Increasingly, consumers are searching for ways to purchase products using multiple channels. In addition to mobile apps, e-commerce has been expanding to incorporate other technologies, including SmarTVs that offer QR code purchase options. Another channel is voice commerce, which is becoming increasingly popular. The overall goal is to create an omnichannel experience for consumers. Ecommerce is also moving toward multiple payment options, which makes the checkout process faster and easier.
Social commerce trends
Social commerce trends transform how consumers find, buy, and share products. In China, for example, Pinduoduo, one of the largest interactive eCommerce platforms, strongly encourages social commerce. Its user experience is centered around browsing and interaction, allowing users to join teams for lower prices and recommend products. It uses WeChat mini to connect users.
Social commerce platforms have created new opportunities to offer frictionless shopping experiences, which will help consumers take full advantage of the eCommerce boom. For example, Eureka, an Australian furniture retailer, has built a social media presence by incorporating shoppable Instagram and UGC galleries. Another example is Taggbox Commerce, which has created a shoppable Facebook page. In addition, the video-sharing app TikTok has over a billion active users and is eager to develop eCommerce and branded partnerships. It is already developing a sponsored content feature through the Creator Marketplace. It is expected that social commerce will become more widespread in 2022.
Social commerce allows any brand or individual to sell products to people worldwide. It also opens up massive markets for small businesses. This shift is transforming the way people shop. Big brands are no longer selling to millions but individuals. As a result, big brands face increased competition from thousands of smaller businesses.
Social commerce is revolutionizing the eCommerce industry and changing how consumers and retailers interact. It is the next evolution of retail marketing. Leading brands already embrace this trend, incorporating social media into their online strategies. With billions of daily active users, social media is the perfect environment for brands to sell their products and engage with consumers. In addition to making shopping easier, social commerce also eliminates the hassle of navigating complicated sign-in processes.
Social commerce platforms constantly add new features that make shopping easier for consumers. One of the most famous examples is Facebook’s Shops feature, which has become a popular feature for brands and retailers. With this feature, brands can set up a “virtual storefront” within the app. Consumers can browse the products, purchase, and chat with the brand’s support staff.
Live stream shopping
Increasingly, online businesses are turning to technology to improve their customer experience and increase sales. For example, a successful Livestream can increase product demand in the short term, so online businesses need to ensure that they have enough products in stock to fulfill these orders. Brands can also utilize voice assistants by incorporating them into their eCommerce sites. These assistants are becoming increasingly popular for daily purchases. For example, Amazon has already begun offering voice shopping, and it remembers your preferences.
Brands must also develop customer relationships to attract new customers and increase brand loyalty. This will be especially important for brands selling their products online. Brands that create and offer products that build customer loyalty will be able to compete more successfully with other brands. While Amazon is notorious for being strict with buyer-seller communication, other eCommerce platforms will likely follow suit and introduce features that help brands build relationships with their audiences. For example, Shopify already offers features that allow brands to display user-generated content on their websites.
The growth of eCommerce is expected to continue in the future. It is predicted that eCommerce sales will reach USD 4.2 trillion by 2020 and $6.5 trillion by 2023. By then, 2.1 billion people around the world will buy goods online. Besides, about 1.4 billion people are expected to join the world’s middle class by 2020, with over 85 percent coming from the Asia Pacific region.
Social commerce is already making a significant impact on social media. With Facebook and Instagram, brands can leverage these sites to reach their target audience and increase conversion rates. One example is Live Shop, which combines shopping with friends and influencers. This is an excellent way for brands to reach new audiences and engage with current ones.
Retailers who connect with their consumers will likely win the customer for life. They can reward their loyalty and make them feel heard and appreciated. With more screens and touchpoints, brands must provide better customer experiences. A recent survey found that 51 percent of consumers think this way about online shopping. This trend is expected to continue as technology continues to improve.
Automated attendance systems
An automated attendance system is a system that collects and records the attendance of people from different organizations. Its main advantage is that it avoids the flaws that plague the current manual system. It can do this by collecting user data through a biometric input such as a fingerprint. The information it contains is compared against a database to ensure that the data entered is valid. If the data is invalid, the system rejects the attendance record. Moreover, it provides no one can use a proxy to sign in.
This new type of attendance system is easy to operate and secure. It can also recognize employees spending more time on mobile phones than working. It can also help improve student performance. In recent years, a new approach has been introduced to mark attendance. The system developed by Jomon Joseph and K. P. Zacharia combines image processing and face recognition algorithms using Matlab. However, this approach can only work with front-facing images. Another system proposed by Ajinkya Patil and fellows uses Haar cascades to detect faces in photos.
Retail companies are adopting full-time and attendance management software to track employee time. This system saves time for managers and eliminates the errors caused by manual recording of time. Besides, it ensures employee compliance with company pay rules and helps control overspend due to errors. This system can also be easily centralized and installed in the head office.
This new technology also has the potential to revolutionize the way we manage our workforce. Its ease of use makes it easy to use across platforms and devices. Its cost and execution time is low, making it appealing to users. The system also helps reduce fraud by using magnetic card readers and personalized phone numbers.
Another innovation in this field is fingerprint biometrics. These systems are based on smartphone devices. People use smartphones for a variety of purposes, and professors sometimes assign students to do research in class on their smartphones. As a result, this system works well with smartphones with NFC and GPS.
Low-cost financing options
Ecommerce financing options can help entrepreneurs expand their online businesses without incurring high-interest rates and fees. Many eCommerce financing companies are online and offer quick application processes. You may need to provide some personal information on your business, but if you know how to apply for the proper funding, you can get cash within a few days.
One of the best low-cost financing options for eCommerce businesses is revenue-based funding, allowing companies to borrow up to $5 million within 24 hours. Revenue-based funding works based on a percentage of a company’s monthly turnover. For example, a company that borrows $100,000 will pay a fee of 5% to 25% of its monthly turnover. The costs for a business with no business plan or credit score will be between 6% and 12% of its total sales.
Using bank loans may be an option for small and medium-sized eCommerce companies, but banks require substantial collateral and often have vague terms. It can also be challenging to predict how much your business will earn and when you will need to pay it back. There are several other options for eCommerce financing, and the best one for your business will depend on your business size, total revenue, and growth potential.
Ecommerce financing allows you to purchase inventory, pay staff salaries, invest in marketing, rent office space, and more. This means you can get the cash you need to expand your business. It also covers payment duties and stabilizes your cash flow. eCommerce funding is precious in these challenging times when many retail outlets struggle to sell their products through conventional channels.
Ecommerce financing can be a great way to boost your business’s sales without increasing expenses. But it comes with risks as well. Be sure to weigh the risks against the rewards. It would help if you determined whether your customers would be willing to accept consumer credit in exchange for the extra cash. Also, make sure you have a backup plan to maintain your cash flow.
