The invention of the telephone influenced commerce and the creation of the Internet birthed e-commerce. Technology and innovation have always influenced us and how we trade. For e-commerce, they’ve significantly increased its functionality and growth.
With so many competitors fighting to stand out, the e-commerce industry has seen some truly magnificent innovations over the years that have shaped the way we buy and sell online.
Many significant innovations have enabled e-commerce to become what it is, and the list is constantly growing. So, we’ve counted down the ten best e-commerce innovations we’ve seen so far:
1. Voice Shopping
The development of voice search and speech-activated devices has altered how consumers purchase online. Voice commands are now used extensively with Apple’s Siri, Microsoft’s Cortana, Amazon’s Alexa, and Google Assistant.
People utilize voice commands to place orders directly from e-commerce sites, order food from nearby restaurants, and find deals quickly. In 2017, 13% of smart speaker users completed online purchases by speech, and we expect this figure to rise.
Voice searches quickly present search results and recommendations to users according to their personal needs, and this has dramatically reduced the effort required to make online purchases.
For repeat purchases, users can instruct their digital assistants to reorder the items they previously purchased. It is also easier to give reviews and ratings using voice search, eliminating the need to log in or type.
2. Augmented and Virtual Reality Shopping
Simply put, Augmented Reality adds a few virtual components to the real world, whereas Virtual Reality creates an entirely new artificial reality. Pokemon Go is a famous illustration of AR’s capabilities.
Perhaps the most frustrating thing about online shopping is the inability to preview the product firsthand comprehensively. This is one reason why we often see “What I Ordered Vs. What I Got” posts on social media when customers are displeased with the products they received.
AR and VR technology fixes the problem by allowing online consumers to preview products more thoroughly. AR and VR provide e-commerce customers with a more engaging shopping experience that makes them feel like they’re actually with the products.
This innovation lets customers virtually try makeup and clothes, see the same commodity in multiple colours, and do much more.
Augmented reality and virtual reality in e-commerce have considerably enhanced the user experience, even though it is slightly more expensive.
3. Blockchain
This innovation is somewhat similar to electronic wallets, which also aimed to simplify the payment process with services like PayPal, Stripe, Apple Pay, and Google Wallet. The goal of every business is to remove trade barriers. This is why this Blockchain has soared recently.
The innovative concept of Blockchain technology has dramatically influenced e-commerce. Blockchain is the ground-breaking technology that drives cryptocurrencies which enhance the transparency of online shopping. It also aids in the streamlining of payments and the speeding up of transactions that are digitally encrypted to ensure data security.
Cryptocurrencies based on the blockchain framework, such as Bitcoin and Ethereum, offer an alternative payment option for e-commerce stores.
Fiat currency payments and exchanges take longer and are more expensive, which is why cryptocurrencies are gaining popularity. By offering encryption in delivery and technology to establish a regulated environment, Blockchain can also make shipping ‘smarter.’
4. Chatbots Virtual Support
Every so often, a new technology emerges that enhances our capabilities in one way or another. This new tech boosts our abilities as well as our expectations.
Customers aren’t willing to wait a long time for a response to their queries or inquiries, and it’s difficult for businesses to respond to every question quickly enough.
Chatbots solve this problem by helping consumers get the information they need and providing various kinds of assistance. Chatbots are pieces of software that mimic real-life human interaction through written or spoken communication.
They instantly respond to customer queries, provide accurate information, and are accessible 24/7. By automating customer assistance in an e-commerce environment, e-retail companies may save time and money.
In addition, chatbots can store large amounts of data about consumers, leading to personalized service for every customer. Again, this is something human agents could not possibly replicate.
5. Drones
Drones are now being utilized for deliveries in a limited capacity, but they can play a significant part in the growth of the e-commerce market soon.
Customers want immediate deliveries, and drones provide the most practical solution. Drone technology makes it possible for consumers to receive their products faster than ever and at a significantly lower cost.
The future of e-commerce delivery might employ pinpoint shipping, shifting focus away from exact addresses and delivering products to a person’s current or expected location instead.
6. Beacon Technology
Beacons use a customer’s location to activate and deliver proximity campaigns to the person’s phone. Customers must download the e-commerce seller’s app for beacon technology to work; this allows the technology to track each user’s location.
E-commerce stores use beacons to connect consumers in physical places to digital storefronts. For example, if customers stroll by a display, the store can direct them to an online gateway to get discounts.
Beacons have helped to harmonize the shopping experience on an e-commerce site with that of a physical store. Beacon technology bridges these channels, allowing customers to broaden their shopping habits and enable businesses to sell to them in innovative ways.
7. One-click Checkout
One-click checkout is a process of allowing customers to make instant purchases from any product page or cart without having to go through the checkout process.
Instead, the transaction is performed using the customer’s previously provided payment information and shipping address.
Before their orders are completed, customers are given the option to amend or cancel them and add to orders for combined shipping.
Albeit this is old technology, it’s been available on Amazon for years. It was covered by a patent that expired on September 11, 2017. One-click checkouts have since made their way into several online shops.
One-click checkout has several advantages, including lowering shopping cart abandonment rates and assisting customers in swiftly repeating purchases, thus increasing overall revenues.
8. Personalized Customer Experience
Customers don’t want to be treated like just another number. Instead, they value companies that give them a high level of personalization. Generally, customers agree that a tailored online experience influences their purchase choice.
To give consumers a high level of customization, advanced technology like Artificial Intelligence is employed. Because AI allows for dynamic and flexible targeting, it has enormous potential for e-commerce businesses.
E-commerce firms utilize AI to display products to users related to their interests and, thus, more likely to be purchased.
Customers may shun a store entirely due to poor product suggestions, proving that consumer satisfaction relies on a tailored online buying experience. Personalization offers a more seamless consumer experience to audiences on any device.
AI-driven customization increases conversion rates and sales and helps to instil ties between customers and eCommerce vendors, resulting in loyal customers.
9. Social Commerce
With many online customers buying their items via a brand’s social media post, social media platforms have dominated micro search engines. In addition, many social platforms now provide built-in integrated connections, allowing e-commerce companies to sell directly from their social media pages.
Users can click on an image on Instagram to go straight to the product page, and users on Pinterest can click on a pin to go straight to the product page. Through online advertising, social media plays a critical role in promoting impulse purchases.
Consumers spend a lot of time on social media, and companies use prominent social media platforms to keep in contact with their customers and build personal relationships. All of this increases customer traffic to e-commerce businesses, resulting in more conversions and sales.
10. Mobile Commerce
Before making an online purchase, people research e-commerce sites like Daalder with their mobile devices. Mobile commerce refers to the act of purchasing and selling goods via apps on smartphones and tablets.
M-commerce is a tremendous innovation since mobile devices now account for half of all internet traffic. As a result, e-commerce companies have adapted to smaller mobile screens and, in some cases, even created dedicated apps intending to engage these customers and keep up with mobile e-commerce trends.
e-commerce companies have gained access to larger markets by ensuring that their websites and online shops are mobile-friendly.
Conclusion
e-commerce seems to be locked in permanent transformation as a result of constant innovative developments. E-commerce businesses have a bright future ahead of them; each new year will undoubtedly bring more innovative advancements to the online shopping industry.
Virtual reality, drone delivery, voice assistants, crypto-payments, etc.; innovations are propelling e-commerce like never before, demonstrating that our experience of ordering products and services may transcend our wildest dreams.
So, what will e-commerce look like in the future? At this point, it’s anyone’s guess. But right now, with today’s technology, we’ve made a detailed list of the best multi-vendor e-commerce platforms.
