Essentially, this is an exchange or sale of goods and services across digital channels or platforms like the internet, mobile networks, and commercial systems. Digital Commerce also entails and includes or involves the following:
(a). Analytics and promotion.
(c). Customer acquisition and retention.
(d). Customer experience on the buying journey.
Main Technologies Highly Influencing Digital Commerce
With the constant and consistent innovation in all IT verticals for uniting sometime, it is natural to speculate on what drives this innovative streak. It holds sustained relevance and impact on the ever-changing dynamics of modern Digital Commerce.
1. AI Customer Analytics
Businesses cannot succeed without regular and proper smart tools to know where it stands at any point in time. Artificial Intelligence has already discussed how it has helped multiply and triple or even quadruple business value by proper analytical tools.
Besides applying advanced analytical methods, its adaption of statistical tools and machine learning simplifies event interpretation, supports automated decision-making, and fast process and task execution. It easily detects attempted fraud, virtual assistance, better and faster product search.
Additionally, customer analytics is the application of analytical insights to avail better customer experience and fulfill business objectives. Several search queries and other forms of generated data need faster processing to ensure better conversions and retention.
2. Mobile Wallet and App
The mobile wallet has been a rage and taken center stage over the last couple of months, with higher rates of usage perhaps driven more by the advent of the COVID-19 pandemic lockdowns. That is why the integration of the mobile wallet multiplies business at this time.
Given the preferred use of mobile to purchase online with all the diverse payment channels, a business is even better. Apart from enhanced user-friendliness, ease of use, accessibility, and 24/7/365 functionality, there is an increased chance for business conversion.
Mobile wallets are an important technology trend that is shaping and redefining business fortunes big time. Online shopping has gone up, and buyers want convenience all the way. Additionally, mobile wallets are a secure form of online payment for all transactions. Adding a mobile wallet has a significant impact on overall business volume.
3. Image and Voice Search
Integration of image search simplifies customer search for products and services. It quickens the entire process and makes it more user-friendly. Moreover, it is easier for customers to compare which business is offering similar products at better rates. An image search also creates multiple revenue streams for the business.
Additionally, with AI virtual assistants across channels, virtual assistants are vital for d-commerce innovation in the future. Increasingly, more mobile device queries are voice-based which points to a growing trend.
With short times to type in long search queries or prefer to spend less time searching and accessing products and services, voice-based search is here to stay. Voice search is vital to ensure customer loyalty and simplified access to search terms. AI simplifies search query access as the answers/results as fast or instant.
4. AI Chatbot Customer Care Service and Communication
Today, Artificial Intelligence (AI) has a massive role in everyday life, including a significant impact on life and work. The diverse range of AI customer care in business and daily life tools such as voice assistants is a big plus for higher engagement and conversions in business. Customers across age groups or demographics tend to be drawn to voice-search while searching or shopping online.
Moreover, AI Chatbots and virtual assistants account for the future of digital businesses and professional work environments. Therefore, adding chatbots in the core business systems helps enhance customer experience, boost brand image, efficiency, and productivity.
AI chatbots make it possible to do everything from booking air tickets, check-in hotels, or order meals and other goods and services from the comfort of your office or home or while on the go. The fantastic ability and application that AI chatbots can accomplish are manifold across the industry.
5. Product Branding and Customization
Brands and businesses want product and service differentiation that gives them a unique market presence. Customizing a product enhances brand value and commands higher customer attention. Besides, this establishes businesses and gives them a presence in a market segment.
With Digital Branding and customization, there is clarity on what to purchase, what quality appeals to their sense of taste. Besides, today’s buyers are conscious and careful with what they buy and where they buy it.
Adding better customer care services in service automation makes branding and customization of products/services enhance the shopping experience and convenience.
In the end, the business cannot grow and succeed without the requisite and fundamental innovation. The technologies prove that with the regular and persistent search for better ways of conducting D Commerce business, there will be transformation and shift to higher levels of growth and success.