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According to research by Zippia, global investment toward digital transformation by 2023 is expected to amount to $6.8 trillion. Regardless of the industry your business operates in, it’s safe to assume that competitors will be investing in incorporating digital technology to gain an upper hand in the market. This holds true for the e-commerce industry as well, where even customers expect businesses to provide round-the-clock personalized experiences and the convenience of shopping anytime, anywhere. In this article by kevinhq.com, we’ll explore the best digital technologies e-commerce businesses should invest in to improve efficiency and outperform competitors.
Implement Cloud Computing
As the name suggests, cloud computing refers to the ability to access computing services on any device connected to the cloud i.e., a server. Moving operations to the cloud will enable everyone in your business to access and share data seamlessly. Additionally, multiple employees will be able to access information simultaneously and collaborate on projects without having to physically share paperwork or consistently download and reshare files.
Furthermore, through cloud computing, you’ll be able to scale business operations at a nominal cost compared to traditional methods of opening new stores. As the traffic to your e-commerce store increases, all you need to do is purchase more server space and hire a few experienced IT professionals to manage it. If budget permits, you can create a physical server room to keep your data safe from bad actors. However, always remember to encrypt data regardless of the size of your business.
Design a Mobile Application
In the year 2023, having a mobile application for your business has become a necessity. Having a mobile application allows your customers to shop from your store at their convenience. Additionally, through features such as push notifications, you can keep them informed about the latest offers and product launches.
Moreover, an app allows you to capture customers' data like never before. From the time customers sign up, you can start collecting data based on their activity and utilize the power of artificial intelligence to provide them with personalized product suggestions that they demand.
Creating a mobile application in-house can be an expensive ordeal. Hence the better option will be to outsource the project to a reputed agency. Or, rather than hiring a team of full-time developers, you can consider hiring freelancers on a per-project basis. If their work is up to par, you can consider bringing them on full-time with the confidence that they are a right fit for your business.
Leverage Social Commerce
While social media platforms have been around for a while, they have recently implemented the functionality of social shopping, also known as social commerce. Social commerce allows businesses to sell their products directly through social media platforms, making it easier for customers to make purchases and increase sales. According to research by the Digital Marketing Institute, social commerce is expected to be worth $1.3 trillion by the year 2025.
As an e-commerce business, it is essential to integrate your storewith prominent social media platforms such as Facebook and Instagram. Additionally, social media can also be used to divert traffic to your website and mobile application. This provides customers complete freedom regarding where and when to make purchases, whether it be on their favorite social media platform or your website.
Utilize Process Mining
By designing a mobile application and leveraging social commerce, your business will generate a ton of data daily. Manually analyzing this data is a nearly impossible process, given the sheer amount of information you will collect on each customer.
To ease the burden on yourself and your employees, you may consider this - integrate a process mining tool with all your digital applications. Leveraging the power of AI, the tool will analyze your business workflows, highlight areas of inefficiencies and provide solutions on how to make the business efficient and productive. As a result, you’ll be able to make higher sales while spending less.
Integrating digital technology is the need of the hour for all businesses. Whether it be process mining, creating a mobile application, or switching to cloud computing, an investment toward innovation is bound to pay dividends in the short and long term.