When e-commerce first came into existence, many people considered it to be nothing more than a passing fad. Obviously, they were wrong. As the global online marketplace further evolved, consumers began flocking to the internet to facilitate their shopping experiences. Today, making purchases online has become the rule more so than the exception, and e-commerce is only going to expand during the years to come.
Rising Trends in the E-Commerce Sector
Numerous trends and technological advancements have helped transform the e-commerce realm into what it is today. Without them, this ever-growing sector might never have gotten off the ground. Certain additional developments are expected to shape the online shopping world during 2022 and beyond.
Advanced Authentication Measures
It’s no secret that online security is a growing concern for consumers and businesses alike. It seems with each new security feature that’s introduced, hackers become even more persistent. They’ve apparently been a step ahead of the game from the beginning. Some unsavory entrepreneurs are even building entire businesses around helping hackers achieve their goals at this point.
All that has brought about a massive and frantic effort to ramp up online security in every sector from the medical field to e-commerce and beyond. Increasingly complex password requirements and encryption measures have helped thus far, but they’re only so effective on their own. They’ve also led to increasing frustration for online shoppers.
Because of all that, new security measures are coming into play. They’re simpler for consumers to use but more difficult for hackers to overcome. Biometrics is among the most noteworthy security solutions now gaining attention. Solutions like fingerprint authentication are making purchases much more secure these days, and they’re being applied to credit cards, mobile devices, and more.
Increased Reliance on Third-Party Logistics Companies
Businesses are up against numerous challenges at present. Even keeping up with changing consumer mindsets is a struggle. Reducing costs and maintaining customer satisfaction certainly keeps companies on their toes as well. Logistics is another matter entirely. In fact, it’s where many of the current struggles enter the mix.
Despite the complexities of developing and adhering to practical logistics strategies, many businesses are reluctant to reach out for help. They don’t want to relinquish control to anyone else. Of course, several are beginning to realize they’re suffering unnecessarily as a result.
As such, a growing number of companies are starting to see the benefits of third-party logistics companies. These include increased scalability, improved customer satisfaction, less costly packaging, and shipping, and more efficient warehousing. Gaining access to far-reaching experience and technological advancements retailers may not otherwise have can’t be overlooked, either. That’s making 3PL services one of the world’s fastest-growing e-commerce technology trends.
More Mobile Than Ever Before
Consumers are conducting online shopping via their smartphones and other devices at skyrocketing rates. Just a few years ago, slightly more than half of all e-commerce transactions were carried out on mobile. Today, that figure has surged to almost 75 percent, and it’s likely to grow even more.
With that in mind, vendors are paying closer attention to their mobile sites and services. Mobile optimization has become the word of the day. Ensuring an e-commerce site is optimized for mobile use helps to increase its search engine rankings and improve the overall customer experience among other benefits.
Branching Out from Basic Websites
Companies branching out from their basic websites is another trend currently shaping the e-commerce sector. Not very long ago, not having a website became the downfall of many retailers. Today, having a website and offering online shopping options aren’t nearly enough to stay afloat. Even mobile optimization doesn’t always suffice.
All that has prompted members of the e-commerce sector to branch out in various directions. For one, they’re adding social commerce sites and apps to their repertoires. Secondly, online marketplaces are becoming more important. More retailers than ever before, from globally known brands to home-based crafters, are using online marketplaces to spread the word about their products and boost their sales.
Artificial Intelligence Is on the Rise
Artificial intelligence is also becoming an integral component of e-commerce. On the most basic level, businesses are using AI in the form of chatbots to help improve customer service. This type of technology has advanced to the point where it’s often difficult to distinguish between AI and live customer service representatives.
Companies are using AI to generate upticks in sales as well. It has an uncanny ability to seek out potential upselling and cross-selling opportunities. From there, it conveys those to consumers and encourages them to spend more money. Artificial intelligence can also create more personalized customer experiences.
AI is an immensely helpful tool for marketing and advertising, too. It extracts and compiles information about consumers’ interactions with companies. This aids in fine-tuning marketing strategies in many ways. Businesses can use AI for numerous analytics purposes as well. As it becomes even more advanced, the potential applications are sure to grow and diversify.
Cryptocurrency and Blockchain
Cryptocurrencies have been making headlines since Bitcoin first came to light back in 2009. Despite their interesting and beneficial attributes, many consumers were a bit mistrustful of their actual value. Businesses were even slower to consider adopting them. Of course, all that has changed. With an ever-growing number of people hoping to use cryptos to make purchases, a rising number of e-commerce companies are making way for this payment option.
Blockchain, the technology behind cryptocurrencies, is also becoming increasingly entwined in the e-commerce world. It’s a secure and indisputable way for companies to keep track of transactions. That means it can help with reducing unwarranted refund requests from consumers. It can also be used to create traceable and infallible transaction records between companies and other members of their supply chains. Those are only a couple of the benefits.
Molding E-Commerce for the Future
These are a few of the trends changing the e-commerce world both now and during the coming years. Some are geared toward improving the customer experience whereas others help businesses reduce costs and improve efficiency. Many, like artificial intelligence and third-party logistics solutions, cover multiple bases. As e-commerce continues to grow, these and other trends are going to become increasingly important.
