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Trends in Technology Driving e-Commerce in 2020 read below
Improvement of e-Wallet Technology
It’s a must to accept e-wallets as a mode of payment for your e-commerce business. There’s a prediction that payments via digital wallets will reach $500 billion in 2020.
Factors, such as convenience and speed of transaction using e-wallets, are what drive consumers to adopt this mode of payment. When before you have to give your credit card to cashiers or enter your credit card information on apps or websites, e-wallets use Near Field Communication to transfer encrypted data to point of sale terminals instantly.
Ultimately, the increasing number of people who use e-wallets can be beneficial to e-commerce businesses because it can help boost their sales.
Meteoric Rise of Mobile Phone Users
According to data, there are already 125 million smartphone users in the United States. Surely, this increase in the number of smartphone users will contribute to the growth of mobile retail revenue in the country in 2020.
Many people across the globe use their smartphones to buy things online. Moreover, they also research certain products before making a purchase using their mobile devices. If you’re using mobile data to do online shopping (for not all the time we use WI-Fi), make sure to recharge your number to connect to the internet and make a purchase.
Virtual Reality and Augmented Reality
Consumers are now able to experience or try products before purchasing thanks to virtual reality and augmented reality. For example, you can now try on a piece of clothing to see how it looks like on you using an AR-enabled device. ASOS, an online retailer, has introduced an augmented reality program that lets you wear 800 different pieces of clothing virtually.
Since online shopping is now more interactive, this development is expected to boost the sales of e-commerce stores by leaps and bounds.
With the help of smart speakers like Amazon Echo, you can now do queries about products using your voice. A prediction has it that almost half of all internet queries will be performed through voice search. Moreover, in the next two years, it’s projected that voice shopping will drive e-commerce revenue at around $40 billion.
If you own an e-commerce business, you can incorporate voice search strategies in your marketing, SEO, customer engagement, and customer experience delivery.
AI-powered chatbots are intelligent enough to simulate human conversation to engage with customers. They can help answer queries and boost the online shopping experience of customers 24/7. Chatbots used AI algorithms to predict the biases of consumers based on customer data.
Statistics show that nearly 50% of customers are open to making a purchase through the help of chatbots.
Better Customer Relationship Management (CRM) Integration
E-commerce businesses must connect with consumers through different marketing channels, such as e-commerce sites, online marketplaces, and social media. You can make customer engagement and experience more manageable and effective by using improved CRM systems.
Integrating CRM systems in your e-commerce business also boosts your marketing strategies because you’ll have a centralized location for consumer data. Moreover, it can enhance forecasting and inventory planning.
You’ll have a better success rate in your e-commerce business if you incorporate the latest advancements in technology today.
In 2020, we have seen technological developments that helped shape the e-commerce industry. Revisit this list of technology trends that are driving e-commerce this year for you to understand more.
Many businesses have ceased their operations due to the Covid-19 pandemic. On the other hand, e-commerce websites are experiencing an incredible boom since more and more people today are shopping online to minimize physical contact. Experts have made a forecast that global e-commerce sales will go up to $4.2 trillion by the end of 2020.
Of course, even before the pandemic, e-commerce is already enjoying considerable growth. It’s because technological development goes hand-in-hand with e-commerce. For you to know more about this topic, here’s a list of technology trends that are driving e-commerce in 2020.