E-commerce industry is one of the most promising industry for the future. It has the potential to create millions of jobs and revolutionize the way we shop and sell. In India, the e-commerce market is estimated to go up to 307 billion dollars by 2021. Since there is a lot of innovation going on, you can expect 13 promising technological innovations in e-commerce:
1) Making the stores digital:
Consumers in India and abroad still aren’t comfortable with the idea of digital stores and prefer to go to brick and mortar stores. Top companies like Amazon, Walmart has started to use memory mirror technologies. It is led by RFID tags, to let customers try virtual dresses. Ipads are placed in fitting rooms asking customers for help, reading reviews, check what sizes are in stock. For example, there is a concept of the smart dressing room for providing customers with a profile with their phone number. In the profile, it is mentioned, which clothes they tried and which were bought and which were left behind. Using the phone nos, the store sends updates to the customer to inform them about what they tried and which is available in what color.
Chatbots is an AI application which simulates a chat with a user in a natural language through websites, mobile apps and using messaging applications. A chatbot is used for scalable customer care service and improved customer intelligence and personalization.
3) Voice activated assistants:
Voice activated assistants are emerging as one of the most important e-commerce innovations. It uses voice recognition, natural language processing and speech synthesis You can order food, purchase groceries using this technique.
Beacon technology involves a small Bluetooth transmitter which transmits a single signal, which other devices can see. The radio signal consists of a combination of letters and numbers transmitted on an interval of 1/10 th of a second. Actual stores can implement physical beacons in their outlets, so when someone walks in, the phone takes the signal and provides a promotion. Stores will configure the apps to activate the messages when these conditions are met. Many top brands like Starbucks, Coca Cola has utilized Beacon technique.
5) Direct purchase using social media sites.
SMO sites like Facebook, Pinterest, Instagram have already started allowing the sale of goods through their sites. For example, if you click the product’s pin on the site, then it takes you to the product site and converts this deal into a sale. Many top firms like GAP, Jcrew have reported a big increase in their sales volumes, after posting their products on Instagram site. Applications direct to the product site, where the deal is finalized.
Product videos which contain additional features like 360-degree product rotations and live streaming are being rapidly used in order to attract potential customers. For example, Dollar Shave club an online razor store launched video in YouTube, where fun was made regarding pain and shaving expenses. Seeing that video, Unilever purchased the firm Dollar Shave Club for 1 billion dollars.
Todays and future consumers need instant deliveries and drones are perhaps the best solution to their requirements. Sensing this opportunity, Amazon has designed Amazon Prime Air which will deliver goods and parcel to their customers below half an hour.
Blockchain can prove to be an extremely effective method of ensuring data security. Blockchain is a data structure which holds transactional data and ensures transparency and security. Transactions are digitally encrypted. In the future, cryptocurrency could prove to be an alternative method of epayments, which lead to saving of time. Using blockchain, shipping can be made safer by adding encryption in deliveries.
Omnichannel is a new concept which defines all the interaction with the customer and which will provide the feeling of a single entity. Every detail of the firm, brand, advertisement must communicate the same idea. The consumer can use desktop, mobile simultaneously for doing one purchase decision.
10) Digitally native vertically integrated brands are the future
Digitally native vertically integrated brands or DNVB are online brands which sell their products on their websites. They compete against big firms like Amazon, Walmart by directly selling to the consumers. The middlemen has no role to play. One of the most popular companies in the market, which is Pixlee which helps companies market their products.
11) M-commerce is innovating a lot in the future
Mobile image recognition technology is one of the most enduring innovations of M-commerce. In this, you can take a photo of the product and upload that image on a MIR driven app. If the user likes any product, then all he has to do is, that touch that product on the cell phone, for completing this transaction.
12) Electro vibration technologies
Electro vibration technologies will play a prominent part in touch screen experience, in the future. Imagine, you are touching the clothes on the phone and feeling its texture.
13) Showrooming vs Webrooming
Showrooming and Webrooming is a special process in which customers visit a local store and then purchase online at a cheaper price. This is an upcoming process which is likely to gain a lot of followers.