Why You Should Care About the New Technology for eCommerce

As a small business owner, it is important to stay up to date on the latest technologies that can help you succeed. eCommerce is constantly evolving, and new technologies are emerging all the time. If you don’t keep up with these changes, you will be left behind. In this blog post, we will discuss some of the latest eCommerce technology and why you should care.

Artificial Intelligence

One major technology that is starting to be used more in eCommerce is artificial intelligence (AI). AI can be used for a variety of tasks, such as personalizing the shopping experience, providing customer support, and fraud detection. AI has the potential to greatly improve the efficiency of eCommerce businesses. If you are not already using AI in your business, you should start investigating how it can be used to help you.

Virtual Reality

Another exciting new technology is virtual reality. This could change the way eCommerce businesses operate, as it would allow customers to view products in a realistic environment. Imagine being able to try on clothes or test out products via a virtual avatar version of yourself before you buy them. This would provide a whole new level of customer experience and could give businesses a leg up on the competition.

Augmented Reality

Similar to virtual reality, augmented reality (AR) is also starting to be used more in eCommerce. AR allows users to view products in a real-world environment, but with digital enhancements. For example, you could use AR to view how a piece of furniture would look in your home before you buy it. This technology is still in its early stages, but it has a lot of potential for eCommerce businesses.

The difference between augmented and virtual reality is that virtual reality creates a completely simulated environment, while augmented reality adds digital elements to the real world.

Buy Now Pay Later

One of the latest trends in eCommerce is buy now, pay later (BNPL). This allows customers to purchase items now and spread the cost over a period of time. This can be a great option for customers who are short on cash or who want to stagger their payments. BNPL is already being used by some major retailers, and it is likely to become more popular in the coming years.

During a C+R Research survey, 60% of respondents said they have used a buy now, pay later service.  When polling EYStudios employees, they said that buy now pay later was the technology that was most changing the eCommerce industry.

eWallets

One of the most quickly adopted technologies by consumers in the eCommerce world is eWallets. eWallets are digital wallets that allow users to store, send, and receive money securely. They are becoming increasingly popular as they offer a convenient alternative to traditional methods of payment. Here are some data points to make you consider accepting eWallets if you’re not already doing so:

• During the pandemic, the number of people using mobile eWallets to make payments rose from 900 million to 1.48 billion.
• By 2026, the mobile wallet market is anticipated to get high on $80 billion.
• 62% of men say they’ve used a digital wallet in the past year, compared with 56% of women.
• Mobile wallets are most likely used by Gen Z and Millenials. 85% of Gen Z-ers say they’ve used at least one eWallet in the past year, 81% of Millennials, 65% of Gen Xers, and 33% of Baby Boomers.
• Southeast Asia is the fastest-growing region for eWallets in the world with a 25.5% growth rate.

Subscription Services

Another big trend in eCommerce is subscription services. This is where customers can sign up to receive a regular delivery of products, usually monthly. This is a convenient way for customers to get the products they need without having to go out and buy them each time. It is also a great way for businesses to build loyalty and recurring revenue.

The rise of the subscription business model has paralleled an increase in the need for subscription billing management systems. The worldwide subscription and billing management industry was worth $3.8 billion in 2018 and is anticipated to rise to $10.5 billion by 2025, according to Zion Market Research.

Gamification

One of the newer technologies that is starting to be used in eCommerce is gamification. This involves using game-like elements in the shopping experience to make it more fun and engaging. For example, some businesses have introduced loyalty programs that allow customers to earn points or rewards for making purchases. Gamification can also be used to encourage customer engagement and loyalty.

Some examples of ways gamification can be used for eCommerce include:

• Loyalty programs that give customers points or rewards for making purchases.
• Achievements that can be earned by completing certain tasks.
• Leaderboards that show how customers compare to others in terms of spending or engagement.
• Badges that can be earned for completing tasks or reaching milestones.
• Spin wheel for discounts that can be played after every purchase.

Progressive Web Apps

Progressive web apps (PWAs) are a new type of app that combines the best of both worlds – the convenience of a website with the functionality of an app. PWAs are designed to be fast, reliable, and engaging. They can also be installed on a user’s home screen and work offline.

PWAs can improve engagement by providing a more app-like experience. They can also improve conversions by making it easier for users to purchase products and services. In addition, PWAs can help businesses save money as they are cheaper to develop than traditional apps.

Blockchain

One of the latest technologies to hit the eCommerce scene is blockchain. Blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This could potentially revolutionize the way eCommerce works, making it more secure and efficient. According to statistics, the global blockchain market is expected to be worth $20 billion in the year 2024. If you are not familiar with blockchain, now is the time to start learning about it.

Chatbots

One of the most popular technologies in eCommerce is chatbots. Chatbots are computer programs that can simulate a conversation with a human. They are commonly used to provide customer support and help answer questions. Chatbots can also be used to upsell and cross-sell products.

There are many benefits of using chatbots for eCommerce, such as:

• They are available 24/seven and can provide quick responses to customer queries
• Can help reduce support costs
• Able to increase sales by upselling and cross-selling products
• Can improve the shopping experience by collecting customer data

Voice Search

Voice search is another technology that is becoming more popular in eCommerce. This allows customers to use their voice to search for products, rather than typing keywords into a search engine. Voice search is convenient and can be used hands-free, making it ideal for mobile shoppers. There is also an increase in the use of voice-activated devices, such as Amazon Echo and Google Home, that will increase voice search volume.

How Does This Affect My Business?

As you can see, there are a lot of new technologies emerging in the eCommerce space. These technologies have the potential to change the way businesses operate and provide a better experience for customers. As a small business owner, you should care about these new technologies because they could potentially have a big impact on your business. If you don’t stay up to date with the latest trends, you could be left behind.

By understanding the latest trends, you can make sure that your business is using the best possible tools and strategies to succeed in the eCommerce space. If you’re not sure where to start, there are many resources available that can help you learn more about these new technologies including the EYBlog. Stay up to date and stay ahead of the competition.