Future of E-Commerce article created for Supply Chain Game Changer by Josh Wardini. Infographic originally published by Subscriptionly at https://subscriptionly.net
Thanks to digital technology we can carry out commercial transactions online. We can buy and sell items or services, pay bills, make orders, and so much more.
Online enterprises are heavily relying on this commodity. This is why we have numerous online businesses nowadays.
The infographic below from Subscriptionly will inform you about the current and future tech trends that will influence the ecommerce sector. Some of the main trends are as follows.
Some of the main trends defining the future of E-Commerce are as follows:
Technology has enabled online businesses to give their customers personalized shopping experiences. For e-shoppers, this has engendered an engaging and satisfying shopping experience.
Businesses recorded an increase in revenue by employing this concept, since 48% of customers spend more when their experience is personalized.
Automated Customer Service
AI has transformed the way customer queries and complaints are attended to. Consumers now have their issues promptly resolved. It was reported that, this year, AI handled 45% of customer queries on its own. And it does this swiftly and effectively, which is definitely a factor that makes customer support a positive experience.
Excellent customer service is essential to building customer loyalty. In fact, 42% of customers buy more when they are served properly.
It is projected that, by 2020, AI will handle 85% of customer interactions.
Soon, commercial transactions will be carried out with cryptocurrency. Via the use of cryptocurrency (such as Bitcoin), customers will get to make secure payments quickly and conveniently.
Also, businesses that add cryptocurrency as a payment method will make better sales. One retail outfit did and in 5 months, it generated $2million alternative currency sales and a 60% boost in new customers.
In the nearest future, e-shoppers will possibly have their purchased items delivered the same day. When this become reality, customers will be happier and businesses will undergo a rise in brand awareness and sales. The 72% of shoppers stated they would shop and spend more if same day delivery was available.
A method that is being considered to initiate same day delivery is the drone delivery. DHL tried it and recorded a 70% improvement in first-attempt deliveries, and a 90% success in resolution of customers’ critical cases. When popularized, 40% of parcels will be drone-delivered in 2 hours by 2028.
For more exciting projections on how tech trends will shape the future of e-commerce, see the infographic below: