25 Jun ECOMMERCE AND ONLINE SHOPPING FUTURISTS: HOW THE FUTURE OF RETAIL AND SOCIAL COMMERCE IS CHANGING
E-commerce futurists, retail consultants, and online shopping keynote speakers note that the field has been on an exponential growth trajectory as of late. It’s been especially amplified by the global pandemic, where online shopping emerged as a necessity rather than a convenience. Gazing towards tomorrow, as e-commerce futurists, we wanted to provide a quick roadmap to several innovations worth keeping in mind in the space going forward.
Case in point: You’ve no doubt noticed the advent of artificial intelligence (AI) and machine learning (ML). Needless to say, AI-powered algorithms are being harnessed to provide more personalized shopping experiences. Such high-tech advancements analyze customer behavior, their buying patterns, and preferences to create tailored recommendations. As e-commerce futurists are quick to point out, brands are also increasingly using AI to offer virtual try-on experiences, particularly in fashion and cosmetics sectors, reducing the guesswork and increasing customer satisfaction.
You also don’t have to look far to see blockchain technology’s impact on online shopping either. The secure nature of the tech makes it a helpful solution for combatting fraud and enhancing transparency. Some online platforms are also beginning to accept cryptocurrency as a form of payment, broadening their reach to digital currency users.
Like e-commerce futurists tell us, augmented reality (AR) and virtual reality (VR) have also disrupted the online shopping experience. You may have already seen how AR apps allow customers to virtually place products in their environment, such as furniture in a room, before making a purchase. On the other hand, perhaps you’ve experienced how VR takes the shopping experience to a whole new level by creating immersive virtual stores that users can navigate just like physical ones.
Eco-conscious shopping is also on the rise, with more consumers scrutinizing the sustainability practices of companies and favoring those that demonstrate eco-friendliness. In response, e-commerce businesses are prioritizing green practices, from eco-friendly packaging to carbon-neutral shipping options.
The subscription box model is experiencing a renaissance, as companies fine-tune their offerings based on customer data and insights too. These curated boxes, ranging from food to beauty products, are customized to audiences’ preferences and delivered at regular intervals, offering a perfect blend of surprise and personalization.
And PS: Voice commerce, driven by the rise of smart home devices, is reshaping the way we shop as well. Buyers are increasingly relying on voice assistants like Alexa, Google Home, and Siri for ordering products online. The convenience of voice shopping promotes hands-free, hassle-free shopping experiences, appealing to a wide range of consumers.
We also figure you should think about how social commerce is integrating shopping with social media platforms. Brands are leveraging Instagram, Facebook, and TikTok to sell directly to consumers. These platforms have added features such as “Shop Now” and integrated checkout systems that allow users to purchase products without leaving the app, making online shopping more seamless and convenient.