Best 8 Trending Things will Transform online Business in Coming Future
So much has changed in the last ten years. Whatever we do today vastly differs from how we did the same thing a decade ago.
We used to go grocery shopping, but now we buy it sitting on our couch. Now, we stream movies on movie night instead of buying DVDs. Do we go to banks now? No! We use our mobile phones for transactions. Everything has changed, and so have we.
Shopping constitutes a big part of everybody’s life. From retail stores to supermarkets to online shopping, the experience has become more simplified and convenient. However, there is no stopping here. The technology will not rest, and shopping will get more advanced in the future.
It’s time to identify these opportunities by taking a closer look at the trends that are transforming online business as we know it:
1. The middle-class boom:
The World Bank expects that the middle class will grow globally to 1.15 billion by 2030. The same number was 430 million in 2000. How does this influence eCommerce?
The middle class is what prompts economic growth. Economies around the world are facing a ‘middle-class boom.’ High standards of living and increase purchasing power have resulted in an expansive consumer base that is looking to buy stuff.
Marketers should pay close attention to this portion of the population and explore the remarkable opportunity that lies within. The expanding global middle class now possess the income to purchase more than the bare necessities. It is a chance to reap the benefits of this increased financial security of consumers.
2. Changing trends in business management
While the initial focus of all businesses has been consumer satisfaction, brands are now investing less in endpoint solutions and more on managed services.
Solutions such as Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) are automating functions, boosting productivity, and reducing costs. Similarly, businesses are investing in enhanced cybersecurity measures to secure sensitive data and facilitate online transactions.
However, companies will need to invest and research in Quantum Computing (QC). It has the potential to upend entire industries, from telecommunications to cybersecurity to finance. It can speed up the process of solving complex computations that have complex datasets. For example, some of the biggest names in tech are already exploring quantum computing for better cybersecurity, including Google, Microsoft, IBM, and Alibaba.
3. Alternative Payment Methods
As eCommerce continues to grow, the customers want the process to become smooth and simple with the use of technology. One of the most significant demands is easy, simple, and secure payment options. Online brands will need to consider this to boost sales.
The Alternative Payment Method (APM) gives consumers more flexible options to do online shopping. Klarma.com quotes that in 2019, ‘55% of all online transactions were made using alternative ways of making payments besides traditional methods, such as credit cards or an instant exchange of funds.’
Not only for shopping of items that involve small transactions, but APMs are now also being used to pay for bigger and expensive purchases like houses, cars, and insurances. For instance, at one of the prominent dealership, Redline cars for sale can be financed through flexible payment packages to create solutions that suit customer preferences.
4. Relevance as a service
The customer is the king! It holds true for online businesses as well. The need to monitor customer preferences and subsequently aligning the products to cater to their needs is a determinant of success for an online business.
Services will need to adapt according to the continually evolving needs of the consumers. Moreover, technological advancements such as facial recognition, sensors, smart objects with IoT technology, etc. are already promoting a responsive environment. Brands now aim to provide consumers with a more engaging and personalized experience by responding to their preferences in real-time.
5. Augmented Reality
In the realm of Augmented Reality (AR), the way our society works has changed. For example, a Heads up Display (HUD) on eyeglasses can instantly translate store signs in a foreign country into the native language.
The opportunities for online businesses are limitless. AR is opening entirely new avenues to brands and customers alike. Currently, AR is helping to customize experiences by allowing customers to use products virtually before deciding on a purchase. Numerous companies are already offering AR services.
Amazon presents a mirror that dresses you in virtual clothes while Sephora lets you try on accessories, and IKEA allows you to place furniture in your home.
6. Artificial Intelligence
85% of executives believe that ‘Artificial Intelligence (AI) will help their businesses obtain a competitive advantage.’ Enterprises have already incorporated AI into their marketing strategies.
It is helping to customize user experiences through the tracking and analyzing of consumer data, buying trends, and browsing history. AI is promoting predictive intelligence to identify moments when a customer is more likely to purchase a product. With deeper customer insights, brands can effectively target the right audiences at the right time.
The future trends will focus on AI-based machine learning to improve operational efficiency and make more informed decisions. Moreover, it will prove to be the backbone of innovative products and services as industries head towards robotics-infusion, especially in manufacturing, technology, and healthcare.
7. The increased availability of big data
With the adoption of cloud technologies, businesses are more agile, collaborative, efficient, and scalable. It is also enabling companies to gather, store, and analyze large volumes of data.
With the help of big data, brands have the opportunity to improve customer services, enhance customer experiences, do targeted marketing, come up with better marketing strategies, increase profits, and enhance the efficiency of existing processes, among other things.
8. The pressure to go green
The demand for businesses to be more sustainable in their practices is on the rise, and they are making widespread efforts to provide affordable alternatives.
Big brands are also opting for a sustainable option to survive. Think about Tesla’s first electric supercar and Adidas’ limited-edition of sneakers made from recycled ocean plastic. Tesla is currently the third best-selling car in the UK, while Adidas manufactured 11 million pairs of ‘ocean plastic sneakers’ last year.
So, the demand for good quality and reasonably priced eco-friendly alternatives is gaining more and more traction amid the consumers. The brands need to up their game for it.
Consumerism is the critical driving force behind market trends. When consumers purchase a product, the brand stays in business. Therefore, creating commodities and services that people want is the ideal way to remain profitable and competitive.
Many powerful trends can transform online businesses in the future. However, it is – and will always be – the consumer that initiates the change. Companies must follow suit to match expectations, preferences, and demands—this their only bid to survive.
About Ashley Rosa: Ashley Rosa is a freelance writer and blogger. Writing is her passion that why she loves to write articles related to the latest trends in technology and sometimes on health-tech as well. She is crazy about chocolates. You can find her on twitter: @ashrosa2.