5 Ways Technology Is Changing e-commerce
Jen Starr is part of the community team at Next Day PC. Jen enjoys staying on top of the latest tech trends and sharing how new tech can positively impact people’s lives.
Electronic commerce, simply called e-commerce, is any type of business or transaction that involves the transfer of information across the Internet. It is any form of activities involving buying and selling of products and services.
Due to the advent of technology and its subsequent evolution, there are growing generations of people who now depend on technology to earn their living. Even better, consumers use it to make their shopping experiences truly remarkable. So as to make the most use of the evolving technology in e-Commerce, you will have to stay ahead of these trends.
5 Ways Technology Is Rapidly Changing How We Do E-Commerce
The age of computer and the internet resulted in the first boost in e-commerce. Currently, the advent of mobile devices as well as the countless number of mobile apps that are specifically designed to carry out online transaction is now drastically revolutionizing e-commerce globally.
Mobile devices as well as mobile apps have now brought online brands and transactions closer to more customers than ever before. Once a website is fairly mobile friendly, any mobile device and app user can connect and carry out transactions.
Mobile e-commerce has become one among the most sought-after platforms where customers can navigate the internet and purchase goods and services. Consumers spend more time on mobile-devices and they are well notified of the upcoming and current opportunities they can subscribe to and transact accordingly.
You can make payment for any products services and download any format of documents through your mobile device. Consumers are always concerned about making payment on mobile devices but these concerns have been tackled by the development of virtual smartphone wallets through which payment transactions are secured.
The arrival of the Broadband Technology has boosted e-commerce in one way or the other as the consumers and business organizations can now transfer large volumes of documents of diverse formats with high speed through the internet.
In addition, Changing e-commerce technology has connected all parts of the world together as a global village, providing business transaction opportunities for the business owners and their target consumers. You can now have access to information, goods and services that are not available in your locality.
There are lots of apps you can use to have audio or video chats for business transactions. You can even set up virtual business meetings online through audio and video calls. As a business owner, reaching out to the most remote places in the world for the target consumers of your products and services has been made possible by the current technology.
Students are well connected online and are able to purchase eBooks for their learning. You can easily access paid healthcare facilities, seek consultation from health professionals and get diagnosed through many online platforms.
Decreasing Cost/Increasing Functionality
When it involves software solutions for a business, there are two different things which come together so as to create the desired platform for buyer’s market. Firstly, the hardware (devices) and software (applications) needed for the creation of these platforms are becoming more affordable and easier to use. Secondly, the high number of the readily tech savvy and updated entrepreneurial minds that can exploit technology in order to overcome the common market barriers has greatly increased.
For instance, an inventory system which initially took a year for a multi-million dollar company to create a few years ago now only takes a few weeks for graduates to put together, and with a less amount of fund. Now you can set up an online retail shop for your products and services with a few bucks.
Therefore, advancement in technology is now making e-commerce solutions more affordable. It saves your wallet as you do not need to spend much on office apartments and rents. In addition, it reduces the number of dedicated employees to be hired.
Technology has contributed to the evolution and the evolution of social media which is currently changing and increasing the customer-service landscape rapidly by bringing businesses as well as customers closer together on a platform.
They are a means to an active contact method between the consumers and the business owners by allowing a business to create customized web pages for their online stores in the names of their businesses. Consumers are then channeled to these online stores where they have access to purchasing products and services through the social media pages.
They also help the business owners to promote their businesses by charging them just a few dollars. In addition, there are platforms on the social media a business owner can post their products and services periodically for the public to see.
In addition, they offer paid banners to be displayed on the sidebars of every web pages where every user can see the products and services. Social media also helps business owners by having online community managers who are always looking out for potential bad posts that could affect businesses.
Customer Segmentation and Target
Flyers and billboards can only target consumers within your locality but will not be able to reach remote consumers. On the other hand, internet-based (digital) ads have potential to reach all internet users globally, giving room for wider business opportunities.
However, with the daily increase in the flow of data on the internet, technology, through advanced algorithms, is able to identify user internet interest and offer ads that are related to their searches and browsing experience. This way, more target consumers are reached.
With the expanding analytics services, you can target the specific group of consumers by segmenting your prospects. And as result, you get more value for your marketing buck. Even a simple online account will let you identify your visitors’ locations, the type of browsers they are using, how they came to know your website, what their interests are, how long they will stay as well as the time of their actual visits.
Having these pieces of information at hand, you can customize your e-business accordingly, and hence, dramatically increase your site conversion rate.
At this point, you will be convinced that for a business to succeed, it has to go e-commerce. People don’t have much time going to offline stores and offices to purchase goods or make payments.
They prefer sitting back at home or in their offices finish their transactions there and expecting the results. If you are a business owner but you are not into e-commerce, your business will be crawling.