We live in an age of connectivity. Emerging markets will play an increasingly significant role in eCommerce. By 2022, there are projected to be three billion internet users in emerging markets. The eCommerce sector in these countries is expected to account for 20% of total retail sales.
Voice-enabled search assistants
While voice-enabled search assistants have some disadvantages, their development is expected to impact the future of online shopping positively. Consumers will be more satisfied with faster and easier shopping experiences. As a result, the use of voice technology in eCommerce will grow exponentially.
Several applications of voice-enabled search assistants are already in the works, from shopping to customer service. They can process returns, access shipping information, answer product queries, and recommend other products. In addition, these assistants will offer 24/7 assistance and real-time responses.
While most consumers have not yet fully embraced voice-enabled assistants, they are already accustomed to some of their capabilities. A recent survey by PwC revealed that more than 50% of respondents had used voice-enabled assistants, and a quarter would consider using one in the future. Most voice-enabled assistants are used for smaller, quick purchases without physical inspection. However, privacy concerns are still a concern. In a focus group, one participant wanted her voice-enabled search assistant to detect whether she was alone. Regardless of these concerns, most consumers are satisfied with their current voice-enabled search assistants and find them helpful. These assistants make people feel more confident, organized, and happy.
As more consumers adopt voice-enabled search assistants, the market for voice-activated assistants will continue to grow. It is estimated that over 50% of the world’s population will use voice-enabled assistants in the next few years. Despite the challenges associated with voice-activated search assistants, it will likely continue to grow.
Voice-enabled search assistants will enable consumers to shop using their voice and increase sales in physical stores. This type of technology is already present in many intelligent speaker models. For example, the Amazon Fire Stick TV may have Alexa built into it, making it easier for shoppers to use their voice to shop for the products they need.
As AI becomes more advanced, voice-enabled search assistants will continue to improve the efficiency and accuracy of online shopping. They will allow users to make more complex queries. They will also be able to understand conversational interactions.
Mobile payment integrations
With the increasing popularity of mobile browsers and smartphone technology, it is possible to make purchases without presenting your card. Consumers can make credit, debit, gift, and ACH payments using mobile browsers. This mobile payment solution is helpful for various applications, from downloading content to paying bills.
The number of mobile users globally is now approaching 5.22 billion. This number is expected to increase yearly, making mobile commerce an essential part of everyday life. To succeed, mobile payment integration must be simple, secure, flexible, and cost-effective.
In addition to reducing the risk of virus transmission, frictionless payments offer benefits for eCommerce brands. They help reduce churn and offer e-retailers valuable insights into their customers’ spending habits. Frictionless payments are predicted to grow by USD 3.9 trillion by 2020 and reach USD 8 trillion by 2024. Eventually, frictionless payment platforms will enable direct links to users’ bank accounts.
As with any mobile payment integration, the exact steps will differ depending on the payment platform and the tools you use. For example, your app server will call the Braintree SDK on the mobile device to make mobile payments through Braintree. The SDK must be small enough to be stored on mobile devices and should work with your mobile app’s framework and platform.
The mobile payment gateway provides a secure connection between the user’s payment portal and the vendor’s bank. This enables consumers to make payments through credit cards, e-wallets, and local bank transfers. The payment gateway has an encryption system to protect the cardholder’s information and ensure a safe payment process.
Many large companies now have their payment systems. These payment systems are branded to the particular store. Users download a unique application to their mobile devices and store their money on the card for future purchases. With these systems, users can access the full range of store services. Similarly, Facebook Pay and PayPal Pay have linked payment methods. For instance, the Starbucks app is now the US’s second most popular mobile payment app.
Mobile payment integrations are fast and convenient. Customers can scan a QR code to pay a retailer using their smartphone without entering their credit card details or addresses. In fact, according to research by JP Morgan, mobile payments now account for 8% of e-commerce transactions in Brazil. This growth is attributable to widespread smartphone use and the development of fintech.
Personalized recommendations
Personalized recommendations in e-commerce enable users to access relevant information while avoiding the risk of inferring private information. Previous research has focused on protecting users from such attacks by obfuscating user-item data before sharing it with a recommendation system. However, this approach does not explicitly address the quality of the recommendations. To address this problem, current work attempts to build a Recommendation with Attribute Protection (RAP) model. RAP counters private-attribute inference attacks by formally formulating the situation as an adversarial learning problem.
Personalized recommendations in e-commerce can be categorized into two main types. First, they are price-sensitive and recommend products that fit the user’s price range. Price-sensitive recommendations can be a strong marketing strategy for next-generation E-commerce platforms, as they can drive increased sales.
Secondly, these systems effectively speed up the search process and present users with offers they might not have considered otherwise. These systems are currently being used in several popular applications. These include music, news, book, movie, and product recommender systems. Now, collaborative filtering is the most prominent approach for recommender systems.
These recommender systems are information systems that filter and classify products based on the user’s preferences. This information enables users to select the best products and services for their needs and preferences. Recently, recommendation systems have evolved from information collection to automated marketing tools influencing consumers’ purchasing decisions. The system provides product recommendations based on user preferences and similarities to their own.
Omnichannel experience
When creating an omnichannel experience, companies must consider all customer interactions with the brand. This includes past purchases and other data. An excellent omnichannel platform should use this data to generate marketing content automatically, recommend products, and provide customer service. Furthermore, it should allow two-way interaction among customers.
With the proliferation of new technologies, consumers have different preferences and shopping habits. Therefore, retailers need to be flexible to meet these changing needs. This omnichannel approach guarantees a consistent customer experience, which increases the chance of repeat purchases. Customers who like the in-store experience may decide to purchase on the Internet, boosting the customer’s lifetime value.
In omnichannel retail, customers use different touchpoints to research and purchase products, redeem rewards, and subscribe to health products. By integrating inventory data, customer data, and order data, online retailers can deliver a personalized omnichannel experience to customers. A recent McKinsey study found that personalization improves online store revenues by 20% to 30%.
For example, Amazon is the king of the omnichannel experience in consumer retail. It syncs shopping carts across all channels and has convenient support options. Customers can even use their Amazon Prime membership to take advantage of benefits on any device. In addition, the company can repurpose content and create multilingual versions of products.
In today’s multichannel world, omnichannel is an essential strategy for businesses that want to grow and succeed. With this in mind, companies should consider a few factors when choosing an e-commerce solution. Omnichannel marketing is a great way to create an immersive customer experience and a successful online business.
