The Future of Digital Retail

Ecommerce is on the rise. Currently, the global digital market is worth $2.3 trillion, and this figure is projected to reach $4.88 trillion by 2021.

But the advance of technology means that besides the growing volume of digital retail, the whole experience of online shopping is starting to change as well.

Desktop computers and laptops still dominate global ecommerce (56% of shoppers use those devices). However, smartphones are hot on their heels (53%), with tablets bringing up the rear (19%).

But that won’t be the case for too long. Artificial Intelligence (AI), Virtual Reality, and the Internet of Things (IoT) will change the face of ecommerce forever — and for the better.

More Digital, More Human

Funnily enough, the advance of technology will most likely reduce the visibility of devices in our lives. Voice-command apps like Alexa or Siri will diminish the need for physical keyboards and screens, which means that the number of people staring at their smartphones all the time will be reduced as well.

Refreshing, isn’t it?

AI and IoT will allow devices to seamlessly integrate with each other. Shoppers won’t have to manually enter their data over and over again, which will greatly enhance user experience.

Another key feature of the future of ecommerce is its appearance to customers. Today, online shoppers need to make up their minds based on a two-dimensional image of the product they’re interested in.

However, Virtual Reality will change all that. Online shoppers will be able to virtually enter a digital retail store, just like a brick and mortar building. They’ll be able to hold and even try the product before purchase, thus reducing the number of returns and disgruntled customers.

Seamless integration and Virtual Reality will allow digital shoppers to experience the real deal without leaving the comfort of their living room.

Cost-effective and Smooth Processes

Technology will enable retailers to even out their processes. Smooth integration will replace the fragmented procedures in manufacturing, warehousing, shipping, and customer service.

You’ll be able to save money on business tasks and still create the perfect shopping experience for your customers.

With AI replacing many tedious manual tasks, you’ll save considerable funds on wages and the elimination of human error.

Don’t worry, you don’t have to let your staff go. Customers still expect a human touch in their shopping experience, something no amount of technology can provide.

This means that the need for product experts and style consultants will grow. Think ahead and retrain your staff to meet the demands of the future.

Secure Processes

With growing digitalization comes the increased threat of data-theft or fraud. Online shoppers are already concerned about the security of their personal data; this concern will most likely grow.

Ecommerce depends on secure processes. Make sure you protect your customers’ data with the most secure technologies available.

You can start testing the security of your processes with payments right now. How?

Use Veem.

Veem allows you to send and request global payments with just a click. Using a unique multi-rail technology, it provides secure and fast transfers. You can track all your transactions online and save money, since Veem charges no wire fees.

Sign up for a free Veem account and enjoy payments of the future.

This content was originally published on the Veem blog. Check it out for more information and exclusive articles.