Sometime back, we covered the tips to have a successful eCommerce migration. However, eCommerce migration will only help you be in touch with current trends. How can you prepare for the future?
We, the human race, are always interested in the future. And of course where technology is concerned, everybody seems to have varied opinions. Likewise for eCommerce. There are several predictions and estimates that experts are making, which are likely to revolutionize the way we shop online. For example, social media selling and new user experiences in mobile shopping are the big trends that are expected to change the face of the eCommerce industry. Leading brands like Amazon and Alibaba are already investing and adopting new ways to be the innovative leaders in the eCommerce industry.
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The thought leaders and industry experts on the Future of Everything predicted the eCommerce tools and trends that will govern the way this industry will shape up.
Like our CEO, Rishi Khanna, said, “There are a lot of experts who have tried to predict the future of the eCommerce industry. Customer experience and mobile are the two buzzwords that will dominate this industry.
But while all these are part of the near future, the long run of the eCommerce industry will be dominated by personalization and curation. There are a number of online brands which have already started working to make personalized experience a key focus area.
Augmented Reality (or AR) is the next big thing. It is only with AR that the uncertainty from online shopping can be removed. AR is defined as integration of digital information with user’s environment in real time, which is what makes it different from virtual reality. Virtual Reality aims to create a completely artificial environment. It will be with AR that online shopping experiences can be personalized or digitally customized to the shoppers’ taste and preferences.”
Aran Hamilton, President and Co-Founder of Vantage said, “eCommerce will be more fragmented away from large players. Of course, eCommerce doesn’t just mean retail anymore, but also includes transactions such as insurance and financial services, travel, auto sales and services and a lot more government services too. The balance of power is shifting to the nimbler organizations and that will accelerate. The window of opportunity for the large incumbents is smaller than we realize. Over the next few years, insights and power will flow to the agile players that truly leverage data and social media forms of communication and marketing, messaging, chatbots, etc. The winners will be extremely data-savvy, will use data to hyper-efficiently deliver consumer- centric experiences. The shift online requires privacy-enhancing systems of digital ID and authentication and our regulatory and tax systems should change. Our current systems focus on types of entities not services missing emerging players. (e.g., Is Amazon’s tax status sustainable?) That’s not fair or smart.”
All the eCommerce trends point in one direction – personalization to form more meaningful and long-lasting relationships with the online shoppers. The premise is to build trust while consumers grow accustomed to reviews and enhanced shopping experiences.
In order to be better prepared for the future of eCommerce and discuss it in details, you can speak to one of our experts.