COVID pandemic has restricted human interactions. The new norm is to follow the WHO guidelines that emphasize staying indoors, personal hygiene, less social interactions, and social distancing guidelines. As we adjusted with the new norms, we have the new means of social gathers, shopping, e-learning.
Most of us are moving towards a healthy lifestyle with the limited resources available.
Though the world slowed down, the markets for the eCommerce sector has seen a rise. According to the Business Insider, the reliance on e-commerce in the year 2020 has increased Amazon’s business by 20.2% worldwide, all of this thanks to the people as they mainly rely on eCommerce due to Covid-19.
It is said that Covid-19 has accelerated the e-commerce sector by 3 to 4 years. Here is an example of Shopify and Zoom stocks. The stocks of these e-commerce providers have hit the high during the pandemic time. Zoom well known for its video, web conferencing is widely used by schools, doctors, and industries as a communication platform, whereas Shopify allows you the sell, run, and grow your business.
In these uncertain times, the e-commerce sector has performed well. “Overstock”, a tech-driven online retailer and advanced blockchain technology company, reports the Q1 2020 results up over 120% year-over-year (YoY).
This growth in home furnishing and several blockchain companies gained a public spotlight, as they solve problems from mobile voting, digital identity, digital currency, and supply chain tracking.
In the pandemic situation, consumers look for necessities like online groceries, online education, WFH, or fitness sessions during their lockdowns. The lockdown and restricted movements have provided an eCommerce environment to expand its footprint and reach a large consumer base.
Here are some quick highlights on how the market will change post-COVID.
Shifting from stores to e-commerce:
The eCommerce companies have gained profits for their online business as the brick-and-mortar sales were affected. It is time to shift the brick-and-mortar stores to an e-commerce platform. Customers may visit a nearby store to look and get a feel for the product but may end up buying the actual product online at a discounted price. The review of the product on the platform can also help the customers connect with the product.
Shifting from websites to apps:
Mobile apps allow you to connect directly with your loyal customers. As smartphones are widely used, having your store in the customers’ pockets is easy. Apps create a secure connection with the customers, providing multiple features that are not available on a website and also tracks and store their previous searches or their details. Although there are pros on having apps vendors need to have the websites or Progressive Web Apps so they don’t lose potential customers.
More ways for transparent payments:
We have transparent payment systems, but since 2020 these systems are used to avoid personal contact and streamline the process. The transactions with wearable technologies and devices with payment gateways enable automatic fast transactions with low risk of identity theft. Since the eCommerce platforms are increasing and competing, the upcoming technologies like AI, ML, VR, and AR are increasingly used to hook customers.
Here are the trending technologies that are leading eCommerce industries:
AR and VR
Augmented Reality (AR) and Virtual Reality (VR) are game-changers in all industries, not only eCommerce. It’s said to be currently reshaping many industries to adapt to the new times. The vacation rental online eCommerce company Airbnb is working on AR and VR to mock the rental areas to their customers before they book their place and visits through Airbnb.
The education sector implements AR and VR to improve the learning outcomes of students during their interactive sessions.
It is forecasted by Loop Ventures, 75% of U.S households will own a smart speaker by 2025. Amazon’s Alexa, Apple’s Siri, and Google’s Assistant are programmed to talk with humans, allow voice search, and assist in multi-tasking your work.
Big data analysis
Big data analysis creates a personalized experience for customers. Big data serves in-house personalization that could create an impact on IoT.
Experimenting with data analysis will enable the industries to highlight the favorites of each customer and its behavior during certain times of the year.
Chatbot’s experiences are similar to brick-and-mortar greeters or salespeople. The online store can communicate with multiple customers at a time while giving them a feeling of personalized experienced.
It’s said that “ a picture is worth a thousand words” but “a one minute video is worth 1.8 million words”. Having a video of your products will allow your customer to feel the energy. 62% of customers would watch a video of the product rather than going through the pictures of words. Zwift, a fitness app is using videos to attract customers for their fitness products. It diminishes the barriers of culture and languages. A podcast or short videos help customers to be part of your brand.
The most advanced generation in the current time is the Millennials. By the year 2020, the world will have half of the kids as adults. These kids are technically proficient, technologically advanced, and are multi-tasking.
Post-COVID, as we enter for a new beginning of industrial change. Any software or mobile development company must think while they work on any applications. The rapid and inconsistent change in the technology it’s important to work on all the aspects
COVID pandemic has given a chance for eCommerce industries to grow faster than expected. People are now connecting with digital means rather than giving a visit. The essential sectors like healthcare and education sector are finding new communicative solutions to meet their patients and students.
It’s time for software development companies and different sectors to come together and work on the latest technologies that create a difference in their respective field.
If you are planning to start or revive your eCommerce journey contact Big Kitty Labs. We will guide you through the complete process of eCommerce platforms while applying the latest technology that ensures the edge against your competitors. For any further information on the eCommerce, digital platform contact us or mail us.