COVID-19 has changed the way we are living, shopping, and socializing.
Social distancing has compelled us to use digital ways to shop for most things, and mobile phones have eased that further. Meaning that eCommerce businesses are harvesting the most out of the global pandemic.
Existing eCommerce businesses are eager to infuse the latest technologies and tools on their sites. Startup eCommerce merchants are looking for the upcoming technologies and trends to begin their game.
And these are the reasons I’m writing a post on advanced eCommerce technologies, which are going to redefine the online landscape forever!
The Ultimate Guide to Website Traffic for Business
What is eCommerce?
According to Wikipedia, “eCommerce draws on technologies such as mobile commerce (M-commerce), electronic funds transfer (EFT), supply chain management (SCM), Internet marketing, online transaction processing (Payment gateway), electronic data interchange (EDI), inventory management systems (IMS), and automated data collection systems (ADCS).”
Types of eCommerce businesses
There are four broad categories of eCommerce:
- B2B (Business to Business)
- B2C (Business to Consumer)
- C2B (Consumer to Business)
- C2C (Consumer to Consumer)
7 eCommerce technologies that are redefining online business
#1. M-Commerce or Mobile Commerce Technology
Smartphones are nothing but a retail shop in your palm or pocket. The impacts of lockdowns, social distancing, and self-quarantine have led our society to depend more on m-commerce than ever.
In a sense, we have accelerated the growth of mobile commerce within a few months.
For instance, mobile money transfer, mobile ticketing, mobile vouchers, coupons and loyalty cards, content purchase and delivery, location-based services, information services, mobile banking, mobile brokerage, auctions, mobile browsing, mobile investment, in-application mobile phone payments, mobile marketing, and advertising.
Mobile games and entertainment programs have also eased our lives during the period of social isolation and lockdown.
#2. Electronic Funds Transfer (EFT) Technology
Today EFT technology has improved a lot, and encryption-like technologies have enhanced the security aspects of it. EFT has reduced our reliance on physical banks.
For instance, direct debit or deposit for payments or withdrawals, credit and debit cards, e-bill payments, and instant payments are a bouquet of e-payment options, which determine our concurrent financial activities.
The annual report by the Reserve Bank of India supports the visible growth of EFT technology in the economy and obvious positive impacts on eCommerce.
#3. Supply Chain Management (SCM) Technology
The role of supply chain management technology has become more evident in the field of eCommerce and given birth to various online portals for B2B, B2C, C2B, and C2C like-business models. SCM covers both phases, pre-production, and post-production to ease the flow on the one hand and efficiency on the other hand.
SCM passes through a historical development right from manufacturing to globalization. Today we are living in a specialization era where SCM is also available as a service besides outsourcing.
Complete digitalization of eCommerce has made SCM easy for merchants and end-customers rapidly. Moreover, additive manufacturing and blockchain technologies have emerged as revolutionary technologies in SCM for eCommerce.
#4. Online Transaction Processing (OLTP) or Payment Gateway Technology
According to Wikipedia on OLTP, it facilitates and manages transaction-oriented applications. Today, we have the latest and most secure online transaction processing technologies to create payment gateways and offer a myriad of money transfer methods to boost eCommerce.
Digital wallets are one of the best and highly used examples of the advancement of OLTP technologies. It is because our internet is not restricted to the wired network. We have Wi-Fi and Bluetooth wireless network options to explore. Mobile networks are another option in the market. Digital wallets have made payment quick, simple, and secure for everyone.
#5. Electronic Data Interchange (EDI) or Order Management Technology
Electronic data interchange technology helps eCommerce to accomplish communicating information that a business does on-paper in traditional ways. For instance, eCommerce merchants and shoppers both enjoy automatically placing orders, creating invoices, and tracking the entire shipment process through various integrations of other systems or software.
Highly advanced standards for EDI have made the order-making process and receiving goods through online shopping stress-free. Now, eCommerce shoppers place orders, get invoices, and receive goods in automatic and hassle-free manners.
#6. Inventory Management Technology
For eCommerce, tracking inventory levels, orders, sales, and shipments is a critical phase of the business. Out-of-the-box inventory management software can help an online business eliminate overstock and outages.
The modern inventory management software comes with many attractive features. Out of those, some essential features are:
- Reorder points
- Asset tracking
- Service management
- Product identification
- Inventory optimization
ERP inventory management technologies are for enterprises. More advanced versions of inventory management software are using cloud storage and computing services. Advantages of ERP management software are:
- Cost efficiency
- Organized warehouses
- Data updates and security
Cloud inventory management technologies have changed the entire scenario of inventory management for multi-location warehouses. It offers the following advantages:
- Real-time tracking
- Cut expenses
- Fast deployment
It also improves efficiency and coordination.
#7. Artificial Intelligence
Artificial Intelligence or AI is everywhere, and eCommerce is no more an exception. eCommerce strives for personalization experiences for its shoppers. Personalization technologies are highly dependent on AI.
Similarly, real-time and automated chatbots are a craze in the eCommerce industry. The automated messaging system is relying on AI technologies to respond intelligently by the AI-powered chat software.
You may be eager to implement the latest eCommerce technologies and trends with a dependable and progressive development company. It is the best way to hire eCommerce developers with experience and expertise.
Guest author: Ronak Meghani is a serial entrepreneur who has worked with small-medium-large companies. He is a co-founder of Magneto IT Solutions and has been closely working with eCommerce ventures since 2010. He has helped 200-plus international brands for building/improving their online ventures in the area of UI/UX, development, launching, revenue enhancement, marketing strategy, multi-vendor eCommerce marketplace company and much more.