A Statista report shows that e-commerce generated $2.3 trillion in sales worldwide in 2017. This number is expected to reach a staggering $4.5 trillion in a matter of just 3 years (by 2021). This rise is primarily led by technological advancements that facilitate the brand outreach and overall shopper experience. Among the various technologies, Voice, Artificial Intelligence (AI) and Augmented Reality (AR) will be the primary driving forces that will lead to the rapid rise of e-commerce sales volumes.
Let us take a look at how each of these three technologies is altering the e-commerce landscape as we know it today –
1 – Voice
The current scenario in voice for e-commerce pertains to shopping for already known products. So, products where brands, prices, and quality is already set, voice can be a great way to replenish household stocks. But what if, we were to extend its value beyond replenishment? Leading players like Amazon says ‘Why Not?’
Coupling voice assistants with menu-based screen interface make the experience more relatable to the shoppers. Companies can also add in personalized shopping recommendations based on past shopping behavior or the current assortment of products viewed or searched for.
2 – Artificial Intelligence (AI)
Shoppers would already have experienced AI at play on sites like Amazon. The “product recommendation” strip that you get on Amazon is nothing but a result of AI algorithms working behind the scenes to determine closely matching products as per your current product view.
AI can easily sense a supply shortage and refill/re-stock before you actually run out of frequently used items. So, it’s not entirely impossible that a Samsung smart refrigerator may sense a low number of eggs and automatically place an order with Instacart, a grocery delivery service.
3 – Augmented Reality (AR)
In-store experiences are being elevated with great impact by Augmented Reality (AR). Take the case of Nike. They have their own platform NikeID experience, which allows in-store shoppers to customize the overall visual appearance of the shoes. They start with a plain white shoe design and then position it under a special light rig. This helps them to customize various aspects of the shoe digitally. Once done, the final look is locked and then manufactured using Nike’s custom shoe manufacturing process.
If we move from shoes to furniture, we see similar experiences generated by brands like Houzz. It has an app that allows users to place various pieces of furniture in the digital room. It helps them understand better the interplay between different furniture’s and help them select the best possible combination that goes well with their room layout, design, and size.
The developments in these fields have started showing tangible results over the last few months for e-commerce. In the next few years, these three technologies are expected to have a more profound impact on the sector.
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Get in touch with a dependable agency like CHRP-INDIA, to see how you can extend the impact of your online retail portal with awe-inspiring modern day technologies like voice, AI and Augmented Reality. We are available on VRdemo@chrp-india.com.