The most recent decade was the greatest in the historical backdrop of the eCommerce industry. Not only has there been increase consumer interest and investment, but the sector has also recorded incredible sales. As per eMarketer, China pulled in nearly $900 billion from eCommerce businesses in 2016, while the US earned more than $423 billion in revenue. By and large, the eCommerce world received roughly $1.915 trillion out of 2016. Innovation is engendering this enormous tide of favorable circumstances. A long way from the days when it was only the establishment of online business, innovation today is transforming the business into what may be the zenith of advanced retailing. Jose Duarte, one of Costa Rica’s leading businessmen and entrepreneurs, is on top of the changes, understanding how technology is shaping the future of eCommerce.
One front – where the eCommerce industry has missed the mark concerning customary physical retail outlets – is in the genuine shopping knowledge. Nothing beats strolling into a retail location and collaborating with the item or administration – at any rate as of not long ago. The approach of virtual and enlarged reality advances has provisioned web-based business sellers with a road to show their products in immersive detail, tantamount to the genuine experience. I trust the prospects for the business could be conceivably stunning,” explains Duarte. “2016 saw Shopify and eBay (in association with Myer) make a big appearance virtual reality (VR) choices. Shopify introduced its customized virtual reality application and eBay created a complete VR store. Past advertising, the combination of VR and augmented reality (AR) can enable clients to envision themselves utilizing items instantly and gives a special method to connect with the client.”
The customary accentuation in the online business industry has dependably been on the shopping knowledge from the perspective of the purchaser. Notwithstanding advanced and consistent purchasing, innovation is additionally attempting to the upside of the vendor. Simple access to immediate communication, data exchange, and web-based systems administration have taken into account remote organization of supportable web-based business stages. Explains Duarte, “Merchants never again need to micromanage each part of the eCommerce or have the gigantic start-up capital related to the area before. Micromanagement can be mitigated by setting up liquid work process pipelines and growing correspondence roads, which makes it less demanding than any time in recent memory to appropriately speak with potential purchasers. This is the reason web-based business models like drop shipping have accumulated such an expansive following and have been so successful in recent times.”
For the business heavyweights, it’s an instance of robots and droids acting the hero. Amazon launched its force of Kiva robots to chosen warehouses in 2014 and, as indicated by Deutsche Bank, that solitary move by the retailing giant produced earnings of around $22 million. Deutsche Bank predicts that this figure will increase to $800 million if the organization incorporates more Kiva robots in its different distribution centers where the technology is not currently employed.
In the event that there’s one other thing that has been the most challenging aspect of the eCommerce industry, it’s the issue of handling payments made by consumers. It has turned out to be either too hard or excessively costly, making it impossible to consolidate an installment a payment gateway for handling orders from every single world market. During the past couple of years, however, the rise of alternative payment methods such as e-wallets and gift cards has helped to overcome this obstacle. With the introduction of cryptocurrencies such as Bitcoin and Ripple gaining momentum, technology might once and for all eliminate the limitations seen by eCommerce merchants. The ability to pay through blockchain means there won’t be a need for an intermediary such as a bank, which will allow both the merchant and the consumer to have more control over how they interact with each other. Businesses will be able to use the technology to bill customers directly and this will allow the payment process to be more efficient and timely.
Concludes Duarte, “eCommerce business has progressed significantly since it started in the 1970s. It began as a relatively nonexistent plan of action and is presently a standout among the most successive business practices in today’s consumer market. With new advances rising, such as VR, AR, biometrics, AI cryptocurrency and more, online business will just proceed to develop and flourish. Innovation is working as the rudder that pushes eCommerce and it won’t be long until it spans out into entirely new areas.”