Nexgen Technologies To Drive Ecommerce Growth In 2020

By Samrat Pradhan | Monday, 16 March 2020, 10:13 IST

                                      Nexgen Technologies To Drive Ecommerce Growth In 2020

With the increasing internet and smartphone penetration across the country coupled with rising consumer wealth, Indian Ecommerce industry is witnessing rapid growth and is evolving constantly with the advancements in various technologies including AI, AR/VR, ML among others.   Hence, all this factors have given rise to various B2B ecommerce trends and online shopping trends that are further aiding Ecommerce Industry players to strengthen their roots across the country.   

According to the data from Statista, the global ecommerce market had sales reaching $3.5 billion and represented 14 percent of the total share of global retail sales.  Furthermore, the data also states that by the end of 2020, global ecommerce sales will reach $4.2 billion and make up 16% of total retail sales.

Jeff Bezos, founder of Amazon once quoted, “We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.” Therefore, meeting customer’s expectation and enabling a seamless customer experience is the most crucial aspect in Ecommerce industry. There has been a constant change in the customers’ behavior, and also their expectation regarding the quality and deliverability, where simplicity of the return process, clarity and simplicity of the online shop, prices and payment options, personalization and localization, will be the major parameters when it concerns customer’s satisfaction. If we see at some of the e-commerce future trends, cutting strengthening edge digitally native companies are exploring and experimenting with voice commerce. Also, the world is becoming a storefront with brands enabling commerce via smart mirrors, video games, and live streams through headless commerce and progressive web applications (WPA). Here are some of the Ecommerce trends for 2020 that is likely to further shape the industry:

Enhancements in the reality of online shopping

Leveraging the capabilities of AR Technology, Ecommerce players today can help customers visualize the product in reality. Seeing the potential for even smaller to midmarket businesses joining the trend, Tessa Wuertz, Director of Marketing & Partnerships, efelle.com  once told, “We are expecting a lot more businesses utilizing AR for their products and businesses — so much so that it will become more standard in ecommerce and social media platforms. We’re seeing it put to use with larger companies, but I think we’re soon going to start seeing it become mainstream for businesses of all sizes.”

AI enabling deeper insights to customers

With AI and ML advancing rapidly, many a players in this segment are leveraging these technologies to make smart product recommendations. Ron Smith, Editor in Chief, The Digital Outdoor, once said, “People want to know that brands care about them, and AI will be programmed accordingly. We have currently seen the opposite behavior on social media, where AIs learn from humans’ more negative remarks, but it’s highly likely that consumers will crave the impact. If bots can learn how to form sentences to convey an emotion, companies can soon teach them to offer comfort and products based on customers’ moods.”

Creating more of a personalized experiences

As data has become the bread and butter to all, Big Data is playing a crucial role in building robust, personalized experiences for the customers and their different demand variations. Hence, driving value from the data at hand will be the defining factor for all the players in this segment.

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