Redefining e-commerce with Technology
While nothing comes close to the actual shopping experience where an individual handpicks the product he or she likes, online shopping and e-commerce has come to a point where it delivers a similar, if not the same experience by implementing technologies such as augmented reality and virtual reality. By wearing a VR headset, shoppers can teleport (not physically, of course) into a virtual world filled with a wardrobe where they can have the familiar experience of handpicking the clothing of their choice. Big data analytics and machine learning capabilities have made recommendations easier for a user browsing through shopping applications. Just by entering a particular item on the search tab, relevant suggestions pop-up almost in every ad section displayed online. Of course, they can be irritating at times, but the suggestions relate to the user’s preferences.
On the back end, e-commerce takes a breath of fresh air with technologies such as blockchain and artificial intelligence governing the supply chain and distribution networks. These innovations provide remote retailers a foolproof pathway to cater to their customers’ needs without having to shell out money on multiple third-party logistics service providers. All this is achievable with the added benefit of tracking payments and processing them through secure channels, which cut down on the possibilities of fraudulence. One of the popular reality shows, Shark Tank, featured a participant mass-producing home lighting fixtures from his garage. He was able to raise $5.7 million in three months with the help of online retailers such as Amazon and eBay. The start-up gained a distribution network of 18 distributors worldwide without moving a muscle in his garage.