E-commerce is becoming more challenging due to throat-cut competition and increasing demand for employing new technologies. It has become necessary for e-commerce and web-based business owners to adopt new technologies to stay ahead of their competitors. Today, we will dive deep into top e-commerce trends that can help you enhance your business.
“Competition is good for customers. It forces us to be better” – Brian Olsavsky, CFO At Amazon.
However, due to complexity and insufficient knowledge, many businesses are doubtful about using the latest technologies, but new opportunities are born with new challenges.
Following are the top e-commerce trends:
Artificial Intelligence and Machine Learning
We all have listened, read, and seen many things about artificial intelligence and machine learning. But how much are we utilizing it in our businesses? Using ChatGpt for regular content creation and getting some research done! but AI is far more helpful than that to enhance online businesses.
Uses of Artificial Intelligence in E-commerce
Artificial intelligence can be beneficial to increasing sales and understanding the customer base.
1. Personalized Product Recommendations
AI is very helpful in tracking and analyzing users’ data and purchase history. We can utilize it to generate interest-based product recommendations. It boosts the odds of attracting buyers by displaying what they are searching for.
Similar to Amazon, Walmart, or other e-commerce platforms, their AI-based algorithms track the user’s journey and buying interest to display the appropriate products. It reduces the customers’ drop rate and increases sales.
However, almost every online business owner uses chatbots and virtual assistance to provide an instant solution for frequently asked questions but these chatbots can only generate the same type of answers.
Now, when we come to AI-based bots and personal assistants, they don’t rely on templates. These chatbots can help you provide 24/7 support to your customers and even can be more cost-effective than manual support.
3. Inventory management
Inventory management is a crucial task that takes a lot of effort to understand customers’ choices and upload the product accordingly. Nowadays most e-commerce store owners are selling on multiple platforms and marketplaces. They face many challenges in managing the inventory on all platforms together. To eliminate these obstacles, we can use AI-based tools to track customers’ buying history and create a forecast on different parameters. It helps to upload and manage the inventory of customers’ choices which leads to more sales and business opportunities. Along with this, we can also pick easy-to-use AI tools to manage inventory on various platforms.
4. Voice Search Option For Customers
Giving an option of voice search is the best solution to capture a wide range of audiences. It breaks the language barrier and allows everyone to search for products and services as per their requirements.
5. Product email marketing
Every successful business requires sales, and good marketing is necessary to increase sales. So email marketing is very helpful in that. Also for inner communications with clients and employees, we need to depend on writing emails and sending them manually to everyone.
To make this process easy and smoother we can use AI-based auto email generating tools, these tools are integrated with generative AI like ChaGpt which allows us to write auto content and also helps to send automatically by doing some other third-party integrations.
At the initial stage, many people choose the platform for their online business without thinking much about their business needs, because of too many options available in the market such as WordPress, Shopify, Magento, Bigcommerce, and many more similar to them.
But after some time, when the business started to grow and traffic increased many crucial issues occurred due to compatibility and other technological possibilities. In that case, platform migration and upgradation are solutions to maintain the brand value and secure the users.
Benefits of Platform Migration
1. Improved performance and Reliability
Platform migration helps to improve the existing performance of the website or store. You can choose the best platform according to your business requirements or take advice from an expert. Moreover, it can also help to enhance the functionalities and output. 2. Reduce Operational Costs
Changing the platform can also help to reduce operational costs. It also streamlined the complex process and improved efficiency by automating the manual tasks. Instance, you can get auto inventory management, order processing, Shipping fulfillment, data synchronization, and many more.
3. Improved Security and Scalability
It is very crucial to build customer trust for any business. If your customers trust your platform nothing can stop your platform from ranking on Google and other platforms. So you can get better security options on a new platform which can help to protect customers’ data from any kind of malicious activity.
An effective user interface and user experience make any website appealing to attract customers and increase sales. Additionally, It increases user engagement and satisfaction which helps to convert the user for the long term.
2. Reduced Bounce Rates
A good UX & UI is very beneficial to reduce the bounce rate. Users like to spend more time when the website has easy navigation, less processing time, and flawless working. It keeps users on site for a long time instead of running away immediately.
3. Increased Conversions
An intuitive user inference and flawless user experience ensure to get more conversions. When users find an easy, fresh, and secure place to shop they like to spend more time on it by following all the processes like sign up, add to cart, checkout, and purchase.
Augmented Reality and Virtual Reality
After Artificial intelligence AR and VR have also taken place in top e-commerce trends. This is one of the finest technologies to provide a real-time experience of products to customers. This technology has already been adopted by many big giants like Addidas, Puma, Amazon, and others.
Benefits of Using AR & VR in E-Commerce
Video Credit: Amazon
1. Enhanced Product Visualization
This modern-day technology enables customers to view products like never before. They can check the product visually from any angle. Along with this, customers can personalize the shopping experience by scanning the buying product into their hands and onto their home surface—this AR & VR model perfect way to build customer trust and enhance the business.
2. Reduced Product Returns
Another big problem for online sellers is high rates of product returns, It almost costs them double due to logistics charges and other taxes. However, AR & VR technology helps users to choose the correct product with the appropriate size and color, which reduces the return rate and benefits the sellers.
3. Virtual Try-Ons & Customization
Virtual try-on has revolutionized the e-commerce experience by giving the option to try the product in real time. Many big companies and brands are utilizing this technology to provide a realistic experience for their customers. Furniture brands and eyewear brands are adopting the option of AR & VR views for better product reviews and live experiences.
Another big trend in e-commerce is product customization and personalization. It is the best way to allow your customer to spend more time on your website or platform by giving them the option to customize and personalize their chosen products before buying them.
Personalization of products allows the customers to give the touch of their choice to selected products by doing some changes like color, print, text, size, etc. However, many e-commerce platforms provide default features for product customization and personalization but for custom and more advanced personalization features it requires hiring an e-commerce agency to incorporate these features with your existing platforms.
Benefits of Product Customization And Personalization
1. Increase Customer Engagement
This is the best way to increase customer engagement and acquisition rate by allowing them to personalize their favorite products before buying them and also view them live while doing the personalization.
2. Boost E-commerce Store & SaaS Sales
Personalization takes you away from your competition who are lacking these functionalities and helps to boost sales of your e-commerce store or SaaS platform. Buyers find a more useful and trusted place which makes them more comfortable and satisfied to purchase any item from your platform which eventually increases the sales.
3. Reduce Cart Abandoned Rate
Product personalization helps to drop the cart abandonment rate, as customers choose and personalize the product before buying and checkout process. So only serious buyers spend the time on personalization and add-to-cart the product for checkout.
The word BNPL ( Buy Now, Pay Later ) is becoming very popular in the e-commerce world. Giving the option to buy products and pay in some days and months allows customers to shop more. Platforms like Shopify, Magento, and Bigcommerce already introduced this feature for their users.
There are many BNPL providers in the market that allow the customer to purchase with small EMI plans, no credit check, and no extra costs and fees. It is simple to integrate with such platforms and provide the BNPL option to your customers for further help check with an e-commerce expert.
These are some top e-commerce trends that can help you enhance your e-commerce business. Utilizing AI, AR & VR, we have discussed in detail. However, there are many other changes that you can make in your e-commerce platform to enhance your business. Furthermore, It is best to hire an e-commerce web agency to understand more about your business needs and make any changes in your existing e-commerce store.