The widespread use of the internet around the globe and the growth of e-commerce have caused new businesses to sprout. According to a report, e-commerce sales will reach a whopping $3.3 trillion in 2019. Even though e-commerce has strong market penetration, it needs technology to keep itself afloat in the market. Here are a few technologies that this market needs in 2019:
IoT – The Internet of Things
The digital space has witnessed maximum growth in the retail sector. Physical devices will be vital in 2019. E-commerce giants such as Amazon have thousands of armed robots working for them, and they are planning to employ thousands more. IoT helps in smoothening out services like supply chain management and inventory. IoT has many implementations from smart buttons to voice-enabled services. Hence, IoT will be imperative for e-commerce in 2019.
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The blockchain is ideal for the e-commerce industry. It is a decentralized distributed ledger designed for security and storing transactional data. Blockchain has some benefits such as it can work as an alternative payment method. The transactions performed on the blockchain are secure and faster. The ledger system can also improvise order fulfillment and shipment tracking. Industry leaders are exploring blockchain for future trade.
Artificial Intelligence (AI) can completely change the face of the e-commerce industry. Sales are an essential part of any business, and AI can understand consumer behavior and buying patterns. It helps in identifying trends which assist in ensuring that consumer needs are better met. Moreover, it can provide a more personalized customer experience via chatbots. On the other hand, companies can benefit from AI in the form of recommendation engines, virtual assistants and warehouse automation.
Social media and e-commerce combined are a formidable force called social commerce. Social media has a significant impact on a customer’s decision-making process. Companies can use social media to improve customer experience as a whole. Taking advantage of shoppable posts and stories, native marketplaces, and buy buttons on the leading social media platforms, e-commerce companies can convert their social media page into a secondary business platform.