Technology is transforming the way every industry does business by streamlining processes, creating efficiencies and increasing productivity. The Retail industry is rapidly adopting technology to its advantage enabling different touch points throughout the shopping journey.
Others need a large-scale transformation to improve operations, whether renovating technology systems or reimagining the supply chain. It is important to collaborate with a company providing eCommerce development or Magento development services to leverage new features.
The retail industry encompasses the journey of a good or service starting right from the manufacturing of a product and ends with product being purchased by a user from a retailer.
Here are top eCommerce development trends that will transform shopping.
Virtual and augmented reality technologies are the latest buzzwords, ensuring complete and immersive customer experience. Extended reality includes representative forms such as augmented reality (AR), mixed reality (MR) and virtual reality (VR) and the areas incorporated among them.
From going through product details to actually trying products on virtually, extended reality is already in use by many retailers today. Extended reality can provide vital additional information for customers when they are looking for products and additional information. In the future, extended reality will seamlessly allow consumers to share virtual reality shopping experience with others.
Predictive Analytics (Big Data)
Retail organizations have different sources of collecting information. However, deciphering the data in order to analyze the information and solve problems as well as devising new solutions has been a challenge. Predictive analytics helps retailers to analyze consumer behavior and trends from the past.
Upon analyzing data, retailers will be able to understand important information regarding consumer purchasing patterns, personalizing shopping experience, addressing a consumer’s needs based on improving efficiencies and reducing operational costs.
Now retailers can take a proactive approach about the future trends and consumer patterns. Predictive analytics helps retailers be smarter, more efficient, and mitigate costs.
Progressive Web Apps
PWAs will play a crucial role in bringing down the mobile conversion gap in 2020. Industry experts believe that new eCommerce sites should rely on building a progressive web application. PWAs will let eCommerce store owners to launch apps which function at lightning page speed, adopt a mobile-first approach, and solve new channel-agnostic opportunities.
Era of Recommendation Engines
The year 2020 will witness rise in recommendation engines to assist customers identify products that they never knew they needed. Recommendation engines help customers find things they never knew they needed and offer various options to a consumer at relevant times in their shopping journey.
Recommendation engines use sophisticated algorithms to evaluate a customer’s shopping patterns and provide better options. Retailers obtain benefit from higher cart sales and increased customer satisfaction due to simplicity and ease of use.
Order Fulfillment Automation
Many retailers are exploring order fulfillment automation to augment the swiftness and flexibility of operations in order to compete with giants like Amazon. This automation can greatly reduce the order processing times. In addition, warehouses have struggled to find human laborers to stay abreast of the increasing demand, so automated systems are an attractive solution.
Many successful retailers have both online and offline presences. One of the core technologies helping retailers overcome the problem of shoplifting and retail theft is face recognition. The benefits of face recognition are not limited to security.
It also involves personalized online shopping experience in brick-and-mortar stores. For instance, when a user is identified through facial recognition technology, the store and its staff can better respond to customer’s exclusive needs.
Customer Chat Bots
The size of the chatbot market is forecast to reach around 1.25 billion U.S. dollars in 2025, a great increase from the market size in 2016, which stood at 190.8 million U.S. dollars. The recent technological evolution shows a rapid increase in messaging-based customer service bots across the retail industry.
Artificial intelligence bots will improve the customer experience throughout the pre- and post-sales journey by decreasing cart abandonment and helping customers solve problems after the sale without human involvement. Messaging has turned out to be the most important customer service channel to reduce the volume of waiting calls.
Internet of Things (IoT) and Smart Equipment
The Internet of Things will change the shopping experience. On account of the volumes of information we have accessible and the capacity to process it, purchasers can get a customized shopping experience that was previously unimaginable.
The present buyers need experience that incorporate personalization and data to assist them with deciding. Internet of Things solutions assists stores with conveying these experiences to these clients.
Today’s savvy customers expect a consistent experience across all different platforms for an omnichannel involvement in the retail industry. This involves incorporating each and every channel or touchpoint to build a comprehensive and cohesive solitary shopping experience.
Amalgamating different methods of shopping with a retailer unifies each and every feature of a client’s journey over the whole buying cycle and gives an excellent client experience.
Without a doubt, the lines between the offline and online retail have progressively blurred in 2019. Retailers incorporated increasingly advanced innovation into stores, and began to offer sought after administrations like QR code examining and cashless checkout.
Retailers have been extending their physical impression, utilizing stores to make intelligent and frequently vivid brand encounters.
Rise in Artificial Intelligence
eCommerce interactions have always been responsive and with the vast growth of machine learning several processes have become proactive. Brands will identify customers who are likely to make a purchase, abandon cart or even return items.
Based on predictions brands can personalize their experience. eCommerce Algorithms will be working hand in hand with other AI algorithms from CRM and ERP.
Opportunities abound for retailers such as grocery stores, restaurants, and bookstores to set themselves apart—so many, in fact, that some retailers are pushed into inaction. They fear making the wrong decision.
Retailers are spearheading the industry to a bold, innovative future will be the ones embracing a culture of risk-taking. They will explore and experiment new technologies and business models—to allow scalability and learning quickly from what doesn’t grow.