Written by: Mangesh Panditrao, CEO and Co – Founder, Shoptimize
The eCommerce industry was already on the rise, with consumers shifting to online channels, and the technological advancements further expedited its proliferation. Hence, looking at a long-term view, with the latest technology developments, new opportunities will constantly grow and evolve to support online retailers and users. Advancement in eCommerce has helped brands build stronger connections with consumers and fostered more positive attitudes toward their brands.
Now, in the face of fierce competition, eCommerce businesses must adopt technology quickly to stay competitive. So let’s dive deep to understand how technology can help eCommerce businesses thrive in 2022.
Empower them with data to uncover risks & opportunities
Every company intends to maximize revenue growth. To achieve growth and put it in the right trajectory, the brand needs to make the right decisions at the right time, which is possible through data. Data is a goldmine when harnessed using data analysis. Furthermore, businesses can better serve customers, increase sales, enhance operations, and more by leveraging critical data insights. It enables brands to make informed decisions and carefully prepare to achieve their objectives using evidence-based data.
Assist them in providing personalization backed by AI
Providing an exceptional customer experience is the holy grail of any organization. And with ever-evolving customer needs, AI-powered personalization for eCommerce sits on top of many client touchpoints by allowing businesses to understand how customers engage online. It provides insights to brands and leads to the formulation of marketing campaigns tailored to customers’ needs, resulting in a more personalized experience and more effective brand-customer interactions. AI technology also helps in predicting sales patterns in eCommerce.
The flexibility of payment through new age payment solutions
As customers’ tendency toward online shopping grows, new-age payment solutions such as BNPL and gift cards will become a critical aspect of businesses. The above payment options facilitate a secured and speedier checkout process. Providing end consumers with digital wallets helps reduce cart abandonment. A seamless checkout (especially on a mobile device) leads to a better customer experience. Therefore, a D2C website equipped with seamless payment integrations and security will bring more and more loyal customers. The concept of digital payments is moving us toward a cashless world that will last long after the pandemic has passed.
Help them reap the benefit of conversational marketing powered by Chatbots
Consumers nowadays are looking for more genuine and engaging conversations, and an AI-powered chatbot makes the user experience more pleasant and superior. Conversational AI technology, such as chatbots, assists the brand in providing a consistent experience to clients 24 *7. It allows the company to build trust and credibility, enhance engagement, and highlight the human side of their business to have a meaningful dialogue. As a result, it will gain traction to provide a more personalized experience and strengthen customer-brand ties.
Create smarter supply chain solutions
A company’s supply chain is essential to creating a positive customer experience. On the other hand, eCommerce businesses encounter a range of supply chain management challenges and lose money due to late deliveries.
However, the use of Internet of Things technology can make the entire eCommerce supply chain entirely transparent. Smart supply chain solutions can also help businesses optimize their supply chains, reduce delivery ETAs, and improve customer experience. A more innovative supply network implies minimal mistakes, delays, and waste, ensuring timely delivery. In 2022, warehouse optimization, supply chain management software adoption, and supply chain expansion will be vital to the success of the eCommerce industry.
Given the increasing trend of online shopping and advancement in technology, the future of the eCommerce industry looks bright. And to stay productive and competitive, eCommerce companies must keep up with fast-changing technologies in 2022.