4 emerging technologies for staying ahead in e-commerce
TheIndustry.fashion hears from software-as-a-service platform SHOPLINE about the four technologies that will allow businesses to stay ahead of the e-commerce curve.
Modern life is in constant flux. New trends and technologies can come and go before we’ve even had a chance to fully understand them, let alone put them to use.
In a competitive and energetic landscape like e-commerce, it’s important to stay ahead. It is therefore imperative to understand which emerging technologies will soon take centre stage for e-commerce success.
1. Social Commerce
In recent years, social media has emerged as a key channel for entrepreneurs to reach shoppers. As a result, social commerce is becoming ever more relevant. By integrating social media and e-commerce, social commerce allows users to purchase products directly through social platforms like Facebook, Instagram and TikTok.
In fact, social commerce is expected to account for approximately 18% of total e-commerce sales globally by 2025, according to Statista. With that in mind, neglecting this crucial channel would be a mistake.
Live Streams, popularised by platforms like TikTok and Instagram, are the next evolution in this trend. They allow brands to showcase products in real-time and engage directly with customers for a more dynamic and interactive shopping experience.
This blend of entertainment and commerce is effective for driving impulse purchases and fostering a sense of community around a brand.
That’s why e-commerce platforms like SHOPLINE enable entertaining, real-time video conversation formats. Brands can utilise the power of content to engage directly with shoppers and make their products easy to buy.
Maximise audience with SHOPLINE’s live sales features. These enable live streams to be broadcast simultaneously across all social media pages.
This grows engagement and visibility for brands, and ultimately leads to higher conversion through the simple power of user-generated content which 79% of consumers say highly influences their purchasing decisions, according to Stackla.
2. AI
The AI revolution is set to transform online shopping for the better, and any tech savvy entrepreneur knows it. 84% of e-commerce businesses are either actively working at adopting AI/Machine Learning solutions or have it as a top priority, according to Statista).
AI is unlocking new possibilities for personalising shopper experiences. This is an exciting prospect, considering the importance of personalisation for success in e-commerce. 70% of consumers say a brand’s understanding of their individual needs influences their loyalty. (Source: PwC)
AI can help inspire this loyalty by gathering data on shoppers’ browsing, purchases and demographics, then using this data to make hyper-personalised recommendations. It could even ensure repeat purchases by analysing past behaviours and forecasting future needs.
Platforms like SHOPLINE already help businesses personalise through tailored member rewards and loyalty programs. As use of AI in e-commerce becomes widespread, this will only become more powerful.
3. VR & AR
Virtual Reality and Augmented Reality can enhance engagement and influence conversion by enabling an immersive digital experience of a product.
This rapidly emerging technology allows customers to visualise products before making an online purchase. It helps make informed decisions by providing a realistic view of how products like glasses, jewellery, footwear and clothing will look and fit.
This additional layer to the shopper experience can reduce returns and increase a shoppers confidence in their purchases, boosting sales.
However, implementing VR and AR can be challenging due to high costs and technical complexity. Businesses must invest in advanced technology and develop content that provides real value to customers.
That’s where a platform like SHOPLINE comes in. Our advanced e-commerce platform integrates seamlessly with AR technology, so businesses can showcase their product in 3D and take the browsing experience to the next level.
4. Blockchain
The role of blockchain in e-commerce can be tricky to get your head around. Put simply, blockchain technology can enhance the transparency and security of a range of processes. For this reason, it will become widespread in the future.
Secure and transparent payments are important to buyers and sellers alike. If a shopper doesn’t feel safe, they’re not going to hand over their payment details. Luckily, the decentralised nature of blockchain means that there is no single point of vulnerability and therefore cyberattacks are unlikely.
Moreover, blockchain encrypts online transactions, and links them to previous transactions in a “chain”. That means fraudsters cannot alter past records without detection.
Beyond payments, blockchain also improves supply chain transparency by tracking products in real-time from production to delivery. This visibility helps prevent fraud, ensures product authenticity, and can provide customers with detailed information about the origins of their purchases.
Are you ready for the future of commerce?
The future of eCommerce lies in the integration of advanced technologies like social commerce, AI, VR/AR, and blockchain.
These innovations are reshaping how businesses engage with consumers, providing more personalised, immersive, and secure shopping experiences.
Platforms like SHOPLINE are at the forefront of this transformation, enabling brands to use these technologies to boost engagement, drive sales, and build customer loyalty.
By embracing these trends, businesses can stay competitive and meet the evolving demands of today’s tech-savvy shoppers.
To learn more about the advances in e-commerce, don't miss the Re-Imagine Summit 2024 on 2 October, where 300+ retailers, brands, and e-commerce experts will come together to uncover the future of commerce. Discover strategies to stay ahead in a rapidly evolving market. Learn how SHOPLINE can be your driving force.
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