Innovations in customer experience, disruptive business models, and technology will transform online commerce in the coming years. Visual commerce, eCommerce by subscription, personalization, artificial intelligence or additional income strategies are some of the trends that will shape the future of eCommerce.
Technology has been the spearhead in the electronic commerce revolution, which has been evolving since the 90s, with the first online transactions, until today. In this sense, according to Gartner , the forecasts indicate that artificial intelligence (AI) is the technology that will most impact eCommerce. It is estimated that by 2023 most organizations using AI for digital commerce will achieve at least a 25% improvement in customer satisfaction, revenue, or cost reduction.
Analyzing buyer persona , extracting added value from customer data, or creating a personalized experience during the customer journey are some of the trends that e-commerce companies adopt to improve their bottom line. For its part, the implementation of Big Data and Business Intelligence provide a greater degree of optimization thanks to the detailed analysis of the data and the ability to extract added value from it.
” Privacy becomes more relevant in an environment where massive data exploitation and customer analysis increases, ” says Paula Rodríguez, Business Development Director of Webloyalty . “ In the middle is the virtue: organizations must maintain a constant balance to obtain sufficient customer data without crossing the line of privacy. Trust is the sustenance of business relationships ”.
5 Trends That Will Shape The Future of eCommerce
Visual commerce :A technology based on artificial intelligence that allows users to interact with products visually and immersively. This technology ranges from 360-degree videos to visual searches, augmented reality or virtual reality.
eCommerce by subscription : A system whereby companies receive recurring and predictable revenue and where customers enjoy convenience, cost savings, and product customization. A subscription idea that was born in the digital consumption of music or audiovisual, such as Spotify, Netflix or HBO, which has become popular in other areas such as beauty with Guapabox or Birchbox, or in shopping clubs like Privileges in Shopping. According to consulting firm Gartner, it is estimated that in 2023, 75% of organizations that sell directly to consumers will offer subscription services, but only 20% will manage to increase customer retention.
Customization : The options to customize the customer journey are numerous. From the set-up of the landing page , the search, the recommendation of products related to the client, the banners, the offers or the cross-sales. And it is that personalization is able to convert more purchases, as well as strengthen the commitment, loyalty and customer satisfaction with the organization.
Artificial intelligence : AI applies advanced analysis, logic-based techniques, and Machine Learning , which aim to automate decisions and simplify processes. In eCommerce, the implementation of artificial intelligence makes it possible to detect fraud, personalize content, recommend products, categorize images, optimize prices based on demand, or segment customers by category.
Additional income strategies : The techniques to get additional income go through advertising, affiliate marketing, internal cross-selling or loyalty programs or rewards implemented from third parties, which return a minimum of 10% of the purchase made. The objective is to increase the income statement beyond sales, offering the customer added value.
Also Read : Artificial Intelligence To Fight Fraud