In the modern era, consumers are looking for convenience and variety when they shop, and online shopping delivers. E-commerce is a booming industry with a huge potential for future growth. With 9.3% of sales taking place online, the e-commerce market is estimated to reach a worth of $1.137 trillion by 2023’s end.
As an online business, it is vital to have the right technologies in place to help you succeed. Proper e-commerce software development affects every aspect of e-commerce, from website plugins to tracking orders, processing payments, and managing inventory.
Interested in finding out more? Keep reading below to discover all the ways technology can help you boost your e-commerce software development.
Artificial Intelligence (AI)
Artificial Intelligence (AI) can have a profound impact on e-commerce, particularly in the form of chatbots. Chatbots can handle some of the more repetitive tasks that come with online selling, like basic customer service questions and order tracking 24/7. They can also handle aspects like upselling and preventing cart abandonment rates.
34% of consumers believe chatbots to be a helpful tool in e-commerce. Incorporating AI technology like chatbots into e-commerce software development can help you stay on top of current trends. It can streamline the customer service process and boost sales.
Machine Learning (ML)
Machine Learning is a subset of artificial intelligence. Whereas most AI uses fixed data sets to communicate, Machine Learning can actually learn and evolve from this data. It can predict trends, recognize patterns, and even improve its own performance over time.
Using Machine Learning can help you empower your e-commerce software development. By utilizing algorithms and data, you can personalize recommendations and experiences on e-commerce platforms. Machine learning also allows you to optimize inventory and provide more efficient customer support.
Your e-commerce business may start small, but it can grow over time. With business growth comes increased website traffic. An e-commerce website that isn’t prepared for increased traffic can suffer from slow loading speeds and website crashes which can cost you precious sales.
Cloud computing lets you scale your e-commerce website to accommodate changes to your online platform. Cloud computing is also cost-effective because you only pay for the resources you need. Using cloud computing for e-commerce software development ensures you always have the proper resources at your disposal.
Progressive Web Apps (PWAs)
Progressive Web Apps boost e-commerce software development in several ways. With PWAs, e-commerce businesses can enable push notifications to re-engage customers with alerts like promotions and discounts. They also offer faster loading times to provide an engaging user experience for customers, similar to native apps.
Using Progressive Web Apps even lets customers shop online without the use of a constant internet connection. It allows for cross-compatibility of your online platform, so you don’t need to develop separate iOS and Android apps.
Content Delivery Networks (CDNs)
Content Delivery Networks (CDNs) are a network of interconnected servers. Their express purpose is to speed up webpage loading abilities for data-heavy applications. They rely on geographical locations to load web content on the servers that are closest to the user.
Using CDNs in e-commerce software development can boost performance by improving load times and reducing latency. This helps enhance the overall user experience. Data like images and videos load faster to offer consumers a more consistent and reliable shopping encounter.
It was once thought that the blockchain only had uses in cryptocurrency. However, the blockchain also has applications in e-commerce software development. The blockchain allows for cryptocurrency to be accepted as a form of payment online.
The blockchain can be used for enhanced security and supply chain transparency as well. The traceable and unchangeable record protects against fraud and data breaches caused by cyberattacks.
Blockchain technology also helps safeguard customer reviews from being altered. This ensures other customers are getting an unbiased opinion of a business to aid them in their decision process.
Internet of Things (IoT)
The Internet of Things (IoT) pertains to the connectivity of modern smart devices. It can be a powerful ally in e-commerce software development. Examples of items that are part of the Internet of Things universe include:
- Wearable devices
- Security systems
These smart devices allow you to tap into customer data for personalization. They also allow you to increase customer engagement and streamline the shopping experience with direct ordering. For example, it’s now possible to order food and shop online directly from your smart TV or Apple Watch.
Voice shopping is another important aspect of e-commerce software development. Smart devices like voice-activated speakers allow consumers to shop using just their voices. According to data, around 5.5 million adults in the U.S. use their smart speakers to make purchases regularly.
With improved search functionality, smart voice devices can understand verbally expressed inquiries. Customers can reorder items quickly with set voice commands.
Smart speaker-connected devices also allow for increased accessibility. Individuals with disabilities can easily access these devices hands-free.
Virtual assistants can boost e-commerce software development by helping you manage some of the menial and repetitive tasks. Virtual assistants are often real people who help with online work. A virtual assistant can tackle many different e-commerce jobs such as:
- Inventory management
- Customer service
- Data entry
- Returns and Refunds
- Customer feedback
- Marketing and Promotions
Utilizing virtual assistants also cuts down on cart abandonment. For instance, a virtual assistant can look at past customer data to see what a customer’s cart abandonment rate is and offer them a promotional code to complete the order.
Augmented Reality (AR)/Virtual Reality (VR)
Technology is rapidly evolving to change the way we interact with the world around us. It is even changing how new products and services interact with us. AR and VR are some of the most innovative uses of e-commerce software development.
AR is the way we augment the reality around us through games like Pokemon Go, which projects virtual creatures onto a real-life background. VR, on the other hand, uses technology to take us into virtual worlds. These technologies can enhance the shopping process through e-commerce solutions like virtual dressing rooms.
Cybersecurity is a cornerstone of e-commerce software development. Consumers are taking a big leap of faith, trusting you with their information when they shop online. Because of this, you need to do everything in your power to ensure that you safeguard their private data.
Firewalls and encryption tools keep customer data safe from breaches and cyberattacks. Multi-factor identity authentication also helps by verifying the legitimacy of the person making the purchase. This saves your business from costly and reputation-damaging data leaks when you sell online.
Diverse Payment Technologies
Payment methods now extend beyond traditional debit and credit card options. Consumers can now choose from alternative payment methods at checkout like:
- bank transfers
They may also choose to split their payments up or utilize Buy Now, Pay Later services. Offering more diverse payment options also reduces the likelihood of cart abandonment.
Storing payment options in digital wallets like Apple Pay and Google Pay lets consumers pay for purchases securely without the hassle of re-entering their payment information each time.
Technology has also evolved to the point where social media and e-commerce are one. Social media apps like Facebook and Instagram boost e-commerce software development by showing ads directly on account users’ feeds.
If a consumer scrolling through their feed sees an ad for an online store that interests them, they can be taken to the site to visit that e-commerce website. In some cases, integrated technology allows consumers to interact with the content without the need to go to an external website. They can even make a purchase within the ad itself.
Mobile-First E-commerce Software Development
The typical consumer spends nearly 5 hours each day on their smartphone. Therefore, it’s vital to use mobile-friendly applications in your e-commerce software development. You’ll want to ensure that your app is optimized for mobile responsiveness and performance.
A dedicated mobile app can help your business stand out. It shows that you are committed to providing your consumers with the best possible service. You are willing to cater to their unique needs in a way that is most familiar and convenient to use.
Advanced Data Analysis
Data is the backbone of e-commerce software development. With all of this technology also comes a wealth of data you can access. You’ll be able to see information such as:
- Consumer behavior
- Retail trends
- Shopping preferences
- Spending habits
- Sales revenue
Tapping into this data allows you to make the most informed data-driven decisions for your e-commerce online platform as a whole. You’ll be able to see where you’re doing well and where you need to improve.
Explore More e-Commerce Solutions for Your Business with Synaptech Today
You put so much into your online business, from your e-commerce website to your online platform, product selection, and more. It’s up to you to make the important decisions that will help your business grow. Leveraging the right technology for e-commerce software development is equally as important.
Synaptech wants to help you stay ahead of the curve with innovation-driven expertise. We provide custom software development and e-commerce solutions for businesses of all sizes. We deliver reliable and user-friendly tech software.
Ready to optimize your business with custom e-commerce solutions? Then contact us to schedule a free IT consultation today.