How Technology Changes the Path of Purchasing to Help Retailers Gain Profit?

By: Retail CIO Outlook | Friday, July 24, 2020

With the increasing power of global consumers, the rise in social media users, and ceaselessly progressing infrastructure and technology, the future of eCommerce in 2020 and beyond is still more vibrant than ever.

FREMONT, CA: The changing landscape of e-commerce is very exciting. Changes in the e-commerce platform help retail businesses to meet new challenges and grow their businesses. Organizations are embracing e-commerce marketing strategies are experiencing a rapid increase in growth. In 2017, there were 1.66 billion online buyers. By 2021, this number is expected to grow to 2.14 billion. Here are some of the trends every eCommerce business must watch out for.

Personalization and Customer Engagement

Using personal online data like search queries, page visits, and purchase history, brands tailor their online stores to serve the customer's needs and interests. Much like the personalized emails generate higher transaction rates and convert well than cold emails, consumers spend 48% more when their experience is personalized.

AI, Chatbots, and Assistants

AI is known to handle several tasks that are assigned to humans. These digital assistants are known to help retailers in carrying out several processes, freeing up time for the retailers to focus on other aspects of the business. For instance, chatbots can fulfill several customer service needs, from answering questions about a product to discussing a complaint. AI and chatbots also learn from customer conversations and evolve to better assist in a user's personalized e-commerce experience.

AR and VR

One of the prominent challenges that the online stores face is that the customers cannot see the product before buying it. AR and VR are helping to solve this problem by allowing customers to try on products without physically touching them virtually. E-commerce stores should take note of the ways that technology is revolutionizing the customer experience and consider investing in these digital systems.

Even though trends come and go in the retail industry, the e-commerce business needs to pay huge attention to the ones that have more significant impacts on the CRM.

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