The global pandemic has changed our way of living, shopping and socializing. We are compelled to shop digitally for most things and mobile phones have made that much easier. Some online sellers have benefited from the global pandemic.
Existing eCommerce businesses are looking forward to infusing their sites with the latest technologies and tools. Startups are eager for the latest technologies and trends to begin their game.
It can be easily said that advanced eCommerce technologies have redefined the online landscape forever and will continue to do so.
What is eCommerce?
eCommerce (electronic commerce) refers to the buying and selling of goods or services VIA the Internet and the transfer of money and data to execute them.
eCommerce is often referred to as the sale of physical products online, but it also describes any commercial transaction facilitated via the internet.
E-business refers to all the aspects that operate an online business and eCommerce refers to transactions of goods and services.
Types of eCommerce Businesses
There are mainly four types of eCommerce models that would describe almost every transaction taking place between consumers and businesses:
- Business to Consumer (B2C)
- Business to Business (B2B)
- Consumer to Consumer (C2C)
- Consumer to Business (C2B)
Advanced Technologies That are Redefining eCommerce
As the eCommerce industry sees rampant growth with technology at the helm, let’s have a look at seven advanced technologies that are enabling its growth:
#1. Payment Gateway Technology or Online Transaction Processing (OLTP)
OLTP is an information system that facilitates and manages transaction-oriented applications. With some of the latest and most secure online transaction processing technologies, OLTP creates secure payment gateways and a myriad of money transfer methods for boosting eCommerce.
Digital wallets are the best and most often used example of advanced OLTP technologies.
Digital wallets make payment transactions quick, simple and secure for everyone regardless of Internet connection (wired, Wi-Fi, Bluetooth, mobile).
When we talk about mCommerce, it means mobile commerce. mCommerce shopping happens VIA smart devices and is becoming one of the most lucrative eCommerce niches.
Advanced technologies that redefine eCommerce include mobile marketing. Most customers prefer to use their mobile devices for online business.
Competitors may take advantage of mCommerce to acquire more customers who prefer the mobile eCommerce niche. As this niche expands, poor mobile execution or no mobile at all will cause companies to lose out in the market.
Big or small, you can use mobile apps to advance the course of your business. You can provide a seamless experience to your customers by making use of excellent apps. Always use apps that make their shopping easier and fun-loving.
#3. Supply Chain Management (SCM)
SCM has developed over time to support manufacturing and globalization. Today, we live in a specialization era where SCM is available as-a-service.
The role of supply chain management technology is more evident in eCommerce and has given birth to various online portals for B2B, B2C, C2C, and C2B like-business models. SCM influences both pre-production and post-production to ease stressed supply chains.
Manufacturing and blockchain technologies are also emerging as revolutionary new technologies in SCM for eCommerce.
The booming eCommerce industry, even post-pandemic, has led to warehouse and labor shortages nationwide, making it difficult to secure staff and space. As a result, warehousing costs are on the rise, including the prices of 4PL services.
Investing in integrated technologies in the form of cloud-native warehouse management may be helpful. Third and fourth party logistics providers (3PL, 4PL) are highly adaptable and allow you to scale and pivot operations quickly.
Investing in warehouse-as-a-service from an outsourced logistics provider gains access to both employees and state-of-the-art warehouse technology costing a fraction of what it would cost to develop your own warehouse.
#4. Artificial Intelligence
AI or Artificial Intelligence is everywhere, and eCommerce is no exception as sellers strive to give their shoppers personalized experiences. Personalization technologies are highly dependent on AI.
Also, real-time and automated chatbots are a craze in the eCommerce industry. Chat software relies on AI technologies to respond intelligently to consumer inquiries.
#5. Electronic Data Interchange (EDI)
Electronic data interchange technology allows eCommerce businesses to exchange information that was historically shared on paper.
For example, eCommerce shoppers and merchants enjoy automatically placing orders, generating invoices and tracking the entire shipping process.
EDI’s high standards have made the order-making process and receiving goods VIA online shopping stress-free. Now, customers can place orders, receive invoices and goods automatically and hassle-free.
#6. Electronic Funds Transfer (EFT)
EFT technology has seen recent improvements like encryption-like technologies that enhance its security. EFTs have reduced our over reliance on physical banks.
Direct debit, withdrawals and deposits for payments, e-bill payments and instant payments are some e-payment options. They determine our concurrent financial activities.
The annual report of the Reserve Bank of India (RBI) supports the visible growth of EFT technology in the economy and its positive impact on eCommerce.
There is a lot of controversy around blockchain technology and cryptocurrencies. Blockchain technology is gaining trust as a method for online payments and for its concept of a distributed genuine ledger of all digital transactions.
Blockchain ensures transparency, security and decentralization making it an attractive option for accepting online payments. Payments and exchanges with fiat currencies take more time and are costlier; hence cryptocurrencies are becoming popular. You can make shipping ‘smarter’ by providing encryption in deliveries using blockchain.
The future of the eCommerce marketplace will be blockchain-driven and it will transform the industry.
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