Technological advancements are happening almost in every corner of the world and that too at a rapid pace. These technological advancements are the major contributors to the success of the E-commerce industry across the globe. As a result, these online platforms have witnessed major changes in recent times which are all centered around providing the best user experience.
As per Wpform, more than 90% of the total online users have purchased products from the internet. That has been made possible only due to the advancement of technology in the E-commerce industry. Moreover, this trend is most likely to stay intact in the coming years as there is further scope for various technological implementations coming in the way of E-commerce.
Many users are seeing it in a positive sense as they are dependent on these websites for accomplishing their needs. Integrating effective and modern technology on these websites would tend to provide a much better experience in terms of purchasing and keeping a track of your order.
Considering the ever-growing technologies, we have highlighted some of the major impacts of how technology has transformed the whole E-commerce industry.
The influence of technology on the E-commerce industry
Incorporation of AR and VR with E-commerce platforms
We all will agree with the fact that all E-commerce websites have one ultimate goal to fulfill, that is customer satisfaction. Most online shopping platforms are always looking for effective strategies to satisfy their customers and retain them for a longer duration of time. But shockingly, Synoptek revealed that approximately 78% of the shoppers leave their cart as it is before they actually make a purchase. This has been a major concern for these websites and now they would need to come up with more effective ways to persuade customers to make a purchase.
Now with the prevalent technological trends, augmented and virtual reality have been incorporated into E-commerce activities. Having said that, AR and VR have the potential to provide a user-friendly and satisfying experience to the customers.
One of the major applications of augmented reality in the E-commerce industry has been virtual try-on solutions which are very well known as VTOs. As per this technology, customers can actually try a product using their mobile device to get a much better idea of it. For instance, Lenskart has been using this technology which provides their customers with the real-time experience of trying out a new frame. As a result, the customers are able to find the right frame for themselves as per their face shape.
This online service has drawn a lot of user attention and has encouraged them to actually make a purchase as now they have a better idea of the product. Therefore, the incorporation of AR and VR has been quite beneficial for the E-commerce industry.
Integration of various payment methods
Advancing technology has also impacted the mode of payments that a customer uses to purchase their desired product. Earlier, there were few payment methods such as cash-on-delivery, debit and credit cards, etc. Now the customers are having access to more payment options such as google pay, amazon pay, E-wallet, and net banking. This has led to an increase in the number of users making payments through online mediums. Moreover, these online payment methods are safe which tends to encourage the customers to use these methods to get the purchase done.
As per Business of apps, there are approximately 2 billion people who are using online payment facilities, and each year, millions of people are adopting this new payment method. This number would continue to increase in the coming years due to the large-scale selling of smartphones which have the capability to make online payments. As a result, people are opting for cashless modes of payment and technological updates have further encouraged them to use them regularly.
Facilitation of great user experience
E-commerce websites have provided a platform for the users where they can search for their desired products and later put them into their cart for purchasing. In recent times, the E-commerce industry has put all its efforts into enhancing the user experience by using various modern technologies and systems. The introduction of these systems has made the process of buying and selling much easier. The website of Superoffice revealed that 86% of the customers are willing to pay higher if their experience was quite enriching while scrolling through the website.
This can provide long-term benefits to both the users and the seller. Hence, E-commerce retailers consider the importance of providing an enriching user experience while accessing these online platforms.
Not only buying and selling has been made easy but tracking and returning a placed order has been made much more convenient for the customers. In the initial phase of the E-commerce industry, the customers were not provided with the service to keep a track of their placed orders. If there were any discrepancies in the received products, then the same customer would have to wait for a long duration of time to get the product replaced or returned.
Now, all these after-sale services are available to all the users, all thanks to ever-evolving technologies. Customers now have the facility to track their orders using their mobile devices and can get their products delivered within 2-3 days. Moreover, getting the product exchanged or returned has also improved with the incorporation of efficient technology, thus reducing the waiting time.
Considering all these aspects, it is clear that the E-commerce industry has the potential to enhance the user experience if technological advancements are followed with time.
Transformation of small businesses and startups
The technological advancements in the E-commerce sector have made the process of setting up an online website much simpler now. Earlier, only those individuals who were aware of the coding terminologies were able to set up an online website. Now with the introduction of various online platforms such as Shopify and Magento, even beginners are able to set up their own websites.
These technological developments have encouraged small businesses to establish themselves on the internet. For that, they do not have to invest too much money while designing their website as the basic framework is already available to them, all thanks to Shopify and Magento. This has provided them with the chance to reach a wider group of audience on the internet. Zippia reveals that 71% of the small businesses have made their own website to facilitate the online selling of products. Surprisingly, more than 85% of the consumers make use of the internet to locate local businesses in their nearby areas.
As the whole world is moving to the internet, many startups are now making their way into the online world. Startups have the capability to influence people with their innovative and unique products. Once they collaborate their innovation with the technological advancement happening across the E-commerce industry, this can help them to achieve their SMART goals.
Considering the huge scope of the internet, startups and small businesses have the chance to make their presence felt on the internet due to its wide reach. Therefore, it becomes much easier for both small businesses and startups to target customers across international markets and enhance their profitability.
Also, having the right technology on board can be one of the most effective ways to inspire your team and bring out the best in everyone. When technologies replace recurring tasks and assist employees in their tasks, there is higher employee engagement.
24×7 services with the application of chatbots
The biggest challenge which is standing in the path of success of these E-commerce websites is to acknowledge and resolve a large pool of customer queries in one go. We all agree with the fact that people are accessing these websites all around the world, so it becomes quite difficult for E-commerce retailers to cater to the needs of the global population.
To counter this, Chatbots have been incorporated into these online platforms which have transformed how user queries are handled. Now the users have the option to interact with the website in a much more efficient manner. By simply putting their query in the chat box, the bot will provide the users with a number of options to choose from. After that, they can proceed further by choosing the most relevant option as per their query.
As per Blogging wizard, 23% of the companies providing customer services have incorporated chatbots into their website. Moreover, 80% of the customers have interacted with a chatbot while accessing a website. The best part is that chatbots can be accessed 24 by 7 which has allowed the users to interact with the website whenever they want.
With so many people interacting with the chatbots, it can be very well said that in the coming future, most user interactions would be handled using effective chatbot mechanisms.
To wind up, E-commerce platforms were always in the limelight due to their ability to reach people across the globe. With ever-evolving technologies, the E-commerce industry growth rate has increased to a great extent. These technological changes have impacted how these platforms are performing in terms of providing a great user experience and providing a golden opportunity for new and small businesses to accelerate their growth.