E-commerce is one of the most flourishing and competitive industry in today’s world.
Thanks to technology, the relatively new industry has reached the new heights in serving the customers. But, e-commerce is yet to reach its zenith. There is still scope for improvements and technologies to take advantage of.
Big data & analytics, cloud & mobile apps, digital marketing & CX, IoT & wearables, AI & ML, AR & VR, blockchain & digital twin, conversational AI, and robotics are reliable technologies that can be incorporated to improve the services.
Here is how the immediate effect of technology will look like for e-commerce businesses.
Driving Sales with Machine Learning
Rather than choosing to go by the traditional pull and push strategy — pushes a product to the customer and intends to pull customers towards a product — our products are powered by AI algorithms for a better conversion rate.
Machine Learning-enabled applications take into account the users’ previous transactions, the click-through rate of the recommended products, demographics, age group, buying frequency, and myriad other aspects to determine the right product to recommend at the right time.
The result, when implemented to the product suggestions, increases the conversion rate of prospective leads into customers, increases the sales and thus the revenue.
Machine Learning can identify the patterns of users’ searches and shortlists before actually buying the product to allow the companies to understand the subtleties behind users’ actions, thought processes, and procedures. This will further enhance the companies to come up with creative solutions to offer better recommendations based on the buying power of their customers.
Boosted with AR and VR
Applications equipped with augmented reality and virtual reality capabilities can be transformational both for the traditional brick-and-mortar firms and online retail behemoths.
AR and VR can cause skyrocket the usage of the platforms. People no longer have to visualize how they will look in a dress; they can see how it suits them, the fitting, and even the color combination to go with.
The features are not limited to wardrobe-essentials.
The facilities and the built quality of cars, clothes, shoes, and literally every product can be displayed with just the phone camera to allow customers to get a hint of how they will inside the clothes.
AR and VR amplify the marketing prowess of the companies. When a customer is searching for a product or trying out a product in the AR closet, the machine learning algorithm can show and give them a feel what its accessories and related products do in real-time. This can again reignite the idea of buying new products.
How E-Commerce Mart is Progressing with Technology
E-Commerce Mart is an e-commerce venture with a vision of consolidating big-time retailers like Walmart, IKEA, Target, and K-Mart.
Despite being a startup, the company has leveraged technology and has partnered with many companies to develop long-term sustainable relationships with customers through viable consumer models.
The company is also armouring its hull with technological advancements to take on the e-commerce giants who already have the social proof and loyal customer base to sail smoothly even against vicious storms.
The silver lining for startups and businesses is that they don’t have to follow the footsteps of Amazon and Flipkart.
Robotics coupled with GPS can reinforce the delivery process and greatly reduce cost in the long run, Conversational artificial intelligence (AI) can strengthen the last mile delivery and increases customer loyalty, and Blockchain can provide enhanced data security and reliability.
Startups have many such lucrative areas to partner, work, and thrive in the industry. We are working in the field of micro-lending, voice analytics, automated driving, IoT, microblogging, conversational AI, and cybersecurity.