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Modern Ecommerce: How the industry is evolving


29th Jun 2021 Managing your Money

Modern Ecommerce: How the industry is evolving

Although ecommerce has been around for a few decades now, it is always changing.

Because of how big ecommerce is as well as its constant evolution, many people cannot help but wonder exactly how it is doing so. In this article, we will focus on the ‘how’, as well as some trends that will aid in its continued evolution in the coming years.

The growth of voice search

Textual search online as well as on ecommerce websites used to be the way many of us discovered products in the past. With the availability of voice assistants on our phones and many of the gadgets we use at home, voice search has emerged as one of the main product discoverability methods. An increasing number of people are using voice to shop online, order food and different products, and organize various aspects of their recurring shopping experiences.

Artificial intelligence and machine learning are a must

Understanding different customers and providing them with personalized shopping experiences used to be challenging. Now, businesses are using artificial intelligence and machine learning to use all the data they gather from and about their customers to create completely personalized shopping experiences.

With artificial intelligence and machine learning, businesses can grow revenues, attract and keep customers better, while lowering their advertising and marketing budgets. All three help businesses beat their competitors and so both artificial intelligence and machine learning will keep playing a massive role in ecommerce.

Mobile is now the king of Ecommerce

The use of mobile devices to shop online has been on the rise in recent years, with the number of mobile users and shoppers overtaking those using computers in the last 2-3 years. Customers can now use mobile shopping to purchase goods and services from anywhere in the world and this is huge for businesses that have embraced ecommerce.

Businesses that have not made their websites compatible with mobile shopping are suffering huge losses and therefore we will keep seeing businesses try to optimize their mobile shopping experiences for mobile shoppers.

More businesses are getting insurance

The number of lawsuits against businesses has increased in the last few years. With the increasing number of ecommerce businesses that need to ship products to clients and customers all over the world, there is an increasing number of lawsuits from people who get injured opening or using their products. There is also an increase in the number of competitors who think other businesses may have harmed them through their adverts. Because of numerous case studies in the media and elsewhere, many ecommerce businesses are taking precautions by getting ecommerce insurance.

This type of insurance is helping protect businesses from damage caused by their products or accusations from their customers or competitors.

More ways to pay

A common source of friction in a customer’s purchase journey is the lack of choice with payment methods. Customers want to pay with the most convenient option for them. Customers have canceled potential purchases if they cannot pay using the method most convenient for them. In the last few years, we have seen an explosion of payment options as payment providers rush to enter the market and ecommerce websites and businesses try to offer as many options as possible. These options are especially important on mobile devices where some users might find it challenging to type their payment information and just need to tap on an option and be taken to a payment app where they are already signed in.

More businesses are focusing on emerging markets

Emerging markets in Europe, Asia, and Africa are playing a massive role in the transformation of the ecommerce space today. More businesses are putting increasing effort into attracting customers from these markets, and it's working. Many of these markets are still untapped by existing ecommerce business niches, so there is still a huge potential for businesses that want to get onto these markets.

A lot is happening in ecommerce right now. Businesses that can see and take advantage of these changes and the evolution of ecommerce stand to gain massively. It is never too late to jump in, especially if an opportunity makes sense and is right for you and your business.

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