With increasing access to the Internet, commerce or rather e-commerce is changing shape to meet the demands of this interconnected world. Consumers are getting connected globally and are thus becoming more aware and have a greater number of choices. Over 50% of the consumers turn to the Internet either for making purchases or for product-related information. Mentioned below are 5 modern technological trends that will majorly influence commerce in the years to come.
1) Dawn of super apps
These apps combine every facet of the consumer-world into one platform. Most super apps have 4 significant functions- finance, retail, lifestyle, and communication. These super apps have been a huge hit among consumers, especially in Asia. WeChat in China, with about 1 billion users, has brought in a commercial revolution in the country. Western developers like Google, Amazon, and Apple are following suit and are constantly adding more and more features to their platform which will one day lead to super apps.
2) Data – Currency of the new age
Data has become one of the most valuable commodities in the recent times. The biggest companies in the world are software companies which deal in data. The ability to utilize metadata concerning consumer behavior and purchase patterns has started to play a major role in the world of commerce. This new age of data has allowed companies to connect more intimately with their customers by offering customized ads and experience. Consumers are always looking to be treated differently and this has been
made possible in the recent times with data analysis.
3) Tabs and subscription models
Subscription models have been a staple of the business world. This model of business has seen serious developments with the integration of software and economy of the Internet. Subscriptions are more easily accessible than ever before, thanks to the Internet. With the rise in AI technologies, companies are now finding it easier to analyze large heaps of data, identify patterns and send out packaged deals to customers. The Internet of Things (IoT) will, in future, take away the aspect of human intervention from the
consumers’ perspective. Purchases will be automatically added to open tabs as detected by the various household devices of the consumer. This will play a major role in frequently-purchased items such as groceries and utilities.
4) Online and mobile wallets
Mobile wallets have started to expand their operations following the patterns of the consumers. The main development was allowing customers to use their mobile wallets internationally. The seamless transactions that take place on such wallets greatly improve the customer experience. It also equips them with greater purchasing power by expanding their card network. WeChat Pay, Apple Pay, Google wallets are now in a race to expand their network and rope in more and more consumers. WeChat, in particular, is
expanding their network to the west. With an increase in inter-government cooperation, more and more consumers are traveling and spending internationally. Be it purchasing items from a different country or tourism-related expenses, paying for such services using an international digital wallet will become a major trend in the times to come.
5) Outlets becoming more tech-savvy
Global commerce is going through a major overhaul. The ever-changing expectations of consumers and the dynamic nature of the market are affecting how consumers view and buy products. Even though online retailers are on the rise, physical outlets play a critical role in the market. Physical outlets propagate the name of the brand and form relationships with consumers by providing them a delightful customer experience. VR and augmented reality-technologies will play a critical role in shaping the shop-experience in the near future.