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December 11, 2019

5 Tech Trends to Reshape eCommerce in 2020

The digitalization of retail is one of the most important transformations of contemporary society. The introduction of the Internet has brought about numerous business opportunities, new companies, business models, and, last but not least, new forms of commerce. eCommerce as we know it dates back to the creation of the concept “buy and sell”. It became feasible in 1991 when the Internet-enabled commercial use.

Throughout the years, technological advancements have had a great impact on the world of Internet commerce, making a marked change in the way that consumers connect with brands. To this day, technology still empowers eCommerce businesses, not to mention consumers.

The online exchange of goods and services is faster than ever. So, what tech trends will have an impact on web-based shopping in 2020? The new wave of innovation is poised to completely transform the eCommerce scene. Please continue reading to discover the biggest tech trends that everyone must get ready for immediately.

1. Browsing and Buying Products Faster Thanks to Speech Recognition Technology

Personal assistants such as Amazon’s Alexa use speech recognition to deliver the best possible results. Alexa knows how to carry over context from one query to the other. What’s more, it can register follow up questions. Nothing can quite compare to Amazon’s virtual assistant. Wouldn’t it be nice to have your very own assistant when shopping online?

More and more players in the eCommerce industry are tuning their sites for voice search. Voice commerce, as it’s commonly referred to, is designed to eliminate or, at least, offer a faster alternative to using the mouse and keyboard to navigating the online store. Someone who wants to do grocery shopping, for example, only has to inform Alexa about their dietary requirements and it will find results matching their specific needs right away.

According to the experts at Forbes, the use of virtual assistants is forecasted to increase to roughly 50% by 2020. At present, only 27% of people currently own a virtual assistant for simple tasks and commands. Getting back on topic, voice assistants will drive significant change in eCommerce and it’s all for the better. Shoppers will be able to browse and buy products faster with speech recognition technology.  

2. Ecommerce Transactions Done with Mobile Phone (News - Alert)

Everyone is familiar with the fact that mobile is king. Statista says that there are about three billion smartphone users across the world. Of course, the number will continue to grow in the next couple of years. Individuals now use their mobile phones to complete some form of commerce transaction, which doesn’t come as a surprise. It’s a lot easier to finalize online transactions through handheld devices.

Not providing a mobile-oriented shopping experience will determine a company to lose customers. Progress doesn’t stand still and new technologies arise all the time. With smartphones accompanying shoppers, it’s expected to experience gradual change. M-commerce is getting smarter and smarter thanks to:

  • Geofencing – GPS and RFID technology trigger pre-programmed actions on mobile phones. It allows retailers to bring forward products that are popular in the shopper’s specific geographical area.
  • Omnichannel Experience – the idea is to encourage customers to make purchases through all available channels. Therefore, it’s possible to merge digital shops and brick-and-mortar shops. With the right payment processing solution, it can be done.
  • 1-Click Purchase – online shoppers can make purchases with just one click. It’s all about making spontaneous purchases. One-click ordering will soon become a thing.

3. Smart Card Readers with Regard to Payments

We are getting closer and closer to a cashless world. Governments, as well as large financial companies, are behind the move. Benefits include but aren’t limited to fewer costs associated with handling paper money and easier currency exchanges. Digital wallets are now the big players in the field. It’s possible to store payment card information on a portable device and make in-store payments.

In a time of smartphones and modern technology, it’s no wonder that payments are changing at a fast pace. Retailers can choose to combine online and offline payments – in other words, to resort to an omnichannel strategy. Retailers can design a journey that increases sales and drives engagement. Operating the business using mobile transactions is recommended. Physical installations in stores can bring together both worlds.

Case in point

Square provides numerous PoS solutions for retail businesses. The American company is one of the top providers of mobile card readers. The card reader represents a small device that connects to a smartphone via a USB connection or phone jack connection. What makes the product stand out is the fact that it can be used to collect payment offline and online. It’s just one option when it comes to handling payments.

4. Far-Reaching Personalization

No matter the industry concerned, a solid customer strategy is essential for success. Personalization fosters loyalty. The vast majority of online shoppers say that by offering a personalized experience, companies demonstrate to what extent they value them, as customers. When it comes to eCommerce, personalization translates into individualized offers, product recommendations, and similar content. A good personalization solution will obtain customer data on its own. It doesn’t rely on other sources.

The good news is that technology has evolved to the point where it’s relatively simple to get insight into what people want or not. Artificial intelligence combined with machine learning has the ability to gather enormous chunks of data and, surprisingly, the accuracy increases along with the volume. The information is collected and stored in a way that makes sense for the business.

eCommerce companies can deploy the information in question to redesign the online storefront. Retailers who personalize the shopping experience genuinely provide a valuable service. A well-designed online store that contains personalized elements comes in handy in terms of communicating the message to the target audience. It stands up to the trust test.

5. Internet of Things for Now and The Future

IoT, or the Internet of Things, enables everyday devices to send and receive data. It’s believed that IoT will take eCommerce to a different level. Businesses will be able to carry out their operations more competently. The benefits are visible at the level of inventory management, logistics management, and supply chain management. The interconnected system of devices, sensors, and applications will bring great value.

But what about online shoppers? IoT is capable of recognizing patterns in search trends and web-based browsing. Therefore, customers will come across the desired products. Additionally, automatic checkouts are no longer a dream. To be more precise, customers’ products will be waiting for them at the checkout point. All they have to do is to click the “Buy now” button.  

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