5 Innovations That Are Changing E-Commerce

A new wave of innovation is poised to disrupt the business world yet again, particularly the e-commerce niche. It’s merging channels and giving online companies better ways to interact with their customers. They are creating chances for new products, new markets, and new business dimensions. 

The rapid advancements in devices, internet access, cutting-edge research, and big data are paving the way for a more engaging relationship between online retailers and consumers. Therefore, the upcoming technological innovations are waiting to shape an amazing future of e-commerce. Here is how the e-commerce sector is going to be revolutionized by technology:

Omnichannel approach

According to Google, 6 out of 10 Internet users start the shopping process on one device but continue or finish on a different one. They begin with a Facebook ad and end up at a shoe store down the street. This message from customers has set the trend of aligning offline and online channels. 

This approach, adequately named omnichannel, states that all the means of interaction with a consumer should provide the feeling of one entity. Every detail of a specific business, its brand, marketing content, and ads should communicate the same picture.

In order to have a competitive edge, enterprises will have to employ an omnichannel approach. This complex system implies a high-load back-end to maintain and combine data from all the social channels and sales.

Blockchain tech – new payment and data security method

E-commerce is just one of many industries experiencing change because of the revolutionary use of blockchain technology. There are problems with trust, higher fees and policies, slow transactions, and digital data ownership. With its concept of a distributed, genuine online ledger of all digital transactions, blockchain is trying to resolve them. Frauds can be excluded by providing a new payment method with the help of cryptocurrencies – Bitcoin, Ethereum, Ripple, etc.

E-commerce niche entering the B2B sphere

E-commerce niche is a narrow category into which your products fall. For instance, clothing is a fairly broad niche. Leather jackets are much narrower. This innovation, as one of the biggest in recent years, will in 2019 produce a huge impact in the B2B industry.

Even traditional businesses, such as gas and oil giants, are implementing this innovation and are making it easier than ever before to procure industry equipment at an online marketplace. There is a niche B2B market for everything, even for specialized oilfield equipment. The most visible benefits of going for an e-commerce niche include:

  • The building of a target audience based on the niche’s qualities and the pain points a product solves. 
  • More demand among individuals who really want what a company sells. 
  • The micro-niche opportunity – finding the narrowest possible niche while still having a sufficiently big audience.

Social e-commerce

Social commerce is the usage of social networks for online retail transactions. Social networks are embedded in your daily life. This fact transformed the buyer-seller environment. Brands stay in touch with their customers via popular social media platforms to build a personal relationship. More advanced technological features are integrated into social networks that are directed to shorten the purchasing cycle. 

In the future, the one-click “Purchase” button will likely be adopted by many social media platforms. The hybrid of social media and e-retail has resulted in evolving P2P marketplaces. Instagram and Facebook are prime examples of this.

A shift towards mobile e-commerce

No one can deny that browsing on smartphones is on the rise. As a matter of fact, mobile e-commerce will comprise around $2.33 trillion – or about 67% - of all global e-commerce sales by 2021. All the more reason to optimize your online shop for a stellar mobile experience. While smartphone buyers aren’t overly keen on stuffing their mobiles with proprietary e-commerce apps, they are keen on browsing e-commerce sites whenever they like and either buying or bookmarking a product they’ll revisit when they want. 

In order to provide them with the best shopping experience, concentrate on the following:

  • Pay special attention to UX and UI. Mobile browsing has to be smooth.
  • Implement AMPs – Accelerated Mobile Pages. 
  • Enable one-click checkouts. Reducing customer effort gives them the chance to save their information for future purchases.

With the exponential advancements in technology, the face of e-commerce is going to be transformed forever. There are more amazing innovations yet to come that will make the e-commerce sector a more lucrative business. For now, the aforementioned trends will make profound ripples in this sector.

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