Technology is changing e-commerce. How can you make sure that your business doesn’t get left behind?

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One interesting by-product of the COVID-19 pandemic has been witnessing the methods used by businesses to cope with unforeseen circumstances. Innovation has been rampant, with companies doing whatever they can to build their consumer base.  

To put it simply, businesses have spent the past year streamlining their approaches in order to cater to a generation of people who are leaving their home much less. As a result of this, new technologies are being adopted at such an astounding rate that has not been seen since the boom of dot coms.  

While these levels of growth are definitely not sustainable, the COVID-19 pandemic highlighted the importance that technology will have in our lives over the course of the 2020’s. This article will detail 5 ways that your business can utilise technology in order to help your business.  

Offer Buy Now, Pay Later services 

2020 was the year of Buy Now, Pay Later (BNPL) companies, as these eWallets began to come of age. According to a 2021 report by the RBA, the two largest BNPL companies (AfterPay and Zip) have around 6 million active users, suggesting that there is a huge demand for online stores that allow customers to make purchases through small, interest-free instalments.  

Consider using Augmented & Virtual Reality 

AI & VR will help businesses transform the relationship that they have with consumers. While the technology is still very raw, it is already being used by several e-commerce leaders. A great example of Augmented Reality being used is IKEA allowing consumers to drop virtual furniture in their home through a smartphone. Additionally, the Nike app allows consumers to ‘try on’ a range of shoes without ever stepping foot in a physical store.  

While implementing these technologies can be very costly and time consuming, AR & VR provide consumers with a futuristic experience that they likely cannot get from your competitors.  

Personalise the shopping experience 

Consumers crave personalisation; They want a service that adapts to their needs and wants in real-time. In fact, a recent study noted that e-commerce companies see a sales increase of roughly 20% when they begin incorporating personalised content.  

Use Chatbots 

ChatBots are virtual assistants that can provide value to both the business and the consumer. Crucially, they operate 24×7, and provide instant answers to customer enquiries. According to the 2018 Aspect Consumer Experience Index, over 70% of Millennials use virtual assistants at least once a week. Unsurprisingly, they state that younger generations are leading the ‘digital charge’, and are therefore leading the adoption of new communication channels.  

With this being said, not everyone is convinced; Due to the fact that this technology can not yet replicate human behaviour, older generations prefer to stay away from it. Ultimately, they are uncomfortable using ChatBots, and are therefore more likely to use a website where they can transfer to a live agent. However, the rate at which this technology is evolving suggests that it should be able to meet the expectations of older generations in the near future.  

Use Xero  

Accounting is a quintessential component of any company. By documenting all sources of income & expenses over long periods of time, businesses can look for trends, patterns, and relationships in terms of their financial performance. With this in mind, it is crucial to use a high-quality accounting package.  

Fortunately, the last few years has seen the emergence of one of the most innovative cloud-based accounting software’s in the form of Xero. This software provides businesses with an adaptable platform that has simplified record keeping. Perhaps most importantly, Xero is suitable for companies of all sizes.  

Conclusion 

The 2020’s could well prove to the decade of tech adoption and innovation. This could be the decade where old-fashioned companies start to become obsolete. To put it simply, the world is changing and businesses who don’t change with it will get left behind.  

 With the majority of industry leaders already using a range of futuristic technologies to great effect, it is time for your business to revamp the way that it operates.  

If you enjoyed this article, you may want to read about the 4 steps to owning a domain.

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