How Modern Technology Helps Redefine the E-commerce Industry

Over the last decade, the e-commerce industry has seen a dramatic rise. Not only we have seen heightened participation and interest from consumers. It also recorded a dramatic increase in sales figures. According to experts, China pulled more or less a billion dollars from e-commerce stores in 2016 alone, with the United States earning at least $500 billion in sales revenue.

Overall, the industry received at least $2 trillion in 2016 alone. Modern technology is making the massive drive of excellent fortunes. Far from days when it is just the foundation of business e-commerce, technology nowadays is turning the online business industry into what should be the peak of modern-day retailing. But what impact does technology have on the e-commerce industry?

Redefining the customer online shopping experience

One side where the e-commerce industry has fallen short of conventional brick-and-mortar retail stores is in the customer’s shopping experience. Nothing beats taking a stroll inside a retail store and talking with the customer service representative while choosing the product or services you want to avail – at least until now.

The rise of augmented and virtual reality technology has provisioned all the vendors with a platform to display their products or services in immersive information, comparable to real-time experiences. We believe that the prospects for this industry can be staggering.

In 2016, we all saw eBay and Shopify debut their virtual reality options. Shopify released its personalized VR application and eBay created a full-featured virtual reality store. Beyond the marketing, the integration of virtual and augmented reality can allow the user to visualize themselves using the product and provide a unique way to interact with the client or customer.

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Making selling of products and services as easy as buying

The conventional emphasis in the e-commerce industry has been on the shopping experience from the buyer’s point of view. Not only that, in addition, to help promote a seamless buying experience, modern technology is working to the benefit of the seller.

Easier access to the instantaneous communication, logistics processing, information or detail transfer, as well as online networking has allowed for remote planning of a sustainable platform. The seller no longer has to focus on micromanaging every detail of the online business or possess a significant starting capital that was associated with the industry in the past.

Micromanaging your business can be minimized by putting a fluid business pipeline in place and expand the communication avenue. It is much easier compared to properly communicate with a potential client or buyer. It is why e-commerce platforms like drop shipping have earned a massive following and have been very successful in today’s digital age.

For the top tier of this industry, it is a case of droids and robots doing the dirty job for them. Logistic titan, Amazon, deployed their Kiva robots to their selected warehouses in 2014. According to big banks like Deutsche Bank, the move made by the shipping and retailing giant created a possible savings of around $22 million.

Banks predicted that the figure would go for $800 million to a trillion if the company integrates their robots in all of their warehouses, which some of them don’t use their Kiva robot technology.

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Seamless process of payment

If there is one other thing that has been the plague of this business, it is the issue of payment processing made by their customers. It is proven to be very challenging or very expensive to incorporate a payment platform that is capable of processing orders from all markets all over the world.

However, for the past few years, the creation and the adoption of alternative payment schemes like e-wallets, cryptocurrencies, as well as gift cards have given this business an easy solution to their payment problems.