What is E-commerce?
Electronic commerce also is known as e-commerce is a business model that lets firms and individuals buy and sell things over the internet. E-commerce operates in all four of the following major market segments:
Business to business
Business to consumer
Consumer to consumer
Consumer to business
We are surrounded by machines and new technologies. When on the one hand these technologies have made our life easier. On the other hand, it is one of the biggest reasons that people are losing human connection. It will be unfair to say just human connection because it is more of an emotional connection and this is the reason why people choose to spend their time on gadgets rather than their loved ones, especially millennials.
Technology is the fuel of e-commerce businesses, and thanks to this that now everything from groceries to handmade goods is available online. As technology is making e-commerce more accessible, people are missing the human connection and quality service that physical retail provides and companies are spending millions on service advancements to make e-commerce more user-friendly and service-driven.
Go through the below links to more related to e-Commerce:
e-Commerce business models
If you are planning to start your e-commerce business, get to know which category your business will fall into. Learn about the types of E-commerce business models, their benefits, and challenges. Click to know.
Ways to engage with e-Commerce customers
Customer engagement always works in favour of the business, no matter what sector you are dealing in. In fact, according to a report, 86% of customers tend to spend more when they get a better customer experience. Read more.
Trends that Will Shape the Next Few Years of E-Commerce are:
1. Chatbots and A.I.
One of the most widespread uses of AI is chatbots. And the chatbots are turning out to be a great success for e-commerce.
A chatbot is a software application used to conduct an online chat conversation via text or text-to-speech, instead of providing direct contact with a live human agent. Chatbots allow companies to aggregate and process valuable data in real-time, which helps them to adjust their strategy, product positioning, or marketing efforts more accurately.
AI in your business can answer the majority of standard questions; take over your agents’ routine tasks so that they could focus on complex work and
Increase response time. It is not possible for a human being to be available 24/7 and answer all the questions asked by customers. AI helps you in achieving that and it also helps you take your business international because you don't have to worry about the timing.
Must-read: Business ideas using AI
2. Voice searching
You must be aware of the devices and software like Alexa, Google Assistant, Apple’s Siri, Samsung’s Bixby, and Microsoft’s Cortana platforms where just by your voice you can hail a cab, call a friend, send a message, play songs, and now participate in e-commerce trade as well. According to Think with Google, 72% of people who own voice-activated speakers say that these devices are used as part of their daily routine.
It will make life much more comfortable, all you have to do is just speak. When using regularly, its algorithm is smart enough to know and learn about your habits and needs. When it understands that you ran out of coffee beans in a month, it will automatically suggest to you while shopping online to add a packet of coffee beans. Isn't it awesome!
Besides, it is quicker and more efficient than typing. You can shop while performing some other tasks as well.
Recommended: How to Make Customer Friendly Apps?
3. Engaging customers with facts, experts, and community
You don't generally get expert advice while shopping offline. The situation is different in e-commerce, you can read the reviews of products, and this will help you choose your product wisely.
For example, While shopping on Myntra, many experts will be giving you fashion tips on the app. And if you are a regular buyer, it is very easy to get access to those tips. All you have to do is collect the insider points which you get when you buy anything from that site.
When buying online, as we are not physically present, we always doubt how the product will turn out, but with the help of reviews and advice, we can clear out those doubts and buy things.
4. Drones delivery are here
It doesn't sound real. Does it? Drone delivery is an autonomous unmanned aerial vehicle used to transport packages, medical supplies, food, or other goods. Consumer research shows that online shoppers are open to having their purchases delivered by a drone if it helps to speed up the delivery process.
Though this technology has not been allowed to use due to some safety measures, we will soon see this happening in the coming years.
Visit the below links to know more related to technology in e-Commerce:
Impact of technology over e-Commerce
Technology has impacted our lives in various ways. And e-Commerce is not different from it. Read about the ways technology is changing e-commerce.
How AI, Chatbots, and Voice Commerce are Affecting e-commerce
Not just e-Commerce, the effect of AI in other businesses is also huge. These extraordinary machines have changed the way we engage with our customers, clients, and perform various functions of our everyday lives. Read the effect of AI, Chatbots, and Voice Commerce on e-Commerce.
New Technologies used in e-commerce
Almost every day new technologies have been added to the list. Recent technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems are some of the technologies which e-commerce businesses are following these days. Read about the latest e-commerce technologies that will be used in the future and some of them have started as well currently only at limited geographical locations. Read more.
5 Emerging technology trends in e-commerce
Technology plays a vital role in the e-commerce business. AI is one such technology that companies are using to collect large amounts of data about individual users and on that basis, suggest products that will be relevant to them. Now, AI has been among technology trends in e-commerce for several years, and it is only evolving with time. Along with that, technology also enables some fast becoming “must-have” capabilities for e-commerce success like enhanced search, customization, and personalization. Technology continues to make e-commerce more accessible and popular than ever. Get to know about the 5 emerging technology trends in e-commerce.
We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to our other blogs.