Latest eCommerce Technology Development Trends to Know

Ecommerce technology has rapidly evolved. One of the major contributors is the COVID-19 pandemic forcing many brick-and-mortar establishments to shift to the online space. Moreover, recent industry developments have set a precedent for more high-tech solutions enabling more efficient and profitable transactions.

So, what are the critical eCommerce technology developments in recent years? Here are some of the industry’s development trends and what they mean for companies looking to stay on top of the game.

Ecommerce Technology in Recent Years

·       Mobile commerce

Mobile phones have become increasingly prominent in modern life. As such, more companies are developing mobile-optimized shopping platforms to leverage this trend. As you may have expected, this endeavor has resulted in success. According to Tidio, mobile commerce is responsible for almost 42% of ecommerce sales in 2022 in the US alone, which they expect to increase over time steadily.

Convenience played a significant role in mobile commerce’s popularity, especially as smartphones became more capable of handling heavier ecommerce platforms. The popularity of digital mobile wallets also played a critical part since they made mobile payments even more secure and convenient. These benefits highly encouraged ecommerce shoppers to try out mobile shopping.

In response to this trend, many businesses have expanded to accommodate mobile commerce and reap its benefits. For instance, ecommerce giant Amazon maintains a successful app with 4.8 stars on the App Store. It lets buyers browse, read product reviews, and purchase millions of products from their phones.

As such, businesses may do well to tap into the m-commerce goldmine by optimizing their websites, developing mobile apps, and leveraging the platform’s unique capabilities. In turn, they can thrive in the ecommerce landscape that’s becoming more mobile-centered.

·       Social commerce

The past few years have seen social commerce’s rising popularity, enabling transactions via social media platforms like Facebook and TikTok. This strategy’s success is impressive, especially after it generated roughly $724 billion in revenue in 2022. As a result, there may come a time when social commerce becomes a crucial factor in maintaining industry competitiveness.

A key advantage of social commerce is the opportunity to tap into an expansive customer base. For example, Facebook has 2.9 billion active users. Due to this, it has become a go-to platform for marketers looking to incorporate this strategy. Businesses leverage the Facebook Marketplace to access many viewers, along with the platform’s paid advertising and other marketing capabilities.

Influencer marketing is a popular form of social commerce. It is a strategy where companies partner with social media personalities and internet celebrities to promote products. This initiative is an excellent opportunity to boost brand visibility and credibility, especially if the influencer is famous across multiple customer segments.

·       Personalization

Personalizing shopping experiences based on customer preferences and behavior is essential to boosting engagement and loyalty. McKinsey & Company reports that 71% of customers expect companies to deliver personalized interactions. Moreover, they have found that personalization leads to revenue that’s 40% greater than operating without it.

These figures demonstrate that personalization is a top priority. Valuing customers’ interests and preferences can encourage repeat purchases, which increases revenue. It also helps companies better understand their customers to address pain points and improve their marketing strategies. With that, companies must have measures to assist in their plans for personalized marketing.

Businesses must invest in research and customer segmentation to identify and define their target audience. Marketers can tailor campaigns to match customers’ interests and needs using demographics, psychographics, and purchasing behaviors. This way, they can maximize customers’ support and drive conversions.

The Future of Ecommerce Technology

The ecommerce industry is constantly evolving ecommerce technology, so you must stay on top of current industry shifts to position your business above your competitors. Check out the infographic below for more ecommerce development trends to look out for this 2023 and beyond.