E-commerce refers to buying and selling products and services over the internet. It has become the latest trend and is catching up very fast. Physical markets have drastically reduced in numbers and E-commerce business is becoming much more prominent. It is much more convenient for buyers to look for products online and order them from the comfort of their homes. From the point of view of the sellers, e-commerce reduces storage costs considerably. It also eliminates commision costs paid to dealers and other intermediaries.
Every eCommerce website displays product specific information. This helps the user in comparing products from different sellers. Once the product is finalized, the buyer can also choose to make the payment online. Many websites also offer online financing options at a low cost. E-commerce has also expanded to include mobile shopping. Applications like Angular JS provides an excellent framework for building e-commerce applications. It is possible to purchase products through mobile phones and smart devices. All the user has to do is install the e-commerce application on the smart gadget and start browsing through the array of products.
Many new Innovative technologies have created ripples in the e-commerce business. Some of the trends to look out for in this sector are
- Consumer focus
This is probably the most emerging trend across the globe. Business enterprises all over the world have shifted their focus towards consumer satisfaction. With the rise of e-commerce, consumers have access to a broader range of products. It has also become a possibility to purchase products from overseas retailers as well. The fierce competition among sellers has been extremely beneficial to the consumers. Many of the sellers on e-commerce websites are totally reliant on consumer reviews. Every online buyer looks at other customer reviews before ordering a product. Sellers also provide order cancellation facilities. Additionally, a consumer also has the option to return the product if they are not satisfied with its performance. In such cases, the consumer is entitled to claim for a refund.
- Fintech
Innovation in the field of financial technology is also on the rise. Financial technology or fintech refers to technological upgrades that allow a user to perform banking and financial transactions online. Some instances of fintech include digital wallets, online payments applications, and fund transfer applications. E-commerce websites rely heavily on financial technology to boost their sales. Consumers can opt for a different medium of payments like digital wallets or payment through a debit/credit card. Some e-commerce websites also have tie-ups and collaborations with banks. Consumers can get more discounts by making payments through credit cards of affiliated banks. There are many instances where the website also offers low-cost financing to buyers.
- Use of AI, AR, and VR
Modern Technology is being incorporated in every business sector. The E-commerce sector is also working hard to implement new technologies like Artificial Intelligence, Virtual Reality and Augmented Reality. Artificial Intelligence and robotics are some of the new frontiers that are being developed by tech gurus. Frameworks like Angular JS makes it possible to improve the user interface of the website. Due to this various Angularjs application development companies are in demand now. E-commerce websites have also incorporated AI programmed chatbots in their website. Consumers can chat with these bots on a real-time basis. These bots tend to recognize the behavioral pattern and offer personalized suggestions to the user. The virtual reality technology is also being used for the purpose of e-commerce. Virtual reality offers a digital experience of the product. AR or Augmented reality is an upcoming feature in the tech world. This feature creates an interactive experience of a real-world environment. All of these technological features improve the user experience.
- Content marketing
Content Marketing refers to using online mediums to promote a product. Content marketing uses subtle ways to influence user choices. It takes into consideration the behavioral patterns of the user and uses these trends to make suggestions to the consumer. E-commerce websites use these content marketing strategies to offer personalized suggestions to the consumer. With the help of content marketing, it makes it possible to suggest complementary and supplementary products to the viewer.
- Delivery and logistics
E-commerce makes it easy for users to buy things with the click of a button. A user can go through a number of products from different sellers at the same time and compare each product head to head. Once the order is placed, the delivery will be made at the user’s doorstep. All logistics and shipment delivery will be handled by the seller. Many of the consumers pay a premium amount to receive the shipment as early as possible. Initially the shipment costs for online orders used to be high. But higher competition has reduced delivery costs considerably. Now the emphasis has shifted to reducing the delivery time. Consumers pay a premium amount for receiving the products as early as a day or two. Some well-known e-commerce websites are also working hard to ensure same day delivery. Websites like Amazon are currently planning to use drones for shipping packages. Use of drone delivery is expected to make same-day delivery a norm for all e-commerce websites.
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Ankit Srivastava
The author has good experience in the field of IT and latest technologies, mobile and web Application Development and spend his time on researching new technologies in trend like technologies in travel, Internet of things, blockchain etc. He is working with a leading IT company Enuke Software. In spare time he love to travel, cook and sketch.
