In recent years, the world has seen major developments in digital payment systems through the internet, or what is known as e-commerce. By conducting a careful analysis of the eCommerce technology trends, it is more than just clear that there will be further growth of the sector in future. Businesses, therefore, need to closely follow new trends in eCommerce technologies so as to be able to fully exploit the associated opportunities. By staying updated with latest e-commerce trends, a business not only gains competitive advantage but also stands a chance to earn much higher profits. However, competition in this industry is also growing fiercer with each day that passes. Furthermore, customers are becoming more demanding with regards to quality. Therefore, businesses will have to go the extra mile in future in order to stay in business. Besides improving their products, they will also need to improve user experience by personalizing services. Read on to discover the e-commerce technology trends to expect in 2017.
Increased Bitcoins Popularity
As one of the most recent trends in e-commerce, bitcoins have continued to gain popularity perhaps due to the convenience that people get when using them. First, bitcoin attract much lower transaction charges when trading online. Secondly, bitcoins are safer compared to other payment methods as they are not prone to freezing. Furthermore, they seem a lot promising judging from the fact that they have greatly increased in value since they were invented in 2009. As a matter of fact, many organizations like Amazon are accepting bitcoins as a means of payment and others who are yet to accept them are expected to follow suit in the near future. Henceforth, we expect much more people to understand and accept bitcoins in 2017.
The biometric system is a recent trend in e-commerce technologies. It uses such innovations as the fingerprint, voice, iris and facial detection to enhance security. On top of boosting security, biometric technology is also used as a powerful marketing tool. For instance, Apple experienced an increase in sales when they added the fingerprint scan to iPhone. Many studies suggest that by 2017, more than 500 million people will be using phones installed with biometric technology. Various technology firms like MasterCard and Visa are already working on making biometric technology an essential part of payment systems.
Domination of Mobile Devices
In recent years, we have observed the rise of mobile devices as the popular tool for accessing the internet. In 2015, many studies predicted that mobile domination in internet browsing will reach 70% by 2017. Having already taken a market share of almost 50% by now, it is very clear that by mid-2017 mobile devices will dominate the desktop in browsing the internet.
Enhanced Customer Experience
As a rule of the thumb, customer experience is the main determinant of the future of an organization. If your products receive good reviews online, many people will want to buy from you; the reverse is also true. However, to get good reviews you have to improve customer experience. This is why 2017 will see many businesses up their game in their endeavors to please their clients. Products will, therefore, be improved in terms of quality and services will be more personalized. In this regard, companies will offer more convenient payment systems for instance by accepting bitcoins. Organizations will also create more loyalty programs to reward their most loyal clients for instance by giving them gifts.
Increased Popularity of Mobile Money Transfers
This is one of the freshest trends in e-commerce. The system has its roots in Kenya, through a platform known as M-Pesa. This platform has experienced tremendous growth, emerging to be the most popular payment system in East Africa, and spreading to other parts of the world such as India and Albania. The popularity of mobile money transfer can be attributed to its incredible simplicity – micro-financing services at the tips of your fingers. It offers such services as deposit, withdrawal, payment and transfer to other accounts including bank accounts. We, therefore, expect to see increased growth and popularity of M-Pesa and similar payment systems.
Increased Punctuality in Delivery
In years to come, online businesses will need to deliver products the same day an order is placed. This is due to the fact that customers increasingly dislike the idea of sitting tight for several days waiting for items they have already paid for. This e-commerce trend can also be attributed to the fact that online retail giants such as Amazon and eBay have made same-day-delivery the order of the day; other businesses simply have to follow suit or risk being pushed out of business.
These e-commerce technology trends are some of the most important market aspects that define our economic future. Therefore, any business that wishes to be on top of the game needs to not only adapt accordingly but also keep watching out for any inventions with regards to eCommerce technologies.