Top 10 Trends Influencing the Digital Commerce

by Vinay Varma Digital Marketer and content writing

The E-commerce sector has seen tremendous changes in terms of selling products, customer service & etc. in the past few years. In the early stages of e-commerce, the main focus is on transactions and there is less preference for customer satisfaction, service & loyalty. Many e-commerce companies have started to provide the products as per customer preferences. For this, they are contributing various features that will display the inventory to the customers, reviews of various products & item tracking in case a user purchases a product online. Many companies across the globe maintain a healthy relationship with their customers by implementing strategic actions. It will provide a unique shopping experience to the e-commerce customers. Better customer experience is only possible through customer analytics and usage of various tools will help to gain information about customer preference.

 

What is Digital Commerce?

 

Digital commerce attains beyond basic online transactions. It also covers research, development, marketing, service, sale & buy of goods for all devices and platforms such as desktop, mobile / tablet, social networks, etc.

 

Let's discuss the different trends that will shape the future of digital commerce.

 

1.    Visual commerce

 

Visual commerce is the idea of enriching the consumer experience with strong, inspiring & appealing visual content that invites shoppers to engage, convert & build a brand or online retailer's preference. Although this seems too generic, the key is in the "visual content" This component includes an inventory of product images, product videos and user-generated content that gives a strong, "out-of-the-box" presentation of a product or brand. The technology of visual commerce covers 360-degree video, 2D and 3D configuration, visual search, augmented reality (AR), and virtual reality (VR).

 

2.    Personalization

 

Personalization is the way of providing personal experience on e-commerce sites by continuously displaying content, product suggestions & unique deals based on past behaviour, browsing behaviour, history of transactions, demographics & other user data. For entrepreneurs seeking not only to engage customers but also to increase repeat transactions, drive sales & increase conversion, personalization is extremely relevant. It comes in so many different ways — from personalized product reviews on a retailer's homepage or product information page to cart-abandonment marketing emails, to on-board quizzes that provide customers with a custom display room of goods, among many other applications.

 

3. Trust & Privacy

 

Establishing a trusted relationship with customers started with securing the privacy of customers. Customers want the data to be open and regulated. Nearly 160 countries and jurisdictions have and are implementing privacy laws, and organizations face extreme pressure to cooperate with these laws. Other than being legal, think about how to develop trustworthy relationships with customers.

 

4. Unified Commerce

 

Unified commerce is a single platform or piece of software that enables you to connect all of your business's points. It includes e-commerce, m-commerce, order fulfilment, inventory management, customer relationship management, point of sale (POS). Therefore, it provides you with a clear view of your inventory and any channel you perform your sales in — starting from your website and social platforms to different brick-and-mortar stores and marketplaces. On the other hand, it also provides you with a clear view of the activities of your customers, such as buying history, personal data irrespective of their channel preferences for interactions with you.

 

5. Thing commerce

 

Billions of connected devices will also become capable of acting as customers. Connected devices such as home appliances and industrial machinery may make human consumer purchases. The key advantage of trading is to reduce consumer effort and friction in transactions. The phenomenon is at an early stage, as many companies tend to concentrate on expanding commerce across conventional platforms, such as websites and mobile apps.

 

6. Customer analytics

 

Consumer analytics provides a variety of analytical tools to gain insight from consumer data to improve customer service and achieve business objectives. Customer analytics plays a significant role in digital commerce, given the massive amounts of data processed by digital trading platforms and the transient window of opportunity to convert shoppers. By 2021, over 40 percent of all data and analytics initiatives will be connected to a customer experience aspect.

 

7. Enterprise marketplace

 

This is a business model where companies move from selling only goods owned or produced by them to selling third-party goods owned, controlled & serviced by someone else. Early adopters such as airports, shopping malls, developers of real estate and distributors seem to have a significant number of customers and partners

 

8. Artificial intelligence

 

AI uses highly advanced analysis and techniques based on logic, including machine learning, to understand events, to help and automate decisions & to take action. Instance of AI in digital commerce sort from product recommendations, content personalization, fraud detection, price optimization and virtual assistants to image search and categorization and customer segmentation

 

9. API Based Commerce

 

Indeed, by relying on a single monolithic commerce solution, businesses are developing flexible systems to strengthen their mobility and agility in supporting new consumer experiences, business models & ecosystem partners. API-based commerce helps companies to completely remove the front end from the back end and to incorporate new technologies or systems efficiently.

 

10. Subscription Commerce

 

Subscription Commerce has a few different names. If you're a consumer then the most frequently used and best remembered one is a subscription box. The terms include items like lazy boxes & etc.  If you are an expert in the industry then subscription commerce is generally referred to as 'subcom' and it's this term, maybe better known. The first thing you should note here is that subscriptions aren't entirely new. Subscription models have historically been around in some way, shape or form for the best part of 150 years. However, it was the birth of that little thing known as the internet which brought new life to business subscription models Organizations may benefit from subscription commerce with repeatable and consistent revenue; consumers such as convenience, cost savings, and personalized solutions. By 2023, 75% of companies that sell direct to consumers will provide subscription services, but only 20% will succeed in growing their customers.

 

Conclusion

 

Focus on not more than three items on the list at a time. Check the market to see which technologies are required or provide you with competitive advantages, and push them to the top of the list. Prioritize remaining options based on business interest, time and delivery costs.Contact e-commerce app development company for building robust mobile app.

Sponsor Ads

• Ad Space Available - Rent it Now!

Created on May 20th 2020 06:39. Viewed 246 times.

Comments