The Role of Technology in Fostering E-commerce Business Growth
“E-commerce industries have originated from technology, and any innovation that knocks here solely belongs to technology.”
The retail sector has gone through tremendous changes in the last ten years. We have also seen a significant hike in the growth of e-commerce industries. The industry has recorded humongous sales figures and increased demand.
According to the e-commerce development stats, worldwide e-commerce sales had reached 4.1 trillion U.S. dollars worldwide in 2020, and it will continue this whooping growth with $5 trillion in 2022.
We have to say that that e-commerce potential is undeniable. The industry has helped many businesses as well as the country in boosting economies. Its applications are diverse and encapsulate almost every business and sector.
The advent of advanced technologies has further strengthened the roots of e-commerce companies in this digital market. No matter how far we go, the role of technology in e-commerce, will always remain an indispensable part.
Let’s see how this technology is fostering e-commerce growth in society.
#1. Artificial Intelligence & E-commerce
Artificial Intelligence is a buzzing technology of today’s digital age. In e-commerce, it has a significant role as it provides valuable marketing insights into customer preferences. It guides them into creating better marketing campaigns for business.
This e-commerce technology also offers the automation and transfer of data management operations to boost performance. In the e-commerce world, retailers rely on AI for various unique business aspects.
#2. Personalized User Experience with Technology
Around 74% of businesses believe that user experience is essential for growing sales and conversions. AI provides a personalized user experience that 59% of customers say impacts their shopping decisions. It can facilitate a shopping experience that supports customers’ personal preferences.
Big data, machine learning services, and artificial intelligence can offer analytics and foresight into customer behavior patterns. It can drive advertising campaigns, provide support and services, plus automate communication, increasing businesses’ engagement rates.
#3. Technology for Sending Customer Recommendations
As we know that AI can predict customer behavior patterns, it can recommend essential and helpful information to customers on products, products, and more. The technology’s algorithms efficiently forecast this information by reviewing customer’s search history and other third-party data. It leads to a practical proposal of information and solution to satisfy customer’s requirements.
#4. Automated Campaign Management
Customer behavior patterns are the driving force of every marketing campaign. With artificial intelligence, online retailers can target potential and existing customers by studying data such as past specific history. They can use these analytics to provide a better-aimed business content marketing strategy.
After this, they may prepare engaging content and advertisements to target audiences and post them on the correct media platform to capture their attention. With AI and marketing automation, marketers can create a strategic and tactical campaign using customer data insights.
#5. The Cloud Technology in eCommerce
There is hardly any business today that doesn’t have at least one aspect of its operations on the cloud. Data management and processing in the cloud is essential for others to access it instantly on their device.
Especially for e-commerce businesses, a cloud ERP can increase delivery speeds, make your e-store more flexible, and bring business stability and growth both.
#6. Chatbots For eCommerce
Chatbots are known for their wide-scale availability and high customer satisfaction rate. This advanced technology has pivoted itself as virtual call center agents, and now it’s a part of every e-commerce website and mobile app.
According to eCommerce chatbot statistics, 70% of e-commerce retailers will integrate a chatbot into their website by 2023.
Rather than providing information to customers through the phone, better give space to chatbots in your e-commerce website. It can provide a variety of services and solutions of optimal quality.
#7. 24/7 Assistance with Technology
In my view, the key secret of a successful e-commerce business is to handle customer-queries in real-time. I know it’s not possible for a human agent, but a virtual chat agent, i.e., chatbot, can do this better.
Hardly any business is there that can answer customer’s questions in real-time. Human agents are often unable to sort their problems, and when you put them on hold, it makes them more frustrated. It’s impossible to handle high customer volume with just the limited number of staff.
But chatbots are available 24/7 to provide any answers and solutions that a potential customer can inquire about. This automated communication is valuable for e-commerce businesses. It frees up workers and lets them focus on other business operations, efficiently communicates with shoppers, and may even propose services and products.
#8. Voice Assistants For eCommerce
From m-commerce to e-commerce, now we have stepped into voice commerce. Not all people browse your site for products and services on their devices. You have to accommodate these potential customers too, and for this, start employing virtual voice assistants like Siri, the Amazon Echo, and Google Home.
These will not even charge you anything and are getting increasingly popular day by day. The freedom and convenience that it offers are incredible and well-enough to retain customers and keep them encouraged.
By deploying voice recognition technology, customers will use voice commands to find and purchase products online. For a successful business, retailers leverage this technology of e-commerce and its benefits to capture consumers’ new wave.
#9. Assistive Technology for E-commerce
In the digital marketing world, assistive technology and voice commerce help reach a wide variety of new audiences — not just the younger generation who use advanced devices but also the visually impaired people.
WIth speech-to-text technology, the visually impaired can forgo traditional search experience struggles and order what they need through new and developing assistive technology.
All interconnected, AI, voice assistants, and chatbots are becoming critical for any successful e-commerce business. Businesses must adapt to these new technologies to stay with the times, which appeals to potential and existing customers.
#10. Audio Brand Signatures for Business
Any company music composition, jingle, or auditory tone is considered an audio brand signature. It’s a great way to establish a brand identity in the market and let customers remember the brand’s name for a longer time.
Businesses can set their audio brand signature to play through voice assistants and let their customers know where they are shopping. By associating with an auditory signature, customers will know and remember calling from your store – even when laying on their couch, speaking to a voice assistant.
The role of technology in the e-commerce industry is inevitable and seamless. It’s the origin point, and innovation occurring every day is impacting the whole industry. No matter we are proceeding to the robotic world, e-commerce will not go anywhere and keep on thriving with technological transformations.
But it doesn’t mean retailers will not do anything. They have to participate in it actively and introduce new advancements to their store. It will guarantee your e-commerce success in the competitive digital world.
For better guidance and assistance, you can also reach out to India’s top ecommerce development company. They will sort your problem out and help you in running a successful e-commerce business.