5 E-commerce & Supply Chain Trends That You Should Look out for 1 - Updated 2023
It's a busy world out there. With everyone in business trying to get ahead, we often forget about the supply chain and e-commerce trends that are coming down the pipeline. We've already seen significant changes take place in how we buy products and make payments.
However, there are still many more things on the horizon for both of these industries. In this article, we're going to look at some of the most notable trends happening in e-commerce and supply chains today, as well as share our insight on what they mean for your business tomorrow.
Artificial Intelligence: The Future of Online Shopping?
AI is changing the way we shop. It's not just about what you buy but how you do it. AI is now being used to predict and recommend products, personalize recommendations, and recommend different pricing strategies to customers based on their past purchases.
One of the most important use cases of AI in e-commerce is the supply chain. The demand for supply chain solutions for e-commerce has been increasing ever since the rise of online shopping because it has made the process more complicated and challenging than before. As the number of e-commerce supply chain companies increase, so does the volume of data that needs to be analyzed.
In turn, this has led to a growth in demand for AI systems that can help e-commerce executives make more informed decisions. With advanced machine learning algorithms and AI-powered tools, it is now possible for e-commerce supply chain leaders to identify which products are most likely going to sell well before they even put them on sale.
2. Voice-based e-commerce
Voice assistants are becoming more popular than ever.
The future has arrived, and it has brought with it the voice assistant. Devices like Amazon's Echo and Google Home are now common household products, powering everything from smart homes to shopping lists.
Voice commerce, voice shopping assistant, and voice-activated navigation are all possible with the help of AI. With voice assistants like Alexa, Siri, and Google Home, it's easier than ever to find information on the go while driving or doing housework. Voice assistants are becoming more popular than ever.
Voice assistants are a boon for busy people. You don't have to type searches on your phone and navigate to the site you want, and you can just speak to your voice assistant and get the information you need. You might need to start considering voice in your future SEO strategy.
3. Chatbots and Augmented Reality are the Future of eCommerce
Augmented Reality has been great for e-commerce because it allows customers to interact with products in a new and exciting way, which also helps engagement. Chatbots are another form of mediated content that companies can use to engage customers, increase e-commerce conversion rates and offer different services.
Augmented reality has had a huge impact on the e-commerce world, with chatbots being one of the newest ways to interact with customers.
Chatbots can be programmed to quickly handle questions and order fulfillment, generating a personalized experience for customers. In fact, bots have been shown to increase order conversion rates by up to 27 percent!
For example, when asked about the best new product in their store, bots can offer product recommendations with specific demographics in mind. When a customer asks what shoe size they should get or what style of dress would look good on them, the bot can give them an answer.
4. Blockchain solutions for e-Commerce & the Supply Chain Industry
Blockchain is one of the newest and most promising technologies in the world of e-commerce. It provides a transparent, decentralized, and immutable ledger for recording transactions. This means that no one person can change or delete any transaction.
Blockchain can be applied to supply chain management for various industries. Still, I will focus on e-commerce because it provides a great example of how blockchain is revolutionizing the way we shop.
The Beginning of E-commerce is a relatively new industry, and the first companies that embraced it a decade ago were physical retailers who started offering virtual shopping sites to their customers. In order for items to be added to the site, retailers would need to enter each item by hand manually.
This process was incredibly time-consuming and error-prone, so few products were actually listed on these early e-commerce shops. Furthermore, there was no way for consumers to compare prices between the different sites, so consumers would have to rely on word-of-mouth or advertisements to decide which site was offering the best deal.
As a result, most retailers who offered these physical storefronts eventually gave up on their e-commerce efforts and stopped updating their websites. However, companies like Amazon and eBay were able to capitalize on this large market opportunity and start using algorithms to automatically add items for customers, which streamlined the process for both buyers and sellers alike.
5. The Growth of Cross-border e-Commerce
From niche to mainstream, cross-border e-commerce has become the next big thing in the industry. Cross-border shipping is occurring in many countries and has been on a trend to grow for the past few years. As more and more buyers are looking to buy and sell products overseas, the Chinese and Indian markets, in particular, are providing a massive opportunity for sellers.
The number of cross-border e-commerce platforms has grown from five in 2015 to 19 a year later, with Alibaba group alone accounting for 25% of global e-commerce sales in 2021. With globalization on the rise and cross-border trade becoming more widespread in recent years, it's no wonder that this has become a trend that cannot be ignored.
So what do you think about these trends? Based on this article, do you plan to change your current supply chain model, or at least pay attention to those changes mentioned above? Without the data and statistics, we can't be sure which trend will take hold completely and which is just a marketing tactic. Practically speaking, where would you start when it comes to optimizing your supply chain model? Let us know in the comment section below!
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