The influence of technology on e-commerce isn’t just getting stronger; it’s also spreading at a fast rate. Not too long ago, you had to go to a store to buy an item or check availability. Now, technology has made it so transactions between buyers and sellers are both faster and more secure. It’s even drawn the producer in in cases where consumers demand specialized products. What are some of the technologies changing the retail sector?
1. Mobile Applications
You no longer need to visit a store and spend most of your valuable time in a queue waiting to be served. This form of shopping many of us are used to is gone. In its place are e-commerce websites, like Amazon, which bring the store to your computer or phone. But with everyone shopping online, how do businesses keep retailer brands recognizable? The answer is mobile applications.
Mobile apps have all the functions of e-commerce sites. They also have brand recognition and are easily accessible to consumers. It’s also easy for businesses to analyze the market and decide what features to include in their app.
2. Drone Delivery
Retailers know they need to be convenient to keep their customers coming back. One way to guarantee that retention is by shortening the delivery period of products. Despite the highly-competitive nature of e-commerce, many sites have become successful by offering fast and affordable delivery services. Whoever first offers affordable same-day delivery services will control the e-commerce market. Because of this, industry giants are exploring the use of drones and automated vans for deliveries.
3. Virtual Reality
Virtual reality technologies have been on the frontline in changing the consumer experience. They’ve also changed the retail landscape. Now, consumers can get a sneak peek of how a product might affect them before purchasing.
4. Immersion Experience
Product visibility ranks highly on the list of factors influencing a sale. Due to this, e-commerce stores have put a lot of time and resources into the immersion experience. They create high-quality pictures and explanatory videos in hopes of influencing sales. Retailers have also integrated immersion experience technology to add clarity to the displays. This technology has audio and intuitive features that improve the quality and integrity of the sound. This immersive experience makes consumers more like to buy products.
5. Cryptocurrencies
Most retailers have embraced alternative currency as a payment method for online transactions. These alternate methods offer more convenience to their local and international markets. You can use one currency whether you’re in the UK or South Africa. They offer more financial freedom and flexibility. Because of this, more people are turning to crypto-coins, which means more retailers will need to process altcoin payments.
6. Artificial Intelligence
Follow-up after purchasing is essential when it comes to customer retention. If the customer wasn’t satisfied with their purchase, they won’t return. Anyone in business knows this. The problem is that few people have time to reach out to every consumer and follow up. That’s were artificial intelligence comes in. AI’s can reach out to those consumers, letting retailers know if a more personal touch is needed. They can also use AI and machine learning to create more precise customer targeting with their online adverts.
7. Blockchain Technology
The rapid absorption of technology in the retail industry has presented its fair share of challenges. Chief among them is the risk of targeted cyber attacks. Most companies have integrated highly-secure blockchain technology into their current systems. This move not only helps them protect themselves, but it also boosts consumer confidence in the brand.
Bottom Line
The technology sweeping through the economy isn’t something the retail industry can escape. It affects consumers and retailers alike. The good thing is that technology’s effect is primarily positive. It only seeks to improve the relationship between businesses and clients.
Resources
https://www.huffingtonpost.com/entry/retail-tech-is-changing-how-we-shop_us_59370a14e4b06bff911d7b8c
https://www.reuters.com/brandfeatures/the-digital-future/ai-robotic
https://www.wgu.edu/business/online_business_degree
https://www.flexport.com/blog/drone-delivery-economics/
https://www.forbes.com/sites/nikkibaird/2017/08/09/blockchain-and-retail-four-opportunities/
https://medium.com/@BitClave/the-missing-link-cryptocurrency-in-retail-8e951ceff24c
