Future of e-commerce
and its impact on brick-and-mortar business:
A lot of big changes are expected in ecommerce over the coming
years due to the impact of COVID-19 pandemic along with the
innovation of technology and business ideas. Afterall, e-commerce
is an ever-expanding world. Now a days, through e-commerce
companies leverage personalization opportunities throughout the
shopping journey. Customers can visit the e-commerce sites, choose
a product, read the product reviews and buy the product through
online transaction very easily and quickly rather than going to a
store physically. So, we can say that e-commerce brings a
revolution in this industrial age. We can forecast the future of
e-commerce in the following ways.
- AI assistants, drones and chatbots will make their place by
replacing the human being from e-commerce. Now a days, AI
assistants can handle several tasks typically assigned to a human,
such as managing inventory or handling inquiries. Chatbots can
fulfill several customer service’s needs, from answering questions
about a product to discussing a complaint. They will learn from
previous customer conversations and improve the customer service
for better customer satisfaction.
- There will be a lot of potential sales.
- Ecommerce is no longer dominated by B2C. B2B eCommerce sales
percentage will be increased.
- Omnichannel shopping will become more powerful.
- Social media platforms (Instagram, Twitter, Facebook) will be
the main selling platforms rather than just advertising channels.
More number of sellers and buyers will engage there.
- Number of domestic shoppers in the e-commerce sites will be
increased 57% to 60% by 2021.
- Drones will be there to deliver packages much more efficiently
and promptly.
Future of retail
market and all of its segments:
The future of retail market will be full integration with our
lives, not only just for products but also services too. In future
we can have anything we want from anywhere. We can forecast the
future of retail industry in the following ways.
- Lot of new product or service companies will join the retail
industry. As a result, the competition among companies who will
sell the similar products or services will be highly
increased.
- Artificial intelligence (AI) , automation technologies will
change the retail industry drastically. From inventory management
to customer service and even delivery service too AI assistants,
drones and chatbots will make their place. Drones will be there to
deliver packages much more efficiently and promptly.
- Retailers will use the new technologies and tools to enhance
their business. For example they will those new tools , AI ,
machine learning for data analytics into every touchpoint of their
business, including sales predictions, store optimization , risk
assessment and product recommendations.
- At the end of 2021, 77% of retailers will d deploy AI, with
robotics for warehouse picking, delivery and to perform several
other stuffs.
- Social media platforms (Instagram, Twitter, Facebook) will be
the main selling platforms in retail. For example, Facebook has
already started the Facebook Marketplace platform to sell the
products and services. In future this kind of social media platform
will be more in count and a greater number of sellers and buyers
will engage there.
- Using personal online data such as search queries, page visits,
product review and purchase history, companies transform their
online stores to best serve the customer’s needs and interests.
They will trigger mails to the customers' account about the new
launched product, offers , discounts etc. So, interaction between a
company and its customer will be increased more and more.
- As there will be several new retail players so there will be a
tough competition among them. This accelerate the growth of retail
industry in the e-commerce field.