E-commerce has seen positive growth from the beginning, due to unparalleled events happening in 2020 the growth has soared higher since a year, as people do not opt for shopping in-person to avoid the risks of COVID. Adding to this people who work from home also prefer to shop on an e-commerce website to save time, which opens the door of opportunity for e-commerce websites to adapt many retail technologies that can help them to keep them going in the competition. People in the e-commerce sphere should look for recent emerging technologies and incorporate them to stay competitive in the industry.
In e-commerce, inventory must be managed to make sure that products are available easily for customers who shop both online or offline, that can be done by having artificial intelligence-based systems for inventory management, this tech aids in forecasting the demand more precisely also improve the abilities of retailers.
During COVID few stores were closed and could not run their offline business, one thing they could adopt is to have an agile marketing strategy for that retailers must look for opportunities how retailers can expand the digital experience for existing and new customers, also introduce new technologies or mobile applications where it helps customer to shop both online and offline.
As it has become more contactless payments and online shopping all retailers must let go of the conventional payment method of paying in cash and adapt usage of payment apps and make it more feasible for both sellers and buyers.
Also, new development is retailers can build their customized retail mobile application by offering its customers wide ranges of offers, discounts which will attract customers to buy in more numbers. By this, their value can be enhanced in the industry.
Other trends that can be adapted for the expansion of retail business with help of technological advancement are grocery delivery by accepting online orders, robotic in-house product delivery, and collaborative analytic systems for analysing customers. All these trends help for competing and for business expansion to attract more customers.