive, any e-commerce business must seriously consider the following technologies to remain profitable and maintain customer satisfaction. We have listed some of the most important technologies that eCommerce should use.
EFT technology has advanced significantly, and encryption-like technologies have improved its security. We no longer rely on physical banks because of EFT.
Direct debit or deposit for payments or withdrawals, credit and debit cards, e-bill payments, and instant prices are just a few of the e-payment options that influence our daily financial activities.
The Reserve Bank of India's annual report supports the economy's visible growth of EFT technology and its obvious positive effects on eCommerce.
Chatbots are powerful tools for engaging customers and lowering engagement costs.
Customers benefit from eCommerce by being able to buy goods at any time and from any location. However, communication was something that eCommerce lacked.
Consider purchasing in a traditional store. Salespeople educate customers on the benefits of the products, display alternatives, and complementary items, and may offer advice to help customers make decisions.
Sales chatbots can perform the same tasks on websites, mobile apps, and messaging services. Conversational commerce is a sales strategy, and according to PwC, customers are willing to pay up to 16% more for such engaging services. Furthermore, automation can reduce call center costs by up to 75%.
In highly competitive markets, immediately changing pricing to match that of competitors can have a significant impact on conversion rates and allow you to capitalize on small margins.
You can instantly evaluate your prices by comparing them to those of your competitors, as well as your stock levels and delivery policies, by using pricing tools.
With this information, it is possible to adjust the sales figures manually or, more commonly, set up a virtual store so that prices are adjusted in response to changes in the competition. This type of strategy assists your eCommerce business in remaining competitive.
Electronic data interchange technology enables eCommerce to communicate information that a business would normally communicate on paper. eCommerce merchants and customers, for example, both benefit from automatically placing orders, creating invoices, and tracking the entire shipment process via various integrations of other systems or software.
Highly advanced EDI standards have simplified the ordering and delivery of goods via online shopping. eCommerce customers can now place orders, receive invoices, and receive goods in an automated and hassle-free manner.
According to SemRush, Google image searches account for more than 22% of all queries. Because Google Images is one of the most popular internet search engines, effectively using images is a key potential for businesses to succeed in e-commerce.
Customers can search for products on Google Images by taking photos of them and using reverse image search to find photos that are related to the product. Businesses can benefit from this by uploading a file for each item sold on their online store.
They can ensure that Google search crawlers know what the image is about by adding informative titles and alt texts to these photographs. After images are indexed by Google, they should have a higher Google ranking than competitors and increased B2C engagements.
A wise search It is currently one of the most important e-commerce technologies because it optimizes searches within the virtual store. This is critical because the search field accounts for 60% of all online sales. It's also pointless to have the product the customer wants if you can't deliver the results quickly.
An intelligent search employs artificial intelligence and has the following characteristics: high speed; phonetic similarity; 100% automated color search; behavioral search tailored to each customer; voice search e image search.
Using this technology ensures that your customers find what they are looking for and have a positive shopping experience, increasing conversions and influencing customer loyalty.
Would you rather browse through photos or take a virtual tour of the store before purchasing?
Bottom line, everyone prefers in-person shopping experiences, which is why using virtual showrooms can save shoppers time and energy that they would normally spend when shopping at a mall.
Stores all over the world, including eBay Australia, have already launched their first Virtual Stores, which provide customers with a more enhanced online shopping experience than usual.
Blockchain, or data chaining, is another important resource for e-commerce companies looking to ensure the security of their operations. It is a type of decentralized database that contains the transactions or interactions carried out between the parties involved.
This technology reduces the likelihood of hacker attacks by distributing data into record blocks that are linked together, resulting in a permanent, tamper-proof database.
Another distinction is that, unlike traditional banks, this type of bank is controlled by the participants in the operations themselves, and no changes can be made without the consent of the majority.
This trend touches on a critical issue for anyone involved in online retail: data security. This is because e-commerce necessitates the handling of sensitive information such as personal data, documents, and credit card numbers, all of which require increasing care.
As the name implies, big data technology enables dealing with massive amounts of data. This is becoming increasingly important in the online world, as we have more and more data and information available every day that can no longer be processed by standard computers.
Big data, on the other hand, works in the opposite direction: the more data there is, the more efficient it becomes at connecting all information.
This is extremely valuable in e-commerce because each data point and consumer interaction helps to understand the buying journey and allows for the development of more assertive strategies.
Have you seen how many technologies are available to help e-commerce run smoothly and provide a better and more complete experience for customers? There are numerous others than those mentioned here. As a result, it is highly recommended that you stay current on news and trends.
After all, we can see that using cutting-edge technological resources in conjunction with efficient management is a critical factor for the success of your virtual store. Start investing in these trends now to improve your results!