As innovative technologies continue to emerge, numerous industries are embracing revolutionary advancements in order to remain ahead of the competition. The ecommerce business world is also experiencing many promising changes and creating a significant impact on the online shopping world. Unfortunately, many ecommerce brands only focus on improving their website design and don’t embrace technical innovation.
The ever-rising consumer demands and the usage of mobile devices have made it essential for many ecommerce brands to transform the way they perform. Whether it’s mobile shopping, automation, technical SEO, AI-powered product customizations, try before you buy, DDOS protection, or progressive web apps, leveraging emerging ecommerce technologies are directly linked to improved performance, personalized shopping experience, and more sales.
Implementing the latest ecommerce technologies and tools can help online businesses to stand out in the competitive business. Here I have listed the latest ecommerce technology trends and innovations that every online business needs to know to stay competitive in the online business world.
Let’s check them out.
Buy Now, Pay Later (BNPL) Ecommerce
Okay, buy now, pay later (BNPL) is one of the most amazing technological innovations that is taking the ecommerce world to new heights of success. It is gaining popularity among online shoppers as it allows them to purchase their favorite products even when they are out of budget. Many business leaders, professionals, and marketers are using this new technology trend to encourage customers to make more purchases.
It is a win-win solution for both businesses and customers. BNPLT feature allows customers to place large orders and enjoy ecommerce experience while opening more sales opportunities for ecommerce businesses.
The U.S. BNLP lending market is expected to grow by 1200% by the end of 2024. Many ecommerce businesses are implementing a buy now, pay later solution in their business model to gain an edge in the market.
Product Customizations
Many established ecommerce brands are offering product customization features to their shoppers. It is an effective way to fulfill the ever-increasing demands of online shoppers. When shoppers have the option to personalize the product based on their preferences, chances are they will make a purchase decision.
With the help of product customizers, ecommerce businesses can gain more customers and generate more sales. The famous sportswear brand Nike is making the most out of product customization features, giving its customers an opportunity to customize the product based on their personal preferences. It helps them create a strong connection with its audience. This strategy is helping Nike to increase sales and retain more customers. If you are an online retail business, try product customizers on your website to attract new customers.
According to a survey conducted by Deloitte, more than 36% of consumers prefer to buy customized products. Your ecommerce brand can follow this growing trend and provide online shoppers with the product customizer feature. When customers feel that they can customize the product of their choice, it will encourage customers to shop more from your brand.
Mobile Wallet Payments
Accepting mobile wallet payments is the newest trend many ecommerce brands are following. The trend is mainly focused on providing customers with convenience and speed. According to Statista, 30% of mobile wallet users prefer to pay with smartphones, as they think it is the easiest option to pay.
Mobile wallet is the safest and fastest payment option for online shoppers, allowing them to use their mobile devices or tablets to make payments instead of a credit card. There is no need to carry multiple cards with you, with mobile wallet payments, shoppers can complete a transaction in a matter of seconds. Since many ecommerce businesses have started accepting digital wallets, it is expected that 4.4 billion consumers will shop with digital wallets for payments by 2023.
The increased acceptance of mobile wallet transactions and the high level of convenience and speed have encouraged ecommerce brands to embrace this technology trend and stay ahead of the curve.
Intelligent Recommendation Systems
The trend of offering personalized recommendations on ecommerce websites isn’t new. Whether it’s YouTube, Netflix, Amazon, Spotify, or Facebook you will find personalized recommendations based on your previous browsing history and preferences. Thanks to machine learning, artificial intelligence, and data analysis technologies which are helping brands to run recommendation systems and use smart algorithms to suggest items that customers like.
The best thing about the recommendation system is that it uses individual customer data such as clicks, searches, purchasing activities, and reviews and ratings to recommend items. According to Amazon, more than 35% of its sales are generated due to product recommendations. It encourages other ecommerce brands to implement a recommendation system in their business websites to offer a personalized customer shopping experience.
Using a recommendation system for your online store will offer a lot of benefits, including:
- Â Â Â Â Higher conversion rate
- Â Â Â Â Increase average order value
- Â Â Â Â Create a loyal customer base
- Â Â Â Â More sales opportunities due to upselling and cross-selling
Today’s buyers are tech-savvy and want a personalized shopping experience, implementing recommendation systems to your ecommerce websites, mobile apps, pop-ups, and emails.
Smart Search Feature
Users want faster results from ecommerce websites. A study suggests that 1/3 of online shoppers use the site search functionality. According to a study conducted by Forrester, 45% of users abandon the website if they can’t find the desired product information. Offering a smart search feature to your ecommerce website is a sensible approach to help customers find relevant information. This strategy helps ecommerce brands to create a delightful shopping experience.
Customers want accurate and fast search results. If they use the site search feature, it clearly shows that they have clear purchase intent and 6x higher chances of conversions. Implementing a keyword-based search box isn’t enough. Integrating a smart search feature with dynamic filters, autocomplete suggestions, NLP, advanced analytics, and intelligent assistance can make your online store a great tool.
Moreover, ecommerce websites with smart site search features generate higher revenue (40% more) compared to those with unoptimized site search functionality.
Incorporating an intelligent search engine into your ecommerce website can transform your online business in a number of ways. It offers a number of benefits, including:
- Â Â Â Â Memorable customer experience
- Â Â Â Â Build strong customer relationship
-     Predict Customers’ buying intent
- Â Â Â Â Show the most relevant products
- Â Â Â Â Retain more customers
Research Online, Purchase Offline
Research Online, Purchase Offline, (ROPO) or research online, buy offline (ROBO) is an omnichannel approach, allowing customers to complete the buying process from discovery to conversion. It involves mobile, desktop, and physical stores, helping customers to do research online and make a well-informed purchase decision. Customers can browse the ecommerce site from the comfort of their homes and purchase the desired product from the local store.
Today almost 88% of shoppers do online research before making a purchase decision. 56% of shoppers visit physical stores to feel and touch the product before making a purchase. It is important for ecommerce businesses to optimize their websites for research online and purchase offline approach. Marketers should carefully check whether the website fulfills the needs and expectations of the customers.
For instance, offering a personalized customer journey can encourage customers to complete the instore purchase. You can make the most out of customer data and preferences to deliver the right content at the right time. Using loyalty programs, email marketing tools and exceptional customer service are also a few effective strategies to offer a great shopping experience.
In conclusion, implementing the latest technology innovations into your business model is a sensible approach for ecommerce marketers. Every ecommerce business owner should be aware of the technologies and try to embrace those trends in their brands. Using these new technologies will make it easier for your brand to gain more customers, reach their conversion goals and maximize sales.
