Top 3 emerging areas in e-commerce
Technology has not left e-commerce out in its revolution. Most businesses have leveraged technology in one form or another to boost productivity and keep up with the competition. Likewise, the e-commerce industry is becoming increasingly competitive, especially with the growing preference for online shopping.
Therefore, to meet customer demands and stay relevant in the market, e-commerce industries must keep up with emerging trends. This allows e-commerce businesses to predict market outcomes and make proactive decisions to help them stay in the game. This article explores a few emerging areas in e-commerce that will help businesses compete in a competitive industry.
Personalization and Trends
This involves tailoring shopping experiences to the specific need and preferences of individual clients. This can be achieved by using previous purchase history, browsing behavior, demographic information, and more to make recommendations, suggest promotions and create targeted marketing campaigns. For example, if there is a major holiday coming up, such as Black Friday or Cyber Monday, an e-commerce retailer may offer personalized promotions and discounts to customers based on their previous shopping behavior during these events.
Other valuable data that can help plan in the short and long term can be found in an economic calendar. The calendar contains information on economic events and trends that may affect customer behavior. This can include data on economic indicators such as GDP, inflation, and employment rates. These indicators can be used to make informed decisions about inventory management, pricing strategies, and marketing campaigns. For example, if there is a significant increase in consumer spending due to a strong economic growth trend, an e-commerce retailer may adjust its product recommendations and promotions to capitalize on this trend.
The emergence and impact of Augmented reality (AR) and its potential impact on e-commerce can not be overlooked. AR is not only an emerging trend in e-commerce but becoming widely accepted. AR allows customers to visualize products in their environment before purchasing, increasing their confidence in the product and reducing the likelihood of returns. For example, furniture companies use AR to show customers how furniture would look in their homes before purchasing. This ensures that a customer believes in the product and increases their likelihood of purchase.
The ability of AR to provide customers with an interactive and immersive shopping experience has made it an attractive tool for e-commerce retailers to enhance customer engagement, boost sales, and reduce returns. AR enables customers to visualize products in their environment before making a purchase, which helps them to make more informed buying decisions. For instance, a customer can use an AR app to virtually place a piece of furniture in their living room to see how it fits and looks in their space. This gives customers a more realistic sense of the product, and they can be confident in their purchase decision, resulting in a reduction in returns.
Voice commerce refers to the ability to make purchases using voice commands through voice-activated assistants like Amazon Alexa, Google Assistant, or Apple Siri. With the growing popularity of smart speakers and other voice-activated devices, voice commerce is quickly becoming a significant trend in e-commerce.
One of the main benefits of voice commerce is the convenience it offers customers. Customers can quickly and easily purchase using their voice without navigating websites or apps. This makes the shopping experience more seamless, especially for multitasking customers or customers with limited mobility.
To optimize an online store for voice search, businesses can use conversational keywords and phrases that are more natural-sounding and match how people speak. This can improve the chances of their products being found through voice search and provide customers with a more personalized shopping experience.
Businesses need to keep up with emerging areas to stay ahead of their competitors as companies continue to navigate the ever-changing landscape of e-commerce. By implementing personalization, AR, voice commerce, and mobile optimization, you can create a shopping experience tailored to your customer’s needs and preferences.