4 Technology Trends Set to Transform Your eCommerce Business
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Retail Industry have been completely transformed during the past few decades due to the emerging trends and updated models.
Thanks to the unprecedented distribution of the Internet and evolution of technology for making this successful over the World Wide Web.
The Changing Landscape
During the last few months, the world pandemic has taken over the global market and affected the global economy.
The COVID 19 crisis has brought numerous changes in terms of their social relations, physical distancing AKA social distancing, professional practices AKA Work From Home (work from home) and more.
Even after the crisis gets over, there is a strong possibility for the consumer habits to persist for a really long time.
The Demand of the Situation
This change in the social, personal and professional practices give valid reasons to shift retail business practices and trends towards a up to the minute technology-models to meet today’s demand and expectation of consumers.
Luckily, this is quite possible with increasing investments in burgeoning technologies like Artificial Intelligence or AI, Augmented Realities & Virtual Realities (AR & VR) and their personalization.
Today, it’s easy to predict which way the global eCommerce Market and Retail Industry tends to lean in the recent future.
Consumers are moving towards Digital which shows a strong potential of a rapid transformation in the Ecommerce Industry. A key role will aptly be played by these tech-trends we are looking at –
Tech-trend #1 – AI Powered Supply Chain Management
A research assesses how AI is used in existing operational processes to revamp them and hence, cost-effective supply chain solutions is getting facilitated.
Artificial Intelligence of Things or AIoT has been proved as a major enabler of Supply Chain Management optimization by optimizing revenue, reducing distribution cost, improving supply chain satisfaction, etc.
In fact, SCM which are leveraging Artificial Intelligence, are likely to be 60% (apx) more effective with reduction in risk and overall costs.
- Today’s pandemic situation has affected retail supply chain as brands hardly can respond to the rapidly shifting consumer demand with a limited supply of some products for the new WFH practices. In a survey, it is found that most of the brands leveraging AI-powered SCM, it is paying dividends for them.
- For the demand in the recent future and as companies want to deal with supply chain challenges caused by COVID-19, they are updating their models to reflect new consumer demands along with the new limitations.
Tech-trend #2 – Robotics & Drone Delivery
Robotics has been one of the trendy technology topics in ecommerce and retailing the last few years. Though this technology was used in the supply chain very lately, the use of it in today’s retail and ecommerce industry has been evolved towards in-store and for last-mile delivery as well.
The excitement over drone delivery fizzled out in 2017 and was not widespread or popular among the retailers until 2020 January in most of the countries in the world. Because –
- The COVID-crisis made us re-think about the ways we usually function. Home delivery is a way undoubtably to tackle a less socialized lifestyle where we can avoid going out for any single requirement. Though, the delivery guy is also prone to health risks as he/she visits many places. Hence, Drone Delivery can work as an alternative to the human toll of delivery practices.
- Ghana becomes the first country in the world to deploy drone technology for COVID-19 tests, medical kits and medicine delivery.
- Apart from Ghana, many countries like China, Chile, Australia, Estonia, Malawi, Italy, Ireland, Singapore, South Korea, UK, and US are adapting this tech-trend to deal with the pandemic situation.
- Countries like Turkey, Poland, Scotland, and India who has not deployed drone delivery in a full-fledged manner, but one or two successful instances found for medical delivery.
- Drone delivery companies are constantly in news as they are experimenting with the technology for different delivery trials of medical and industrial goods, food, retail goods and more. There is a strong possibility of this technology to be deployed in the retail industry soon. Thus, this becomes the #2 Tech-Trend in our list.
Tech-trend #3 – Direct to Customer& Omnichannel Approach
With COVID-19, world economy has fallen apart as soon as the consumer spending has been declined. The bigger picture is, the more people are left jobless, the demand from luxury to essentials will shift more.
- E-retailers are among the hardest hit. This is becoming an existential threat for an entire digital-first start-upgeneration. It’s really important how you connect to your customers during this pandemic.
- Many DTC start-ups could not find a pleasing response when they come up with the concept until today when most of the bigger retail brands as well are adapting this practice.
- Direct to consumer allows you to collect direct cash eliminating all the layers like third-party retailers, wholesalers, or other middlemen and sell your product directly to the end users or consumers.
- Access of significant technologies can help streamlined the DTC concept and help in its evolution for the recent future. One of them is Omnichannel Retailing Approach. A good Omnichannel Retailing Solution like that of Vinculum’s can help create this trend stand out in the next few years.
- From Targeted customer data, Social media retargeting, and online advertising to building virtual store or physical store with AI powered chat bots and voice assistance will enrich the entire model.
Tech-trend #4 – Contactless Payments & Cloud-based E-payment Solutions
Ecommerce brands mostly survived on instant payments or e-payments which is also known as contactless payments.
Taking today’s emergency in count, the word ‘contactless’ itself promotes physical distancing and social distancing practices which is a need of the hour.
- The key advantage of cloud-based e-payment system is the flexibility it offers which is more adaptable and acceptable for today’s consumers. Even the seller and consumers who used to prefer COD or cash, are now switching to e-payment to avoid physical contact.
- E-payments are always a secured and faster way of payment. Being in retail business where time runs very quickly, where demand is changing every 5 minutes, you would definitely want a faster solution for everything, be it getting paid or the refund management processes.
- Of course, when reconciling payments with accounting softwares, cloud-based CRM or ERP solutions, it will be faster with an easier integration with external accounting & management solutions which provide access to significant data 24 hours a day, 7 days a week.
Explore more on how Vinculum’s technology solution can help your ecommerce business transform, learn how to cope with COVID-19 pandemic situation and accelerate growth.
Request a demo or get in touch with the experts at Vinculum today!
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