Technology has enabled businesses to perform efficiently despite being on a budget. E-businesses have the advantage of running solely online, without the day-to-day hassles of a brick and mortar store.
It’s a good time to run a business online, thanks to the vast variety of tools that are being developed for the online business person. No wonder, ecommerce sites performed really well last year, gathering a combined profit of $1.915 trillion and accounting for 8.7% of global retail sales. These trends were recorded by emarketer. The predicted ecommerce sales are expected to increase to $4.058 trillion by 2020.
As we move towards the end of this year, more records are expected to be broken by the ecommerce industry. The customer of today wants to shop from the comfort of his home and, therefore, the demand for e-businesses is increasing.
It is easier to compare two stores, have a quick browsing session and eliminate any time wastage by shopping from an online website. To grab a large share of this market, business owners will have to make full use of the latest technology.
Competitor analysis is key here, that can reveal where you stand and what you can improve. Competing with giants like Amazon and eBay is not easy, but you must remember that a good user experience via your website can very well turn your business into a giant.
Here are some technologies that can give your business a competitive edge this year:
You should know that Amazon is trying to take its delivery game to the next level by using drone technology. This means faster service, less traffic related problems and more efficiency. The name of the service is suggested to be Amazon Prime Air, but the process is still in its testing phase.
With the use of a next level technology such as this, Amazon will definitely set itself up as a market leader but there are also a number of concerns such as air space, and other aviation hurdles. However, Amazon is trying its best to overcome these challenges and test this technology, starting from England.
This technology should definitely be on your radar, since it makes delivery quicker and smoother.
Social media websites have already attracted a lot of attention by connecting the whole world together. The social website giants have decided to move one step ahead of the connecting phase by launching social commerce.
Social commerce is a great way to entice customers right through their favorite social media platforms. Ecommerce and social media come together at Facebook Marketplace, Twitter Ads, Instagram for Business and Pinterest for Business.
Shopify, a leading ecommerce platform, now offers a plugin to join your Shopify store with Facebook pages to sell on both platforms. If you are not aware of these plugins, now is the time to do your research and grab as many customers from social media websites as you can. Tip: target social mediums that are relevant to your type of business.
Social commerce is a game changing technology. Retailers can promote their business by good relationship-building and smarter content strategies.
Ecommerce retailers must make effective use of the cloud computing technology. It is not an option anymore, but a necessity. There are many risks involved with storing key information in files or disks present on a particular location. If you are an online business, you must think smarter and take your data to the cloud.
Cloud companies provide their best dedicated servers along with top notch security to ensure that your business runs smoothly. The fear of natural disasters, theft and blackmail are also eliminated when your data exists on the cloud. What’s more, your data can now be accessed from anywhere in the world.
Cloud computing will amount to $24.4 billion by the year 2024. Spectrum estimates that the global public cloud market will top $146 billion in 2017, up from just $87 billion in 2015 and is growing at a 22% compound annual growth rate.
Virtual Private Servers (VPS) are said to be the best choice for ecommerce start-ups. VPS management and features depend largely on the service provider. You can either self-manage or enjoy the services of your VPS provider. You can learn more about the types of VPS you can use in this post. Moreover, basic management routinely includes support for core server services, including:
- Monitoring for issues, and when detected, some type of proactive response
- Support for services like FTP, cPanel, DNS, Exim, MySQL and Apache
- Some sort of backup / snapshot
If you want your website speed to soar the skies, VPS is a good option for you. It will help reduce the server time and pages will also start loading faster than your competitors. If you obtain the services of a good VPS provider, they will also provide you 24/7 support so that your site doesn’t face any down time.
Run a competitor analysis and beat others in your industry by having the fastest loading site. Don’t forget, average users don’t want to wait for more than 3 seconds for a page to load! If a site won’t load in under 3 seconds, 40% of people will just abandon the site for the next one.
Do not underestimate the power of mobile. Just a switch to the mobile site is not enough though; you also need to test user experience frequently. Mobile marketing will dominate the ecommerce industry for years to come.
In fact, 55% of all traffic originates solely from mobile sources. This means that half of your customers are browsing through their phones and completing full transactions on a mobile device. For this reason, you need to keep a lookout for PPC ads and invest in video ad formats, because mobile users are interested in them.
44% of online shoppers will tell their friends and families about a bad user experience on an ecommerce site. Once again, keep testing the usability of this technology to gain an edge over your competitors.
Keep an eye on these technology trends if you want to grow your online business. A combination of these tech trends is certainly going to boost your store visits and build a loyal customer base for your brand.
Expect another round of evolved ecommerce technologies next year, which will be aimed towards providing an omnichannel experience to online shoppers.