Top 5 Ways to Use Technology Advancement for Leveraging Competitive Advantage

We all know that technological advancement has significantly impacted the business world. It has transported the way customers search and interact with the brands globally and has empowered them to shop online in a cost-effective and more convenient way. Now they can get any of the products directly delivered at their doorsteps as technology has facilitated them to get the ordered product delivered as per their convenience. Due to this convenience e-commerce has become an important and internal part of people's life. 

E-commerce sales were noted around 9% in the United States in 2017 and this number is expected to reach 12.4% in 2020. During 2016 Amazon was the leading e-retailer in the United States. When it comes to e-commerce sales then it earned around 46.66 billion U.S. dollars by selling physical goods in the United States. Most of the businesses are striving to take their business online as they know that that they can leverage many of the comparative advantages by doing so. (Source)

 

Implications of Technological Advancement for Driving Your Ecommerce Success Forward

Purchasing most of the things online has become quite common among the users these days. People go online for shopping the things they want as it provides more convenience to them while others prefer to make an online purchase for getting benefited from the competitive prices. 

More than 2.14 billion people will buy products or services online by 2021 this number is quite up from 2016 because during this period there were only 1.66 billion digital buyers globally. (Source) 

But the number is increasing drastically as people are becoming tech-savvy these days, they mostly prefer to make a purchase online. Let's explore top technological advancement to know how it is affecting various industries. 

 

1. Omni Channels 

The shopping habits of the people are changing continually and has given rise to the digital purchase. This modern habit depends involves various aspects like the process of research of cross channel, purchase made by users, their consideration, and much more. 

In fact, more than 90% of customers expect to have smooth communication channels through which they can interact with the brand across multiple channels and devices. The rising demand of users has highlighted the importance of omnichannel, businesses have to consider it for understanding what really the customers want and how can they fulfill their demand. 

 

2. Personalization

Customer's shopping journey is continuously changing as they expect that everything must be delivered to their doorstep within a few taps of the button. And when it comes to satisfy customers and make them by providing service as per their requirement personalization experience has to be considered by businesses. It is one of the going on trends for e-commerce businesses. 

According to Loyalty 360 research, more than 78% of consumers will feel more engaging with the brand only if they offer personalization experience to them while they make the purchase. Customers expect to have relevant shopping experience from the brands from where they are making the purchase. Hence businesses have to understand the importance of providing personalization experience. 

 

3. Mobile Shift

The importance of mobile platforms has increased significantly these days due to which the concept of m-commerce came into existence. Around 79% of users made a purchase online using their mobile device in 2019 and responded that it is one of the best and most effective ways to make the purchase. 

Businesses who fail to provide a shopping experience-oriented with mobile will definitely lose their loyal customers as most of the customers are expecting to have mobile-oriented experience from the brands. And if you want to provide the same experience to your users then you have to hire angularjs developers to develop excellent solutions for the use of users. They will help you to equip tour businesses with mobile technology which empowers the success of your brand. 

 

4. Conversational Marketing

Traditional marketing does not support two-way communication as it flows only in one direction. But due to technological advancement, the new concept of conversational marketing came into existing which supports two-way communication and offers an end number of opportunities and scope to the businesses to bagged online success. 

Businesses can interact with the customers and can get all the information about their doubts and issues. It will ensure the customers that you care more about them and which helps you to make them loyal to your brand. You can establish a real-time conversation with your customers to know what they really want to have from you. 

 

5.Cart Abandonment

One of the primary reasons for losing sales is cart abandonment. People don't consider making a purchase from your brand and abandoned the cart as they have changed their minds just before proceeding to payment. 

More than 79.17%of people have abandoned the cart while making the purchase globally and this number is increasing drastically hence it becomes important for you to pay attention to this crucial problem. The most common reason for cart abandon by the users is bad checkout experience. No matter how attractive you have developed the app, if the customer will expense bad checkout experience then they will immediately abandon their cart.  

 

Summing It Up

Many successful entrepreneurs have experienced a rise in their business sales and growth after considering technological advancement. Hence you must also set ahead to grab various benefits that technologies offer for your business. It provides you various opportunities and scopes to reach more customers, understand what they want, and find ways to deliver the same.