Technology has been continually evolving for eCommerce. Today there are new systems and processes that did not exist a year ago. If you are trying to sell online, then you can boost your revenue, conversion rates, and profit margins by keeping up to date on the tech that is affecting eCommerce. Here are the five big ways tech is changing the future of eCommerce.
For as long as there has been business, there have been salespeople. Of course, you can not afford a team of salespeople to engage with all of the customers in your eCommerce store. However, there is a new way to sell to individual customers – it’s called chatbots. A chatbot is a piece of software that is pre-loaded with answers for whatever question a customer may have. For instance, a customer can ask if the store offers free delivery. The chatbot can be programmed to offer a fast answer. This saves time versus the customer trying to search out that answer on your site. The chatbot can also offer discounts and make recommendations based on the profile of the shopper.
2) Voice search
Voice search is one of the biggest trends in eCommerce right now. If you are familiar with Alexa, then you know that you can easily order anything from Amazon. With voice search, you can also make recommendations on a purchase. For instance, if the person asks a generic question such as, “I would like a computer keyboard.” The voice search program can recommend a specific keyboard. Right now voice accounts for 20% of all searches on Google. If this trend continues, then people will more likely to be shopping with their voice rather than their fingers.
3) Personalized cross-selles, upsells and down-sells
As you know, upsells and cross-sells are like free money. You already have the person on your site. Selling someone another product or service without having to pay for that ad click is extremely valuable. With personalization, you will be able to upsell and cross-sell items based on the shopping behavior or the profile of that person. That makes it more likely that the person will convert on that upsell or cross-sell. For instance, if you have someone buy women’s sneakers, you can cross-sell women’s socks from the same brand.
4) Purchases from the Internet of Things (IoT)
Right now, people are buying items from more than just their desktop, tablet or smartphone. There are products known as the Internet of Things (IoT) that are wi-fi or Bluetooth enabled and allow for the purchase of items. Case in point, you can now make purchases from inside of your automobile. There are a number of carmakers who have Alexa integration in their vehicles. That allows people to make purchases through their vehicle’s infotainment screen. Other IoT examples include thermostats, alarm clocks, speaker systems, vending machines and more. As IoT becomes more widespread, it will present more points of purchase for the customer.
5) Cryptocurrency payments
Right now, people can purchase items online using their credit cards, debit cards, payment processors such as Paypal and cryptocurrency. In the past, cryptocurrency was seen as some murky quasi form of money that may facilitate the purchase of illegal items. Recently, more and more eCommerce stores are allowing the purchase of their items with major cryptocurrencies such as Bitcoin and Etherium. This is now possible because the price of these crypto coins has become more stable. With the fast processing of crypto coins, it will be more advantageous for both the customer and the merchant to use something like Bitcoin as opposed to other payment systems.
The world of eCommerce is changing every day thanks to innovations in tech. To summarize, you can now have a virtual team of salespeople on your site thanks to chatbots. Voice search will allow customers to reach use using voice commands. You can use personalized upsells and cross-sells to boost your profits. The emergence of the Internet of Things will make it possible to get sales from any number of wi-fi or Bluetooth enabled devices. Finally, cryptocurrency payments will give you yet another way to accept payments. Keep track of how tech is affecting eCommerce to stay ahead of the competition.