Best IT implementation trends to boost your E-commerce business
The eCommerce market is rising globally and is expected to grow at CAGR of 11.1% till 2025. In the eCommerce ecosystem, the B2B market is almost twice as big as the B2C market. All these developments in the eCommerce industry are primarily due to the technological advancements in recent years leading to transition of market from physical boundaries to digital realm at a growing pace. Also a significant contribution is from the rise in mobile and internet usage in the industry and people at large. With the advancement of technology and support system, there has been a significant transformation in the digital sphere catering to the eCommerce platforms, all credits to the hard working developers and IT experts in the industry. Regular changes and updates in the digital transformation sphere has contributed towards a boom in the eCommerce market and opportunities associated with it. Businesses are undoubtedly in a race to get the competitive advantage by strategic implementation of these major changes in the digital ecosystem and deliver the best they can offer to enhance customer experience. In this article we will discuss some of the major aspects of strategic and technological implementations necessary to boost any emerging eCommerce business at present day scenario:
1. End-User experience:To improve customer retention and enhance productivity of any eCommerce business, it is imperative to have a top class user experience. Ultimately it is the user of the platform that decides on the usage frequency and timeline. The better the experience, the better is the retention and engagement. The experience has to be seamless and user friendly throughout the transaction. Tools that are increasingly getting popular these days are:
- Visual search: Using image recognition technology, scanning a picture of an object to find an exact or nearest match of it from the product catalogue available online can make the work of the user much easier and hassle free.
- Voice search: By using voice recognition technology and matching the keywords of the products with the query of the user, appropriate supply demand matches can be achieved and the user can save a lot of time usually wasted in manual search and sort process.
- Augmented Reality (AR)/Virtual Reality (VR): Allowing the user to see and experience the products in 3D and realistic environments using AR and VR technology to ease out the decision making process of the user can definitely increase the conversion ratio and business returns. This requires a combination of hardware and software implementation in the existing platform.
- Multi Channel selling: This involves integrating eCommerce interfaces into different popular channels including social media platforms to enable users to access and do the necessary transaction without having to navigate through the main website or main channel.
- CEM Tools: Using Customer Experience Management tools can help in tracking and organization of all customer interactions and feedback so that the business can focus on the actual needs of the customers. This enables in filling the gap between the desired customer experience and the actual customer experience.
- Chat-bots: Use of advanced chat-bots powered by AI and machine learning can automate the dispute resolution process and make the customer support system very efficient and robust while reducing the cost associated with manual intervention as much as possible.