A day-to-day experience in our lives; shopping. We’ve all experienced it. It’s a part of the bigger picture; e-commerce. Long gone are the days when salt was bartered for a loaf of bread. In the 17th century, shops/clothing stores began to be at the forefront of the trading market. The industrial revolution came and the world saw the inception of shopping malls catering for a variety of stores. Like a one-stop shop. One of the biggest catalysts of this evolution in the modern day is technology. Unlike the early days when information wasn’t readily accessible technology is the 21st-century boon. Entrepreneurs and consumers are leveraging the power of AI and technology to incentivise their shopping experience.
- According to estimates, 95% of purchases in upcoming years will be through e-commerce platforms.
- The e-commerce industry is/will be growing by 23% with over 94% of products already purchased through e-commerce platforms.
- Stores with a social media presence are more likely to generate sales in comparison to those that don’t by 32%.
Apart from the steep curve of the modern e-commerce saga, the pandemic has paved a different way for the post-covid era. The bottom line, technology has spearheaded the post-covid market with great vigour and innovation. It’s not just about coming up with the next ‘big’ thing. It’s about making the user experience refined to meet the ever-changing demands. Understanding the gravity of problems and how to approach the solution with room for improvement through feedback.
The e-commerce market will continue to grow and modify within the years to come with a steeper curve.
Why Do Modern Consumers Prefer Ecommerce?
Progression is inevitable and the modern-day consumer values this ideology. Buying responsibly is a priority, knowing how and where products are sourced. This leads to organisations keeping up with the ever-evolving demands of the consumers.
Despite the sophistication of fraudulent digital tactics, e-commerce is here to stay. It’s not just the ease of the scope. The diversification is possible through better customer engagement and creative outlets to bring in those sales.
- With online payment platforms such as PayPal, Paytm, Venmo, etc. the era of online transactions is at its peak.
- Payment gateways have earned the trust of millions of shoppers. With security at the frontline payment gateways make up for a robust economic option.
- Ordering a meal on the go or on holiday has never been easier. Uber eats are one click away and right at the comfort of your home.
- Shopping platforms such as Amazon, Flipkart, etc. host a large inventory of products to choose from. Making shopping easier and accessible. Gone are the fears of stores running out of stock.
- E-commerce at its core ensures efficiency. Good logistics network on the run with a knack for improvement. Better accessibility and quick delivery make it an ideal choice for the modern-day consumer.
5 Trends Changing the Face of the Ecommerce Sector
2022 is a year of possibilities as it is challenging. Markets have changed and moulded post-covid and are focusing to be productive and conscious of their choices. Here are five of the trends that have/are changing the face of the e-commerce sector.
Artificial Intelligence and Machine Learning is the Present and Future
- Artificial intelligence is a sea of endless opportunities, when paired with machine learning can tap into infinite possibilities. Flexibility within AI and ML has given rise to a new wave of consumer experience. Ranging from the ability to track user preferences through cross-selling or ad choices. Allowing options in brand variety catered specifically to user needs. This allows enhanced development of user experience.
- The shift in e-commerce scenery also supports cross-selling. Segregating and clumping users and identifying the target audience followed by building an efficient product is achieved proactively. Not to forget there’s always room for improvement. With sufficient tools, future changes can be accordingly fed into data to evolve with current trends and user behaviour.
- The future of AI in commerce is burning bright. Along with improving user preferences, AI will be able to forecast future trends and supplement finer user experience. For instance, let’s look at Amazon. Having swept the online shopping experience by its feet, Amazon has evolved through its perceptive use of AI and ML. From building a virtual assistant technology, Alexa to running a cashier-less grocery store. AI is sourced to generate value from the products sold by offering similar or likely options for future purchases. Or by sorting customers who are willing to buy instead of those who don’t. According to Forbes, AI is said to power Amazon’s Alexa, Amazon’s Go Store and Amazon’s recommendation engine.
Enhancement of Interactive Tools
- It’s a constant race to be in the loop with what customers want next. All leading to one destination, a better user experience. One way possible is communication. Effective interaction can generate great outcomes. The chatbot facility within a website allows users to navigate seamlessly. Bank websites can have a winded way to reach the desired query. AI tools such as SIA for the State Bank of India help out in sorting through basic queries.
- UI (user interface) improvements are another milestone to tap into. It’s all about identifying the problem. Sort of like an FAQ. The most common product or feature users come to look for and make it easily accessible. This is part of the UI. So are the visuals, don’t get me wrong. The collaborative understanding of your user base and what they want or are searching for makes up for a good UI.
- You’ve built the ideal brand with a great head start. You have a significant customer base, what’s next? Retaining those customers. Existing clientele growth is a factor not to pass on. Post-purchase information helps you get there. How? Promotional emails and info tracking. Successful email marketing tactics such as click-through sales, offer code redemptions, match back analysis, single-touch attributions, etc. can be applied. For instance, match back analysis allows you to track sales from an email campaign and match it with the email recipients and accredit them to the email. This info can be used for future promotions.
Focus on Sustainable Products
- Businesses with sustainable foundations are thriving in this generation. Eco-conscious choices are implemented day in and out by organisations in order to generate ethical products. Dell’s stance on going green is a great example. By committing to reducing e-waste Dell allows consumers to give back Dell equipment free of cost. Which in turn is salvaged for parts that can be recycled thus being environment friendly and cost-effective. Initiatives by governments across the globe have been on the rise. Emphasis on utilising renewable energy has is being pushed to generate responsible manufacturing.
- In a climate-conscious age, our purchases reflect our part in global climate change. Climate consciousness has risen from 56% in 2013 to 67% in 2018. This data supports how people have taken environmental options to carry out daily activities. From eating healthier to shopping sustainably.
- A big advantage e-commerce brands and companies have is to leverage environment-friendly options. Clothing brands have branched out to create a sustainable fashion palate. Brands like Patagonia, Levi’s and Adidas have successful eco-friendly options. Patagonia, a leading sustainable clothing brand pushes hard to abide by eco-friendly ways through their ‘Worn Wear’ program. This allows consumers to trade in, recycle and fix their gears instead of buying new ones. Patagonia follows the principle to reduce, reuse, repair, recycle and reimagine. Companies going green can not only be cost-effective but productive. That’s the advantage most e-commerce brands have. Effective communication and ease of delivery improve the overall consumer experience.
Optimised websites for more conversions
- Finding the right audience can be tough. It is possible with innovative digital tools in the palm of your hand. A good SEO and social media marketing can go a long way. Increasing reliance on these factors generates sales and CTRs and can have great outreach. Influencer programs or PR listings have time and again shown great results in reaching the desired audience.
- A/B testing can be implemented to take all the guesswork out. Optimising A/B testing enhances user experience in a cost-effective way. As pros and cons come and go A/B testing will give your website a whole lot of pros. Improved user experience, decreased bounce rates, increased conversion rates to name a few.
- Over the years, companies have invested efforts in mobile UI experience. Survey says, 68% of global website visits are made through mobile users. This shows the untapped potential of mobile UI. Hassle free navigation and responsive website, keeping the website simple and to the point basically. Have the salad with a basic dressing in edible terms.
Voice Search and Virtual Assistants
- A decade after the inception of the internet and chunky phones. AI and technology joined hands to give rise to virtual assistants, such as Alexa and Siri. Voice searching products enhance user experience in many ways. It’s easy, quick and fun. Voice search allows consumers to search for products faster, get information quicker and save time sans typing.
- AI will continue upgrading voice preferences over time. Statistics show 20% of google searches are through voice search, this shows how voice search will get better over time. Improving features beyond turning off lights and fans is what’s going to be the future of voice search. Recognising voices are already a big feature allowing users to have a personalised experience.
- The future of e-commerce pairing with voice automated AI tools is at its dawn. It’s not too far when you’re shopping for clothes or food through voice search all from your couch or your car. Compatibility within these two realms remains to be yet another door waiting to open and let in infinite opportunities.
You can decide whether AI is a boon or bane in the modern infrastructure of e-commerce. You can’t deny the scale at which it has single-handedly brought some of the greatest innovations of this time. Time is of the essence and e-commerce brands have kept up with it. Improving and predicting the future of global consumer experience. Not to forget, brands have also been making a collective effort to promote sustainable and ethical manufacturing and buying.