VR, AR, AI & Other Key Technologies Affecting eCommerce Industry

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Statista reports that a global survey of eCommerce decision-makers found that 73 percent of companies believe AI will help their business with personalization by 2020.

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These impressive statistics say only one thing – it’s time to study how VR, AR, AI, and other innovations are impacting the eCommerce market.

If you keep an eCommerce website, you may be even more interested in the possibilities that VR, AR, AI can give your business. It is already clear that ignoring these technologies will lead to failure for your eCommerce portal.

But how do you know which technology will work best for your business? Which implementation format should you choose, and what will your customers like the most? To answer these questions, you will have to start with the basics and sort things out in order.

What are AR, VR, and AI?

AR is augmented reality that integrates digital material into an image of an object in real-time.

VR is virtual reality, which involves the complete immersion of people in an imaginary/virtual environment. Unlike AR, VR requires more specialized devices like the HTC Vive, Oculus Rift, etc.

AI – artificial intelligence is the intelligence that machines and computers show.

Usage of Innovative Technologies in eCommerce

1. Ability to create virtual showrooms

Showrooms in an online store are a new level of interaction between a buyer and a seller. These platforms offer customers a virtual experience and make it feel like they are entering a regular store. One of the leading technologies in this area is Lowe’s Holoroom technology. With this tool, you can create visualizations of projects, see how the interior of your own home might look.

And this experience is invaluable for your customers who choose products from the comfort of their homes.

2. Ability to visualize products

Nobody likes to buy a product without its image. But, what if you can give the customer a picture of a product and a complete visualization of the product? Thanks to augmented reality technologies, the buyer can see how the piece of furniture or clothing will look right in his home.

AR can provide better visualization and, therefore, will allow buyers to see how specific items fit into their daily life. Such visualizations are already in IKEA stores and not only there.

3. AI helps stores learn about customers

Artificial intelligence and machine learning enable merchants to create customized experiences for their customers. Artificial Intelligence continually collects data about how shoppers make purchases, when they shop, and what they are considering in a product or service. It is a technology that no one can replicate in an offline store.

Forbes writes that AI has shaped eCommerce in just a few ways, but at the same time, its influence in this type of commerce is expected to grow. The authors of the article see that AI can help identify exceptional leads, improve customer relationships, increase sales, and close the gap between personalization and privacy.

4. Chatbots improve customers’ experience of eCommerce

Chatbots are analogous to a consultant in an offline store. So you must have it. Whether you manage your store yourself or order custom software development, you must include a chatbot in your store. A chatbot helps your customer stay on top of an eCommerce site and simulates live communication.

5. More advanced payment methods

Each client is unique. Everyone has their own habit and a secure payment method. If your eCommerce site has many ways to pay for a product, your customers will be happy. Plus, for example, by offering a wide variety of payment methods, you can improve your conversion rates on mobile devices.

For instance, the possibility of paying with different cryptocurrencies available on crypto wallets becomes a modern way. In addition, there are many platforms like safetrading that showcase currency prices and exchange rates.

Technology can be a great help in this area of ​​eCommerce. For example, you can give your customers a unique identifier that will store all of your customer’s billing information in a safe place. This approach is already the norm for Apple and PayPal, and it is clear that many eCommerce companies are following this path.

6. Subscription and customer interaction

When working with eCommerce, you need to attract new customers and retain existing ones. Moreover, it is the current clients that most often bring the lion’s share of your income because they have already shown loyalty to you and can repeat purchases.

To establish a flow of customers and turn them into regular ones, you need to have the technology with you that allows you to quickly subscribe to newsletters, promotions, and other things from your company. For companies, subscription services create a way to plan inventory and sales.

7. Another reason to visit your offline store

It is important to note that many consumers still choose to shop at regular stores. While the eCommerce market continues to grow, many of us just love to wander around the malls occasionally. You can easily attract such “bums” by showing augmented reality glasses in the window and asking them to play with your product. This kind of play creates a show and attracts attention, and then buyers.

8. The growth of purchases from a mobile phone

Mobile shopping allows shoppers to shop from anywhere, which is vital in today’s world. However, if your eCommerce site isn’t working on mobile devices or through web apps, you’re missing out on an ample opportunity. Mobile shoppers want to add convenience as well as the ability to pay digitally.

To Sum Things Up

Techcrunch calculated that eCommerce (goods and services, not in-app purchases) could take almost $ 2 out of every $ 10 spent on AR / VR over five years.

These statistics are thought-provoking, especially if you already own an eCommerce site. You simply no longer have the right to ignore technologies such as VR, AR, and AI to successfully run your business.

At the same time, you should not be intimidated by these words – even if you do not understand all the intricacies of new reality technologies, you can contact professionals, for example, https://mlsdev.com/services/devops and get quality support and efficient performance for your business.

In any case, the eCommerce industry is snowballing. It is the elements of augmented reality, virtual reality, and artificial intelligence that make it unique and attractive to buyers. Whether you use these technologies in your eCommerce site is up to you.

 

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Author’s bio: Anastasiia Lastovetska is a technology writer at MLSDev, a software development company that builds web & mobile app solutions from scratch. She researches the area of technology to create great content about app development, UX/UI design, tech & business consulting.

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Comments

  1. Kornelia Gilmour says:

    Thank you for the article!

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