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E-commerce is expected to hit the $2.8 trillion in sales by 2018!
We have just stepped into 2018, and the ecommerce industry is already seemed to be growing to a bombarding amount of around $2.8 trillion in terms of sales by the year end.
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
The reason is pretty simple. The world is swiftly moving towards a complete digital revolution. Therefore, the companies have to have online presence in order to meet the present day requirements of the customers. Ecommerce platforms have become very popular, because they make the lives of the users very easy. In this era, where people find it difficult to visit shops to buy good, love to just see the items online and buy them without having to waste any time in travelling.
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Starting from buying grocery, to a car, we have ecommerce solutions for almost everything. And, this market is growing because has nicely tapped the future of the consumer mindset. People are keen to find suitable ways of doing everything possible online, be it buying clothes or looking for even houses on rent. Therefore, the ecommerce can clearly foresee a bright future.
Also, the credibility of the online platforms have grown above expectations because of the strict amendments. Now, it is not that easy to dupe the users not just because there are decent amount of guidelines, but also because the customers have become more aware.
Two of the major advancements that has led to the growth of the ecommerce industry are:
Integration of Chatbots as well as messengers
Starting from toll-free helplines to live chat, a major leap which e-commerce marketing has taken in recent times is the introduction of chatbots. Chatbots offer a personal method of engaging with the customers.
For online retailers, this leads to main benefits: Firstly, it offers a technique to directly interact with the users straight to the right items that fulfill the search criteria. Secondly, it also helps to save a plenty of money which else would be needed to understand the complete customer behavior and the preferences from the data captured.
Small and medium sized organizations which are not able to capitalize on the high-end chatbots may use the data bank present on Facebook Bots as well as some of the other economic services. These smart messenger bots can perform a plenty of automated activities such as offer customizations, personalized product recommendations, notification when the price drops etc.
Inception of Voice based smart devices & their impact on the Ecommerce industry
The commerce market will be redefined with the inception of AI based technologies including google Home, Siri, Alexa, along with a myriad other very useful home assistants. People are gradually ebbing from a keyword-based hunt on the e-commerce portals to a more modern way of searching, via the voice search based tools. The trend of AI based solutions will be solidified in 2018 as a plenty of people have shown interest in buying smart home assistants.
Knowledge of Native language as well as AI along with the Internet of Things will certainly enhance the drive to voice-based e-commerce activities. A majority of people have already started using the voice based solutions to purchase things on AI.
For online retailers, this will certainly pose a fresh challenge. The ecommerce players will have to definitely enhance their offerings, and integrate programs that understand voice based commands as well in order to catch the fancy of customers who are using voice based solutions.
For example, if you have developed an magento ecommerce site that deals in fashion clothing, the online platform should be able to comprehend long-trailed voice commands which particularly mention the item name.
Conclusion:
Ecommerce industry is expected to go places in the near future. However, every online business will have to find ways to differentiate them from the competitors as the completion is going to rise as well!
