The future of e-commerce 

The future of e-commerce 

In recent decades, e-commerce platforms have steadily permeated our daily lives. Today, internet giants such as Amazon and Alibaba are well-known for their generous discounts and quick buying alternatives. The history of e-commerce is undoubtedly full of occurrences. But how about its future? This field's future development and expansion will continue to be highly influenced by technological advancements and socio-cultural factors. Let us find out in this article.
6 kênh tiếp thị trực tuyến quan trọng trong ngành thương mại điện tử
6 kênh tiếp thị trực tuyến quan trọng trong ngành thương mại điện tử

In recent decades, e-commerce platforms have steadily permeated our daily lives. Today, internet giants such as Amazon and Alibaba are well-known for their generous discounts and quick buying alternatives. The history of e-commerce is undoubtedly full of occurrences. But how about its future? This field’s future development and expansion will continue to be highly influenced by technological advancements and socio-cultural factors. Let us find out in this article.  

AI and Machine Learning 

In practical applications, machine learning can be used to manage inventories by assessing sales and projecting when to replenish. Machine learning can also improve customer service by enabling chatboxes (chatbots) to provide assistance promptly and around the clock.  

E-commerce may improve customer service by employing AI to provide appropriate search results based on buyer information and purchase behavior.  

AI can also assist in the creation of more thorough and accurate purchase profiles, which can then be used by marketers to obtain more personalized information about target consumers. AI can evaluate purchase transactions and recommend related products or items that customers can buy together.  

Amazon has stated that their recommendation engine generates up to 35% of sales, illustrating the value of machine learning for e-commerce businesses. Indeed, iAI can be a tremendous driver of growth and customer pleasure.

AI and Machine Learning

AR/VR 

Augmented reality and virtual reality (AR/VR) are sure to dominate e-commerce. AR and VR have transformed customer shopping by offering immersive and interactive experiences that provide insight into the performance of products and services.  

Sephora’s Virtual Artist function is an effective utilization of augmented reality. This feature allows users to test out their chosen makeup look on an app or website by selecting a model with skin tone that is similar to their own, or by uploading a photo of themselves and selecting makeup from the wide range of makeup items or brands available.  

AR lets buyers not have to worry about if the thing purchased online fits their expectations. Meanwhile, VR enables customers to visit a virtual store. In the case of eBay, with the assistance of Australian retailer Myer, customers may make purchases from a virtual reality department store using a VR headset.  

They may also explore virtual shelves , buy and analyze items simply by looking at them or staring at them for a few seconds – a feature known as “eBay Sight Search” by the business. They can also browse these virtual shelves, with the top 100 products displayed in 3D and the rest in 2D.  

Payment with virtual currency 

Digital currencies, such as Bitcoin, are predicted to be the payment mechanism of the future since they eliminate the need for intermediaries between the seller and the client, giving both sides more effective control. How they trade. These coins also have very low or even zero transaction fees, as compared to traditional settlement systems, which can be substantially more.  

Many e-commerce sites are accepting virtual currency payments, which could lead to a shift in purchasing habits.  

Multi-channel purchasing 

Managing various channels for your business can be difficult and confusing. Indeed, nearly one-third of retailers “lack the inventory visibility across stores, suppliers, and warehouses” necessary for omnichannel adoption.  

This can be problematic because around 86% of those polled shop across at least two touchpoints or channels, implying that a shopper’s interest can begin offline or online. However, the purchasing process can only be traced if it is completed online.  

Multi-channel marketing entails striking a balance so that your target audience does not become irrelevant, as well as not splurging on techniques to convert those who were never interested in your product. Omnichannel also means knowing when and when to amplify or show discretion across your platforms. 

Take advantage of content to drive engagement 

Various surveys and studies on content marketing discovered that: 

  • 74% of respondents are frustrated when the content is not relevant to their interests.  
  • 56% said they are more likely to support a retailer who provides a personalized experience.  
  • Content-focused brands save over $14 for each new customer obtained.  
  • HubSpot discovered that content can increase website conversion rates from 6% to 12%.  
  • According to Gartner, 64% of respondents consider customer experience more essential than price when choosing a brand.  

Great material that is instructive and engaging, suited to client needs; But it’s hard to make it well. With customers becoming increasingly impatient, marketers now need to optimize their content to generate product interest and sales, while maintaining high quality standards.  

Opportunities for B2B 

Wholesale e-commerce platforms have an even greater possibility to expand, as B2B e-commerce generates up to $5 trillion more revenue than B2C. As of the end of 2017, Statista estimated that “the total merchandise volume of B2B e-commerce transactions is expected to reach $7. 66 trillion, compared to $5. 83 trillion in 2013. “Meanwhile, B2C transactions are expected to be worth $2. 143 trillion in total.  

B2B client replies had an average conversion rate of 10%, which was more than three times higher than that of B2C customers. This demonstrates that there are significant untapped prospects for B2B firms that have not yet established e-commerce channels.  

The future of e-commerce 

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