Ecommerce industry is more than well established today. That does not mean however, that it has stopped growing or is unresponsive to innovation.
In fact, ecommerce is taking the world by storm as more businesses try to establish their stores online each day. While in the past, eStores had to be built from scratch, today it is much simpler.
Ecommerce platforms, providing cloud-based solutions, offer the opportunity to open up your online store for free even.
Ecommerce has seen robust growth in the last decade or so. Merchandise like clothing and beauty products especially, have achieved a remarkable 25% average CGR between 2000-2014.
Growth projections signal that ecommerce revenues are set to exceed $638 billion in the US alone by the year 2022.
The numbers may well surpass these estimates as ecommerce only continues to get better. When we look at the offerings of ecommerce so far, like automated grocery shopping, we can not think of a life without it and the conveniences it has provided us with.
M-commerce
Mcommerce is nothing but like an upgraded version of ecommerce.
As of January 2018, the global mobile population amounted to somewhere around 3.7 billion unique users. That is more than half of the world population that have access to mobile devices.
In February last year, mobile devices accounted for 49.7 percent of web pages viewed worldwide. The numbers are only set to increase rapidly in the future.
This shows us that an increasingly huge number of Internet users only access the Internet through their phones. Therefore, it is no surprise that the focus of electronic commerce is shifting to mobile devices.
Well established ecommerce giants as well as new online stores put in extra effort to provide mobile applications or mobile compatible web applications for their potential online customers.
This is what mcommerce is all about, and it has the potential to provide us with even more opportunities and possibilities than ecommerce ever did.
Where Does AI Come In?
Artificial Intelligence or AI in short can be defined as machines performing tasks that would normally require human help.
These intelligent machines make decisions on their own and based on the outcome of those decisions, they learn and improve themselves.
A refrigerator from Samsung monitors the products inside your refrigerator and automatically orders them for you when they run out or deplete – a classic example of AI in e-commerce.
For ecommerce businesses, it is now easier to manage day to day operations, provide exceptional support and there by in the long run, increase their customers’ lifetime value.
Improving the customer experience, driving personalisation or adding value to customer support using chatbots, it feels little different from a human. Such is the AI impact.
Things are Changing but for Good –
Not being able to take time for pushing sales was a major concern for businesses world over, especially small setups.
With AI coming into the picture, ecommerce or mobile commerce entities take a sigh of relief. They can now concentrate on crafting and driving new tricks to induce sales and conversions while leaving everything for AI at the frontend.
Take a look at this amazing infographic to understand more on AI and how it is impacting online commerce in the modern day –
