1) Development of Augmented Reality Technology
Augmented Reality is a new technology that has been gaining momentum in the past few years. In this age of online shopping, AR eCommerce can be a powerful tool where it works on top of the existing website and app to provide customers with an immersive experience.
Many retailers are already exploring its potential to increase customer engagement with their products or services, enticing consumers to buy on their website instead of going through the trouble of visiting a physical store.
This emerging technology may have a promising future as it can be used to create a more interactive and engaging online shopping experience. As consumers are looking for more ways to interact with products, AR could be the next thing they want.
2) Growth of Mobile Payments
The growth of mobile payments in e-commerce is phenomenal. It has emerged as one of the most widely used payment methods for online purchases.
Mobile payments are just not limited to online transactions. People are using them to pay at stores, in taxis, and even paying for services like their utility bills. However, it seems that Apple Pay is the most preferred mobile payment method among Android users because of its security features and ease of use.
The growth of this technology is only going to increase with time because every day there are more people who are making their future purchases on their smartphones instead of laptops or desktops.
3) Demand for Voice Assistants
This is the era of voice assistants. And this technology is not limited to smartphones anymore. Digital assistants are slowly emerging in other devices as well, especially in the eCommerce industry.
A new trend has taken over the online space and it is taking no prisoners. Websites are now being designed with voice-enabled features that allow users to have conversations with their computers, which then results in an increase in conversions for these sites.
With more and more people getting used to shopping online, it’s time for companies to step up their game and put up a fight against the likes of Amazon, Walmart, and eBay who have had a head start with this technology already.
4) Increased Spending on Marketing
The average marketing budget is increasing. Some experts predict that by 2020, the average marketing budget will be around $1.5 billion per year. With the increase in marketing, it is becoming increasingly difficult for companies to stay ahead of the competition in both branding and sales.
How can companies keep up with the competition when they are spending more money on branding and less on sales? How can they stay competitive when their competitors are spending more money on advertising?
There are several ways businesses can keep up with their competitors in today’s marketplace. One approach would be to invest more in digital advertising campaigns to reach a broader audience that was not reached before. Another way would be to invest more in traditional advertising campaigns like television commercials or print ads which have a higher impact than digital ads but still cost less.
5) Growing Involvement of Artificial Intelligence in E-commerce
As we predicted, AI is making strides in the e-commerce industry. Artificial intelligence is taking over more and more of the workload on both the back and front ends. From order fulfillment to product recommendations, AI is there to help.
We’ve seen artificial intelligence enter into other industries, such as marketing and customer service, but it’s really taken off in e-commerce because it’s a lot easier to collect data and use that information to make predictions about what will happen in the future.
AI will continue growing in e-commerce and will eventually move beyond just assisting humans with tasks. We’ll see an emergence of AI-only shops where machines are tasked with everything from customer service all the way up to inventory management.