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What’s next in Ecommerce? Trends and Forecasts for 2017

YoKart Chef01.02.2017
ecommerce-trends-2017

As 2017 unfolds, many innovations will empower ecommerce businesses to improve their profitability.In a competitive business environment, where growth is essential for survival, knowing about the ongoing innovations and implementing them is important.

Being the enablers of ecommerce, we decided to jot down few innovations that entrepreneurs can use to keep running their ecommerce business sustainably. Without further ado, here is our forecast of upcoming trends and innovations in ecommerce ecosystem for 2017.

Grab and Go Stores – The case of Amazon Go

Over the years, Amazon has evolved and has expanded its business in different verticals with many innovations.To name a few, Echo, Prime, drone delivery, etc.

Amazon Go is the most recent innovation (currently in testing) by the ecommerce giant. The Amazon Go is introduced to address several key challenges such as:

  • Poor buying experience
  • Losses incurred due to high product return rate
  • Delayed product deliveries
  • Excessive cost related to travel and logistics, etc.

Brick and mortar store owners can also use the innovation introduced by Amazon Go along with their current resources and save more through less human effort in store management.

Machine Learning Can Help you Run Your Ecommerce Business Sustainably

Drone based Delivery

The culture of innovation at Amazon doesn’t end at its cloud solutions. A few days ago, Amazon made its first drone delivery in a record time of 13 minutes just after the user placed the order.

Other brands are not too far behind. Companies like Domino’s Pizza, Google, Alibaba, etc. are some other brands that are extensively using the concept of drone delivery to make their delivery system more efficient and deliver orders in remote areas.

Virtual Reality

According to a research conducted by Barclaycard, 6 out of 10 retailers were affected negatively due to increasing number of product returns. The reason behind such statistics is that people are not able to understand aspects of the product by simply reading its description.

This is where virtual reality steps in to provide a better user experience. From product display experience to enhancing the checkout experience, virtual reality can be used in every vertical of ecommerce business. Major advantages include:

  • Lower product return rate
  • Enhanced buying experience
  • Better conversion

Why settle for stock features in an Ecommerce platform? Go Custom.

Make Smart Decisions with Artificial Intelligence

From making strategic business decisions to personalized product recommendations, the role of artificial intelligence has expanded to every aspect of an ecommerce business.

Store and marketplace owners, who rely on manual inputs to make their ecommerce business work, should consider using artificial intelligence to automate common tasks that require human effort. To get a better idea about how artificial intelligence can assist your ecommerce business, look at the following uses:

  • Better product recommendations
  • Smarter customer segmentation for effective marketing strategy
  • Intelligent chat bot to answer queries in real time
  • Safeguard your ecommerce business with fraud analysis, etc.

Closing more Sales through Social Commerce

Major social media platforms like Facebook, Pinterest, etc. provide ecommerce features for sellers. It is up to sellers how they use the platform to improve their sales figure.

Social portals like Instagram, which has not yet integrated ecommerce features, is testing a “Shop Now” button. With this feature, users can easily buy the product appearing in the image. LinkedIn also provides tools like Sales Navigator, which help businesses to focus on the target audience and improve their sales figure.

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Conclusion

The ecommerce ecosystem is seeing a monumental change in innovation and technology. With more people appreciating each innovation brought by ecommerce giants, consumers are becoming hungry for better user experience. If you want your ecommerce business to run sustainably in 2017, then keep your eyes open and be ready to improvise on the go with the above-mentioned trends.

Author: YoKart Chef is an ecommerce guru and knows what startups need to thrive in a competitive market. Entrepreneurs & CEOs can count on YoKart Chef for valuable insights on latest ecommerce trends. Follow Yo!Kart on social media for latest updates Twitter, Facebook & Instagram.

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