According to Grand View Research, the worldwide market value of the e-commerce sector will reach $27.15 trillion in 2027. That means over the next five years, more and more e-commerce businesses will be popping up everywhere around the world. As a result of that, the competition will get tougher, which means there’s no scope to let loose if you’re investing in this sector.
If you are an e-commerce business owner, you know that to achieve success, you need to find a way to stand out from your competitors. To do so, all aspects of your online store must be optimized for performance and conversions.
At present, the best way to do so is by incorporating the right technologies in your e-commerce business right from the start. Here’s how this incorporation should be done.
Extended Reality (XR) Content for Product Viewing
Does your e-commerce business already have extensive content on the products you sell? How about 360-degree photos that allow customers to see what it looks like from all angles? With extended reality, you can take point-of-view (POV) photography to the next level by adding augmented reality (AR) and virtual reality (VR).
The goal is for customers to feel like they’re actually holding the item in their hands instead of just seeing it on a screen. You can do this by inserting 3D models into photos or videos. That way, when someone looks at it with their phone or computer headset, they can rotate them to get different views of each piece as well as change its size or color.
Unlike digital content, a CMS platform alone won’t suffice when publishing XR content. With an ordinary CMS, you can manage digital content like blog posts, images, and videos. However, you need an XR content management system for special content that involves extended reality.
Such a system will allow you to deploy and manage XR content and optimize it for your e-commerce platform. This will ensure efficiency and also make life easier for you when dealing with such type of content.
Besides, XR content management systems provide a ton of other features like version management, monitoring content usage, and speeding up content sharing. You can’t avail yourself of these features or deploy XR content via any ordinary CMS.
Data analytics is the process of collecting, analyzing, and reporting data. It helps you make better decisions that will improve your business by understanding what your customers want. There are many tools used for data analytics, like Google Analytics, Tableau, or Excel.
For example, let’s say you want to know which products are selling well on a certain day of the week or at what times of day people usually buy a particular product from you. Google Analytics can provide all this information for you in its ‘reports’ section.
Through such analysis, you can design and plan your promotional activities accordingly. In a way, this will improve your chances of bringing in more conversions.
Research conducted by MicroStrategy reveals that globally, 60 percent of companies use data and analytics to ensure cost efficiency. That, of course, is one of the many applications of data analytics in the modern business world. When you personally start using its features, you’ll realize how much more data analytics has to offer.
Recommendation Systems for Product Suggestions
Recommendation systems for product suggestions are used to suggest products based on customer behavior, preferences, interests, and demographics.
They can be used to suggest products based on:
- Customer’s previous purchase behavior
- Customer’s past interest in certain products or categories of products (based on their browsing history)
- Demographic information like age, gender, location, etc.
Customer Relation Management Software
Customer relation management (CRM) software is a software application that automates and streamlines customer interactions. It helps businesses manage their relationships with current and potential customers. CRM provides a way to automate customer communications and collects data on past activities, allowing companies to identify trends, patterns, and problems.
In today’s e-commerce environment, your customers are spread across social media channels like Facebook and Twitter. All of these channels allow you to collect information about your prospects or existing customers to better serve them.
Secured Digital Payment Processing Systems
Secure digital payment processing systems are one of the most important elements that you can incorporate into your e-commerce business. When people place an order, they will expect that their payments will be processed securely.
If you do not take the time to incorporate a secure digital payment processing system for your business, you will not be able to provide this level of security for your customers. This could affect your ability to secure new customers or retain the ones that you already have.
Mobile App for Your E-Commerce Platform
When it comes to e-commerce, a mobile app is essential. Many people are still hesitant about buying items online and would prefer the comfort of browsing in the store. However, you can use your mobile app to attract customers who want their products delivered straight to their doorstep.
In addition, mobile apps give your customers more convenience and speed when it comes to purchasing your products. Your users will be able to browse on their own terms without having to switch screens constantly between desktop computers and handheld devices with ease.
According to a report by Adjust, mobile e-commerce revenue hit the $3.56 trillion mark in 2021. That shows how much the e-commerce market is gaining from mobile users alone. Thus, to facilitate further growth, it’s only natural that you invest in a mobile app that allows you to welcome more users to your platform.
The growing trend of e-commerce is constantly changing and evolving. This means that you need to stay on top of the latest trends, technologies, and strategies to keep your business competitive.
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