Online retail is thriving – with more than $1 trillion in sales anticipated by 2021, it’s an exciting time to be part of the ecommerce revolution!
Despite a sluggish start, the ecommerce industry has experienced exponential growth over the last decade. According to research conducted by Statista, online shopping accounts for just under 1% of total retail sales today – but this figure will reach as high as 8.5% by 2021! In 2025 it is estimated that online commerce could surpass offline transactions by 2023 – an astonishing leap forward compared with even its most optimistic projections thus far!
Since ecommerce has experienced meteoric growth, certain technologies and practices have emerged along the way. This evolution has resulted in a multitude of innovations, each with its own advantages; whether it be artificial intelligence (AI), blockchain technology, or even augmented reality (AR) – the list is practically endless!
Chatbots are also an effective way for brands to reach out to prospective customers and offer them assistance with whatever they may need. Nevertheless, this approach could sometimes prove inefficient if not utilized appropriately. Hence why it’s essential that you create a customized chatbot corresponding to your business’ particular needs – if done correctly they can be an indispensable asset!
1. Growth of virtual assistants and chatbots
Chatbots are swiftly growing in popularity, as is their use with virtual assistants. These programs can easily be utilized to answer customer queries, provide product info and perform a variety of tasks within your ecommerce business – all without requiring any human intervention.
Chatbots help streamline communication, saving time for both parties involved. However, despite their potential to facilitate an increase in sales and enhance customer satisfaction by providing answers to questions promptly and accurately; the leading chatbot creators are yet to achieve the desired impact on the industry. Consequently, this may necessitate additional efforts from existing businesses if they wish to remain competitive!
2. Increasing use of voice search
Despite the advent of voice search, the ecommerce industry has been slow to embrace its potential for driving sales. Nevertheless, recent innovations have prompted users’ inclination towards making purchases via hands-free dictation. This trend is bolstered by platforms such as Google Assistant and Amazon Alexa – apps that permit users to access enticing items without even having to leave their homes!
Moreover, it’s not just consumers who are amenable to leveraging voice search when they’re in need of products; businesses have also taken note of this trend and are utilizing it on a regular basis.
Companies like Southwest Airlines and HelloFresh have utilized voice assistants for helping customers locate the most optimal meal options with ease, while Macy’s has likewise made an effortless allowance for users’ requests with greetings from ‘Macy’ delivered direct from their phones!
3. Emergence of Augmented Reality (AR) and Virtual Reality (VR)
Augmented reality (AR) and virtual reality (VR) are two distinct categories that can be employed in ecommerce.
The term ‘augmented reality’ was coined by a team of researchers at Magic Leap (a California-based startup) in 2011, and it refers to the combination of an item’s representation with data to create an extra layer of information – incorporating video, audio and other elements into real space.
For example, if your phone is equipped with AR technology such as Google Tango or HaptX, then you could use it to view a product from all angles without necessarily being physically present in that location. On the contrary, if you have a VR headset such as HTC Vive or Oculus Rift than you could immerse yourself fully within a digital world! It may sound intriguing but with existing hurdles such as cost and storage capacity making these solutions unavailable for most individuals yet – it’s essential to stay abreast of potential advancements before investing in such gear!
