Technologies That Will Drive Entrepreneurship in 2019

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By Manish Bhalla

E-commerce is based on high-level technologies engaged in automated data collection systems, digital marketing, m-commerce, electronic data interchange, and supply chain management systems. Every eCommerce technology is evolving around customer-centric shopping experience.

Technology is giving e-commerce stores new ways to connect with their customers by opening up new channels.  Investing in the following emerging technologies is undoubtedly an intelligent move when it comes to positioning a company that remains ahead of its competitors.

Omnichannel Strategy- Creates an Integrated and Cohesive Customer Experience

Nowadays, users begin their shopping journey on one device and end it on another. Therefore it becomes important to create a seamless experience throughout the entire user journey across all channels. This can only be achieved by Omnichannel strategy.

Ways to Implement an Omnichannel Strategy

  •         Define your target audience (take a data-driven approach).
  •         Align content strategies with customer’s behavioral habits.
  •         Prioritize channels and devices that your customers prefer.
  •         Provide good customer support.
  •         Measure/analyze results and integrate them into the process.

Benefits of Applying Omnichannel Strategy

  •         High customer retention.
  •         Increase in revenue growth.
  •         Better customer experience which leads to an increase in customer loyalty.
  •         Better Brand Recognition

Subscription-Based Services

In the current economy, subscription-based services are one of the fastest growing segments. According to  Mckinsey & Company, the subscription e-commerce market has grown by more than 100 percent a year in the last 5 years. This excellent growth rate has attracted many established brands to enter this arena.  Customers are interested in products/services that allow them to spread their costs out over time and enable them to start or stop services as needed.

Advantages of Subscription Based Services:

  •         Higher customer retention rate.
  •         Business Consistency.
  •         Better Cash Flow Management
  •         Provides Convenience to customers.

Examples of Subscription Based Services

  •         Green Chef
  •         Netflix
  •         Spotify
  •         Salesforce

Beacon

The one e-commerce technology that is currently dominating the retail marketing is Beacon. It allows precise targeting of customers in a particular area.  With the use of Beacon, retailers can also send gift coupons and opt in contextual messages to customers. It has the capability to provide insights on:

  •         Customer’s shopping behavior.
  •         Where customer spend his most of the time.
  •         What brands and locations he prefers.

Usage of Beacon:

  •         Tracking
  •         Navigation
  •         Interaction
  •         Security
  •         Analysis

Brands that are using Beacon technology:

  •         Timberland
  •         Hudson’s Bay Company
  •         Hillshire Brands
  •         Universal Display
  •         Simon Malls

Automated Shipping Vehicles (Drones and Droids)

Drones and droids are already playing a huge role in delivering disaster relief products. And in no time, these both will be the most innovative technologies in the delivery system of the retail industry.  With the help of drones and droids, companies will be able to offer same-day shipping or even same-hour delivery.

Advantages of Drone and Droids Delivery:

  •         Fast delivery
  •         Environment friendly
  •         Reduce the human labor
  •         Reduce costs

Leading Companies that have been successfully developed Drones and Droids Technology:

  •         Amazon
  •         Google
  •         Walmart
  •         DHL

Augmented Reality Devices

After the introduction of AR technology in the e-commerce field, both customer’s interest and their participation level have increased. AR devices act as a bridge between the real-world environment and computer-generated environment.  According to the Retail Perceptions, “61 percent of customers prefer to shop at stores that offer augmented reality.”

Benefits of AR Devices in Ecommerce Business:

  •         Better customer experience
  •         Increasing consumer interest
  •         Provides virtual in-store shopping experience.
  •         Better conversion rates and revenue.
  •         Add novelty to retail.
  •         Allows users to customize.

Conclusion

The bottom line is, brands that are most adaptable to change will surely make their mark in the e-commerce world.  With the help of updating technology, brands should focus on multichannel, Omnichannel, and providing personalized customer experience. Of course, adopting new technologies are not easy but it’s a necessary step to stay ahead of the competitors.  Ensure your business makes use of the above mentioned technologies to achieve better ROI and growth.

Manish Bhalla is the founder and CEO of India’s e-commerce web development and marketing agency FATbit Technologies. He acts as an e-commerce strategist and leads the way for businesses looking for secure space in a specific industry. Manish is acknowledged as an e-commerce expert who has helped many startups find strong footholds online with customer driven-solutions and high-powered growth. For latest marketing strategies and insights, you can follow FATbit’s Twitter profile: @FATbit_Tech

E-commerce stock photo by Chaay_Tee/Shutterstock

The post Technologies That Will Drive Entrepreneurship in 2019 appeared first on SmallBizDaily.

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