Apr 12, 2023
Our predictions and trends for the future of e-commerce
The world of e-commerce is constantly evolving, and staying ahead of the trends is crucial for businesses to be successful. As tech innovations and developments continue to advance, it's important to take advantage of new tools and techniques that can enhance the shopping experience for your customers. In this blog post, we'll explore the top changes in e-commerce and share our predictions for the future of the industry.
ML and AI powers deeper personalization
Machine learning (ML) and artificial intelligence (AI) are transforming the e-commerce landscape. These technologies play a key role in inventory management and warehouse operations for retail brands, allowing them to operate more efficiently and effectively. They also help improve search and product recommendations for shoppers, making it easier for people to find the products they need.
With the rise of chatbots and customer service integrations, brands are also able to provide personalized experiences to their customers while gaining valuable insights about their shopping habits, which powers deeper data models and insights — at a rate unachievable by humans alone. In this vein, Shopify recently launched their AI-powered shopping assistant, which helps people conversationally discover and shop new products. As ML and AI continue to evolve, they will become even more powerful tools for e-commerce businesses and unlock more opportunities for advancement and growth.
Getting experiential with AR and VR
Another trend that's gaining momentum in the industry is the use of augmented reality (AR) and virtual reality (VR) to provide experiential shopping experiences. Virtual try-ons and "view-in-your-room" technologies are becoming more common, allowing shoppers to visualize products in their own space before making a purchase and make more informed decisions on big-ticket items. Household brands like Amazon, IKEA, and Wayfair have recently released AR tools to help shoppers with their furniture purchases.
Pop-up shops and other immersive experiences are also becoming more popular as restrictions from COVID-19 wind down, giving shoppers more opportunities to interact with products in unique and memorable ways IRL. As these technologies continue to evolve, we can expect to see even more innovative and immersive shopping experiences pop up this year.
More convenient, on-the-go payments
The payments space is also evolving rapidly, with the rise of cryptocurrencies, buy-now-pay-later (BNPL) options, and contactless and mobile payments. Shoppers are seeking more convenient and seamless shopping experiences, such as integrations of Shop, Apple, and Google Pay which makes it easier to complete transactions with pre-filled, saved, and secure information.
While it’s still a relatively new concept, digital currencies like Bitcoin and Ethereum are becoming more widely accepted by retailers, and BNPL helps appeal to younger demographics making bigger-ticket purchases over time. As these payment options continue to evolve, it's important for e-commerce businesses to offer a range of payment methods to meet shoppers where they are to increase sales and reduce cart abandonment rates.
Smart home and voice search capabilities
Voice search is an emerging trend in e-commerce that’s poised to transform the way people shop online. Smart home devices like Amazon Echo and Google Home have become increasingly popular in recent years, and with them comes the ability to use voice commands to search and shop. This technology makes it easier than ever for people to shop online and make more natural and spontaneous purchases. With a simple voice command, people can browse products, compare prices, and make purchases without ever touching a keyboard or screen.
To make the most of this trend, retailers need to make sure that their websites and apps are optimized for voice search. This means incorporating natural language keywords and phrases into product descriptions and other content, as well as making sure that websites and apps are accessible via voice commands. As more and more people adopt smart home devices and voice search becomes more popular, this technology is likely to become an essential part of the e-commerce landscape.
Customer experiences are still key
As we look to the future of e-commerce, it's clear that technology and trends will continue to evolve and change. However, with all of these advancements in technology and automation, it lowers the barrier to entry for new players to join the market and makes it increasingly difficult for businesses to differentiate themselves from the competition. And as the market becomes more crowded, delivering quality customer experiences will be the biggest tipping-point factor. Ultimately, shoppers are going to stay loyal to brands that treat them well, not the ones that hop on the next big tech trend.
While technology can certainly improve the shopping experience, it's important to remember that one thing will always remain the same: the power of human connection. At Experify, we believe that this timeless power is the key to unlocking truly great customer experiences. It's easy to forget the importance of connecting with real people who have used the products you're considering, but this personal touch is something that no amount of technology can replicate. We’re working to restore the human connection that has always been at the heart of the shopping experience and connect shoppers with real product owners to engage meaningfully and build relationships around the products they love.
All in all, we believe that this emphasis on human connection and authenticity is the future of e-commerce. As technology continues to evolve, businesses that focus on creating genuine, personalized connections with their customers will be best positioned to succeed in this increasingly competitive industry. With our focus on authentic advice and personalized experiences, Experify is the perfect partner for businesses looking to stand out and thrive in the ever-evolving e-commerce landscape.
We build solutions to help companies engage and involve their customer communities. Come join the community-first revolution.