Since the beginning of this decade, the E-commerce industry has been in constant flux. The world is constantly changing, making it challenging to keep up with the changes in society. In addition, ecommerce, social media and global pandemics have all had an enormous impact on the Ecommerce sector. As a result, E-commerce must evolve or risk being left behind. Statista predicts that there will be over 25.4 billion IoT devices in 2020.
What is Smart Ecommerce ?
Innovative Ecommerce solutions, also known as smart Ecommerce technologies, are software and hardware designed explicitly for E-commerce. These tools can be used by both online E-commerce and physical stores to offer customers a quicker, easier, and more secure shopping experience. They also help E-commerce businesses keep up with customers’ increasing expectations of brands.
What E-commerce firms should focus on ?
It is becoming increasingly difficult for brick-and-mortar shops and online merchants to draw customers’ attention in today’s market, where they have easy access to a lot of information. This is mainly due to the rise of social media platforms. Consumers want more than just a shopping experience.
- Personal interactions: E-commerce solutions enable E-commerce to engage customers in real-time. For example, they can send push notifications about new products while they’re in-store, giving them a personalized shopping experience.
- Dead inventory reduction : Innovative E-commerce solutions allow sellers to monitor and understand the consumer demand for particular items. This information allows them to predict the inventory they will have at different times throughout the year. This action will enable them to adjust their inventory management accordingly. In addition, they will also be able to predict when certain goods will expire to prepare in advance.
- IoT (Internet of Things): This technology allows E Commerce companies to connect any electronic device such as smartphones, computers, tablets, and laptops via an app or software linked with sensors that track consumer behavior and product inventory. As a result, E-commerce companies can use IoT solutions to monitor everything, from when products sell in real-time to how much customers spend in-store. In addition, they can keep track of customer behavior, so they know which products are most popular. YRC offers the best services related to Benefits of e-commerce website, AI in e-commerce, fully integrated ecommerce
Trends in global commerce
- Predicting demand: AI solutions can monitor customer behavior online, in-store, and social media. E-commerce can use this data to predict the most popular products and adjust inventory accordingly. This action makes it easier for E-commerce to satisfy consumer demand while also avoiding stock overruns at the end.
- Optimizing price: E-commerce sellers can use AI to track the prices of their competitors and adjust their prices accordingly. Groceries can use AI to track customers’ purchases in different locations. This action allows them to decide which items should be priced higher, lower, or based on demand.
- Product recommendations: AI can suggest relevant products up-sell or cross-sell other products. E-commerce users use customer preferences data like purchase history, time of day and location to provide personalized recommendations and suggestions. This action increases conversion rates and encourages more sales.
- Predicting product sizes: E-commerce can use AI to help determine the best product sizes through customer interactions via social media. For example, E-commerce sellers may sell shoes and offer different sizes depending on their customers’ genders and ages. This action allows them to allow customers to shop online with no hassle.
- Chatbots for Front Offices: Intelligent chatbots allow E-commerce professionals to automate specific processes, such as customer service. E-commerce can now automate specific processes such as customer service through front office chatbots. This action improves the speed and accuracy of customers’ responses which, in turn, increases consumer satisfaction.
- Mobile Point of Sale (POS), Grab-and-Go Systems: E-commerce companies can process sales transactions from anywhere in the store using mobile POS solutions. As a result, customers can check out quickly and easily. In addition, intelligent POS systems allow E-commerce to reduce the number of queues and enhance the shopping experience in-store.
This action allows E-commerce companies to increase customer purchases and reduce time in-store while increasing transaction accuracy.
Why choose YRC as an E-commerce Consulting Partner ?
Your Retail Coach (YRC), a consulting company for eCommerce and retail, offers various offline and online retail solutions. It also provides eCommerce for retail and omnichannel services that cater to different industries. YRC is the leading ecommerce startup consulting firm. YRC with 10+ years experience serving clients across Asia & MENA region.