Digitalization is the force behind business development, and global commerce is one of the spheres that has undergone the most significant changes regarding its quality and speed of functioning. In our day and age, online presence is the cornerstone of E-commerce existence and the foundation for further growth. Apart from being accessible to any customer regardless of location or timing, online stores can also use the latest innovations in the technology world to upgrade their functioning.
What are the latest inventions of e-commerce software solutions and what is their beneficial influence on e-commerce functioning?
- AI-powered personalization
What does every customer want? To be treated like a one-of-a-kind client. However, it is almost impossible to do considering the number of people buying some goods from the store. With the introduction of artificial intelligence, a true game changer in the world of e-commerce, the customers’ experience will get significantly updated. AI algorithms are able to analyze the customer behavioral patterns and preferences, and thus, personalize the marketing campaigns.
The advantages of AI usage:
- Profound insights — AI can analyze big volumes of data related to the way the customers choose and buy the goods, and their pain points, and thus, the average client avatar gets more specific features.
- More effective ads — as a rule, people are tired of ads, as they are too straightforward, and simple and don’t target the right person. Using the AI algorithms, every ad finds every specific client due to a more detailed avatar and its needs.
- Enhanced search experience — people often make mistakes and typos when searching for the products, which leads to a less effective search. The AI understands language nuances and helps to deliver exactly what the customer wants.
- Augmented Reality
Artificial intelligence, with all its benefits, isn’t the last frontier of innovation, as there is also augmented reality, which brings ground-breaking changes to the store’s functioning.
Almost every client is tormented by the necessity to choose the right product, which significantly reduces the level of happiness of their journey through the sales funnel. That’s where augmented reality comes to help. To improve the customer’s experience and help them get rid of nagging feelings regarding the choice, they can develop an AR Shopping App, which will help to visualize the usage of every particular item in real-world surroundings.
For instance, a customer is in two minds about the wardrobe for the living room. The AR will help to visualize both wardrobes and thus, the choice will perfectly fit the customer’s needs.
- Voice commerce
Voice commerce is yet another way to improve the customer’s experience. When implementing voice recognition with online shopping, the store gives a chance to every customer to browse, search, and make orders using voice commands through their ‘speakable’ devices. Such an integration into the e-commerce app offers a hands-free experience for every client letting them perform multiple functions simultaneously.
Voice Commerce will definitely be an asset for those who value their time and have a tough working schedule.
- Blockchain for supply chain
Blockchain augments the functioning of a supply chain, as it is able to record every step of the product movement within, from the raw materials to ready-to-use solutions. As long as every item becomes visible and easily traceable, there will be no loss of goods and it will be easy to track the faulty production.
The usage of blockchain allows the business to become proactive and anticipate all the possible issues within the chain, and thus, come up with timely solutions.
- Buy-now-pay-later (BNPL)
BNPL is a convenient way to pay for the goods if the customers can’t pay the whole amount upfront. The total price of the goods is divided into equal installments, with the first one paid at the check-out. As there is no interest rate, BNPL is the way to go when lacking financial means, but having a necessity to buy the goods.
The Bottom Line
E-commerce alone is a great chance to extend your influence in the chosen niche, as it brings you close to every client and helps to build an effective sales funnel. The implementation of other innovative solutions will take your business to a yet new level, helping to improve customer’s experience and the business functioning. Artificial intelligence, augmented reality, blockchain, voice recognition, BNPL – every solution offers numerous benefits and a great chance to enhance the e-commerce environment for both owners and customers.