Significance of Innovation in E-Commerce Business

social ecommerce platforms

A new wave of innovation is set to disrupt business again, especially the social ecommerce platforms Malaysia sector. It is opening up new channels and giving online businesses better ways to interact with customers. They are creating opportunities for new products, new markets and new business dimensions. Rapid advances in gadgets, Internet access, bid data and cutting-edge research are paving the way for more interactive relationships between businesses and consumers. Thus, upcoming technological innovations are waiting to shape an astonishing future of social commerce trends Malaysia.

Why Innovative Trends For E-Commerce?

To stay on top of the competition, it is important to keep up with new trends to avoid falling behind. You need to keep your focus, analyze and adopt new trends in a timely manner to take your brand forward and gain a competitive edge.

Innovative Ecommerce Trends for 2020

If you’re wondering what the future of e-commerce looks like, we have the top trends that will redefine online shopping this year. So take advantage of these innovative trends in 2020 to grow your business and give your customers a great online experience. Here are few of them:

1.Personalized Product Recommendations

Getting to know your visitors and making personalized product recommendations will create a unique shopping experience and make an impact with your potential customers. Let’s take Segmentify as an example. It is an intelligent product recommendation engine that promises at least 10% revenue growth to its customers. When making product recommendations, it is important that you continue to analyze your performance and optimize based on the behaviour of your customers.

2.Social-Commerce

The fact “Social media is useful in daily life” effectively changes the buyer-seller scenario. Brands keep in touch with their customers through popular social networks to build personal relationships. More advanced technical features are integrated into social media which are directed to shorten the purchase cycle. In the future, the one-click “buy” button will be adopted by most social networks. P2P marketplaces have evolved from a combination of e-retail and social media. Facebook and Instagram are the biggest examples.

3.Mobile Shopping Is Unstoppable

Today, consumers make purchase decisions on the go. They browse their mobile phones while going out to eat and even during work. It is essential for an e-commerce store to target these customers and understand how they make purchase decisions quickly. You can expect a geographically targeted discount to customers based on their real-time location. For example, a customer may see a push notification saying they can pick up a particular outfit at a reduced price, right when they are purchasing clothing in a physical retail store. Here’s another example that explains geographically targeted discounts and deals. Let’s say, you own an online supplement store. You can partner with gyms and fitness clubs, and every time a new customer signs up at the gym, you can send them a discount for your range of supplements.

4.Chatbot

Chatbots A chatbot (known as a conversational agent), is a software technology that simulates real human conversation, either written or spoken. Another plus is that it generates leads and thus revenue by collecting initial information about the customer. Plus, chatbots can redirect potential customers to the information that interests them the most. Office supply retailers use chatbots to offer products based on Staples order history. It also helps in completing purchases through direct chat. Since the technology is relatively new, users will likely suspect that they are communicating with a robot; especially during live chatting. Chatbot technology is dependent on advances in NLP (Natural Language Processing), and without much improvement in this area, it will remain a limited algorithm and will continue to struggle with more complex speech.

5.Build On Voice Commerce

Voice shopping is the new hype redefining e-commerce. Voice commerce has grown in popularity since 2014 when Amazon launched the Echo—its own smart speaker. Voice commerce is a non-visual experience. You have to select the products of your choice by providing a verbal description of the features you want. This restricts the scope of your browsing before starting the actual selection. You can use voice search only after you’ve made your purchase decision, not just to research what to buy. You can buy foods, low-cost home ware products, or electronics. With an intelligent yet intuitive voice search experience, businesses can provide customers with added comfort when purchasing a product.

6.Rise Of Artificial Intelligence

Retailers are ready to target new avenues to provide a more personalized customer experience. Retailers are keen to invest in AI tools that will help them improve the services they provide to their customers, giving them a competitive edge. These tools include chatbots that attract customers and respond quickly to any queries. And automated marketing platforms and marketing campaigns are equipped to generate offers on time. Also look for demand forecasting and AI optimized pricing and discounts. We expect to see more innovative AI solutions this year, which will play a vital role in enhancing the customer experience.

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