Maintaining environmental regulations, compliance, standards, and recycling & reselling, pressure to optimize processes and operations, supply chains, excellent reports that support decisions are key to sustain in the rapidly evolving eCommerce market. But, with the latest technologies change, and the introduction of a distributed system and cloud-based system, the introduction of Crypto, web 3.0 AI and AR, etc is becoming hard to sustain in simple ways as the world has revolutionized eCommerce in many ways. The introduction of Cryptocurrency, Artificial Intelligence, Augmented Reality and Web3.0 has really created a huge impact on eCommerce. Knowing these terms thoroughly in order to get the eCommerce business niche strengthened and to outperform competitors.
- How cryptocurrency can benefit your eCommerce business?
- How Web3.0 can benefit your eCommerce business?
- How AI will help you in boosting up your eCommerce?
- How augmented reality (AR) will transform your eCommerce business model?
Let’s analyze these advanced technologies step by step:
What is Cryptocurrency?
Cryptocurrency is a kind of digital payment. It is a direct payment method between buyers and consumers in exchange for their goods. Likewise, it is a kind of variable asset than fixed value like money. There is no central power like banks and other government institutions to control crypto in their hands, rather they are decentralized automated systems of many computers.
Cryptocurrency uses DLT- Distributed Ledger Technology which controls all the transactions. This system created a linear change of the users and transactions. Minute details are saved safely.
How cryptocurrency can benefit your eCommerce business?
Given the digital transformation of the current era, cryptocurrency is inevitable for eCommerce. You will get the following benefits if you allow your online store with cryptocurrencies:
- Quick Transactions
This will allow your customers to get quick access to your market products. Unlike traditional market trading, it is time-saving for customers. You will get maximum flow of customers by creating an opportunity for ease of business. It is also a less complex and direct payment method.
- Security Proof and identification
There is complex encryption in cryptocurrencies and data is stored in the blockchain which gives an identification of the creators and owners. This gives maximum security to your online customers as well as your eCommerce products. They lessen the risk of online fraud.
- Broad Market Exposure
Cryptocurrencies are expanding throughout the world. They generate maximum traffic towards your eCommerce industry. You can triple your sales within seconds if you are linked with the crypto world. They are simpler, cheaper, and faster.
How Web3.0 can benefit your eCommerce business?
Web3.0 is the latest breakthrough in the online industry. It is the fastest, widest, easiest and cheapest mode through which customers can buy things online.
Learn more: How e-Commerce will be affected by Web 3.0 and blockchain?
This fast digital world may benefit your eCommerce in the following ways:
- User Friendly
Web3.0 allows internet users to hunt their market products in an easy way. It let customers know what are their interest-based market products and what types are available. It personalizes eCommerce shopping moods. Likewise, it gives enhanced internet options for eCommerce users.
Web2.0 becomes the source of generating millions of integrated businesses. Like cryptocurrency, it also worked in integration. This inter-linked data system lets you know about your target market audiences. Within no time, you are connected to thousands of eCommerce businesses around.
How AI will help you in boosting up your eCommerce
Artificial Intelligence has also brought a revolution to the field of eCommerce. Like crypto and web3.0, it is also one of the necessary parts of our eCommerce. It gives you the following plus points
- 24/7 Improved Service
As a human, it becomes difficult for us to be active 24/7. We get exhausted. We need more employees as a solution for this problem. But thanks to AI, we have automatic mailing and messaging systems. These systems allow your customers to know that you are in or out. It saves our time to a great extent. Also, it saves our financial problems too.
AI has no parallel regarding its search procedure. It has let your business opt for smart searches. Your customers will have many options in the search bars whether they want to search from their voice, picture, or words.
Along with smart search, AI provides better resolutions of the market products. It also gives the option for a 3D view. Thus customers get no worry after having these smart AI tools.
How augmented reality (AR) will transform your eCommerce business model?
With the enhancement of technology, eCommerce businesses are thriving today – more than ever before. According to eMarketer, 45% of retail businesses changed their business module into eCommerce. The report suggests that the unprecedented advancement in technology and Artificial Intelligence is the sole reason for it.
Augmented Reality (AR) allows customers to virtually try on and try off products from the comfort of their homes. Can you believe my last online purchase was through AR? I was looking for a red t-shirt and a retailer had the option to select their t-shirts and try them on – while sitting on the couch. So, I tried it on and it turned out to be the best fit for me. Guess what? I purchased the t-shirt!
This is how AR is transforming online shopping. It gives your customers:
- The opportunity to make the best selection.
- Surety that the customer is purchasing the right product.
- Quick sale and instant gratification.
- Real-time data on the concerns of your customers.
So, if your business module has not introduced the AR shopping experience, today is high time to reassess your marketing strategies. Introduce AR to your business and see its magic.
The Bottom Line
Summarizing all the features of AI, web3.0, Augmented Reality, and crypto, it is plain that your eCommerce’s growth completely depends on these amazing newly digitalized techs. You must link and upgrade your eCommerce business with them. Missing out on either of them may cause you to lag behind in the competition.
That is why, it is crucial as an eCommerce business – to reassess marketing strategies and see if your business model is missing any of these modern-day technologies. If that is a yes, today is the high time to introduce them in your marketing strategies and to leave behind your competitors in the eCommerce marketplace. Please let us know if you have any questions or suggestions, please subscribe to our YouTube Channel and look for other free Opencart extensions. You can also find us on Twitter and Facebook.