The advent of E-commerce has brought about a radical shift in the way we shop. Over the past few years, we have enjoyed the freedom to buy what we want, where we want and whenever we want. E-commerce is still evolving as it continues to discover unconventional ways of buying and selling.
Digital commerce is undergoing a significant transition now as companies are trying their best to reduce their friction and reach closer to customers. Brace yourself for E-commerce 4.0, the brand new version of e-commerce which employs the latest and greatest technology to fulfill your customer demands without any hassles.
According to General Statistics, the desire for instant access, round-the-clock accessibility and fast turnaround will be the norm by 2026, driven in particular by millennials (born around 1980–95) and Generation Z consumers (born around 1996–2010).
Adopting E-commerce 4.0 might be the right strategy for you to bask in demand and stand out.
What Is E-Commerce 4.0 And Why It Can Make A Difference?To understand all about e-commerce 4.0, let’s look at the predominant model of making an online purchase. First, the customer figures out what to buy and then visits an E-commerce website like Amazon, Flipkart, etc.
This is where he/she compares prices and does other product-related research. Once convinced, they add the product to the cart, check out, make the payment and wait for it to be delivered.
Now, let’s pitch another model to your customers — You wish to buy a speaker and have decided on a budget for it, You either post a query on an app or speak it out — “I want a speaker, my budget is 10,000. I listen to a lot of music, so prefer a high-quality and durable speaker system”.
Now an assistant responds and gets back to you with options, you take your pick, your mobile wallet is already connected, a payment approval notification is sent to you, you approve it, and your order gets delivered.
All that the customer does in the second model is to ask a question, and the Internet pretty much does all the research and delivers an excellent user experience. Now, this is what e-commerce 4.0 is all about. Technologies like machine learning, Artificial Intelligence and the Internet of Things are all making this possible.
As your users get more comfortable buying online and the supply of information is on the rise, there is a growing need for disruptive technologies that will make the whole buying process easy. And, the answer to this is e-commerce 4.0!
In this tough era of competition, a robust e-commerce platform that fulfills the demands of your customer and satisfies them throughout the journey is a priority. E-commerce 4.0 is the most potent solution you can adapt to gain a competitive edge.
E-Commerce 4.0 Trends Driving The Industry!
Here are some aspects of e-commerce 4.0 that make it worthwhile!
1. Major Spurt In Growth Expected For Voice Assistance Search:
The use of voice assistants is on the rise. Almost 60% of people who own a virtual assistant have used it to make a purchase through voice command. As Alexa, Google Home and Siri becomes ubiquitous, and it’s time you take advantage of these smart devices to stay in the game.
For instance, Walmart has recently tied up with Google to offer its line of products through Google Assistant Voice Shopping.
2. Artificial Intelligence To Reshape Customer Journey:
Statistics tell us that by 2020, 85% of customer interactions will be managed without a human.
AI goes beyond delivering a personalized customer experience to understand what a customer needs and being there for them through all points of their shopping journey. From assessing consumer behavior to virtual assistants and delivering products, it offers a seamless experience.
3. Product Visualization With Augmented Reality:
Now, you can let your customer try on products and influence their decision-making. AR brings products to life with virtual visualization through the use of sketching and CAD modeling.
With this novel concept, you can change the way people physically interact with technology. Simple AR applications leverage on touch-screen paradigm, but it will soon evolve into more imaginative solutions that will take interaction to a whole new level.
4. Voice Search And Visual Search To Revitalize The Role Of SEO: You can use both voice and visual search to engage more meaningfully with the audience at every stage of their buying process.
Did you know that 74% of shoppers report that text-only search is not adequate for finding what they want?
Brands that redesign their e-commerce portal to support visual and voice search are sure to make a difference. The use of chat-bots to assist customers with queries is also vital.
5. Digital Wallets + Mobile Optimization: Global mobile commerce revenue is projected to reach 669 billion dollars this year. Having a mobile-optimized website is not just enough. You need to deliver the same experience on par with the desktop.
Also, it is vital to enable digital wallets that facilitate one-click purchasing to make buying on the go less cumbersome. These days, consumers don’t want to spend time filling too much information as it is annoying. Ease of purchase is paramount.
6. Neutral Language Search For Inclusiveness:It is essential to design the content of your website with high relevance to current needs and trends. Also, you should strive to use language that is neutral in all aspects with an affirmative style.
For example, Although using “he”, “his” or “guys” can sound neutral, numerous studies show that these words can lead to people thinking specifically about males. So, you need to be mindful about the language you use to attract and engage customers.
Looking Forward: As we enter the digital age, your life is definitely going to be affected by modern technology like the Internet of Things and Artificial Intelligence.
There is no denying that we are living in a world that is always a step ahead. So, it is in your hands now to take the initiative to ride the wave of innovation and boundless opportunities. Get all set to grasp the future with e-commerce 4.0!
Virtina can help you to increase your revenue, improve profit and enhance customer experience.