Top 13 Tech Trends that will Affect Future of E-commerce Industry

E-commerce is rapidly dominating retail industry as it uses technology to reach wider customers and empowers retailers and vendors to offer efficient and effective customer service.  The technologies that enhance e-commerce are evolving over time. As an e-commerce store owner, for you to remain relevant and profitable in the e-commerce industry, you need to always be on  look out for important and new tech trends that are likely to reshape your business.

The e-commerce is growing rapidly and is  getting more dynamic. As technologies evolve or advance, they change the way we live, interact, and conduct business.

Read also: Benefits of Technology in Fund Management

As player in the e-commerce industry, keeping up to speed with tech trends and they affect your business will help you remain afloat in business because being ignorant of  these trends will give your competitors an edge over you, as customers will always choose personal satisfaction over brand loyalty.

We have compiled top 10 tech trends in relationship with changing consumer shopping behaviours that influence the future of the e-commerce industry.

E-commerce operators who leverage on these tech trends will definitely dominate the industry.

13 Tech Trends that will Shape Future of E-commerce

1. Fifth Generation, 5G Network
2. Hyperautomation
3. Internet of Things, IoT
4. Internet of Behaviour, IoB
5. Augmented Reality
6. Application Programming Interface, API
7. Artificial Intelligence
8. Robotics
9. Chatbots
10. Voice Search
11. Blockchain in e-commerce
12. Mobile Commerce
13. Enterprise Resource Planning, ERP

Internet of Things

Internet of Things (IoT) is a system of interrelated computer, digital or mechanical devices provided with unique identities (UIDs) and capability to transfer data through a network without human-to-human or human-to-computer interactions.

An IoT ecosystem consists of web-enabled smart devices that use embedded systems like processors, sensors, and communication hardware to collect, act on and send data they accessed within their environments. IoT devices share the sensor data they collect by connecting to an IOT gateway or other edge device and data is either sent to the cloud to be analyzed or analyzed locally.

How does IoT affect e-commerce?

Businesses need to utilize IoT as one of the better ways to track customer goods and improve their logistics to always meet demands. The Internet of Things can also be used to automate inventory management and have real-time information about stock movements. Most Inventory Management Software Systems integrate features that enable business owners to use information shared by Internet of Things in their inventory management system.

In addition, retailers can use the information shared by IoTs to personalize their services customers and even automate the entire shopping process. The impact of IoT on inventory management is that these IoT devices help to provide real-time visibility and monitoring across production, warehouse, and distribution centers.

Like in most other business sectors the Internet of Things is transforming and enhancing assets and fund management in the financial sector.