Across industries, technology is constantly evolving—and e-commerce is no different. As new platforms, best practices and user behaviors emerge, technology will continue to morph and change to keep up with the times. In order to stay relevant and keep customers engaged, e-commerce businesses must keep their finger on the plus of these ever-changing technology trends.
Learn the latest e-commerce technology trends and how you can adapt them to fit your company’s goals.
Social & Livestream Commerce
Gone are the days of desktop-only shopping. Social commerce is expected to grow three times as fast as eCommerce. And to keep up, companies must expand the ways they allow their consumers to shop.
TikTok
With over 1 billion users, TikTok is one of the fastest-growing opportunities for e-commerce businesses to expand. Influencers and creators can drive significant revenue for a company, both through video posts and live streaming opportunities. While fashion and beauty products are common on this platform, there’s also an opportunity for other industries, like tech and CPG brands, to leverage this channel to expand their reach.
While TikTok is experiencing unparalleled growth, Instagram is not far behind. This tried-and-true social platform links users to trusted influencers that they can turn to for product and service recommendations. Whether brands partner directly with influencers or send influencers products, Instagram provides a unique opportunity for e-commerce brands to not only spread awareness but to encourage sales via swipe-ups and bio links.
AI Content Creation
Artificial intelligence technology is an impressive and burgeoning tool for e-commerce companies—especially those with lean teams and tight budgets. As AI becomes more and more capable, its presence in the e-commerce industry will continue to grow in crucial ways.
Copywriting
Tools like ChatGPT and Copy.ai use AI technology to develop copy and content. From product descriptions to website copy, these tools make it possible to develop large quantities of content in only minutes, making it easier to develop robust websites without the support of a dedicated copywriter or marketing department.
Image Generators
AI apps such as Lensa allow you to create custom images for your business in a matter of moments. These image generators take lines of text and translate them into an image you can use for marketing on your website, social media, or marketing emails. While these generators have become popular on social media platforms like TikTok, they’re also a practical tool for e-commerce companies looking to expand their media library.
Alternative Payment Methods
As technology evolves, consumers continue to have increased ways to pay beyond cold hard cash or a swipe of their credit card.
Buy Now, Pay Later
Buy now, pay later platforms are the modern-day layaway. Allowing customers to pay for items in installments—rather than all at once—these platforms make financing expensive purchases a little easier on the wallet. This payment method is becoming so popular that it’s expected to reach $82 billion in transaction volume by 2025.
Digital Wallets
With the growing prevalence of smartphones, many people don’t even carry a physical credit card with them anymore because their cards are all stored on their devices. eWallet technology like ApplePay or Google Wallet is making physical wallets and credit cards obsolete thanks to their convenience. It also makes social commerce and online ordering from a mobile device easier than ever, because your card information is already saved. It’s so convenient that the market is estimated to reach $361 billion by 2030. Tandym, a digital private-label credit card issuer, allows businesses to digitally offer a branded payment method that makes purchases and rewards accessible and convenient.
Private-label Credit Cards
Unlike general-purpose credit cards, private-label credit cards are those tied to a specific retailer. These cards can only be used at the issuing retailer, making them a smart option for customers who are loyal to particular brands. Because they typically offer added perks like free shipping, extended return windows and loyalty programs, they offer customers added flexibility and tailored perks. Like other alternative payment methods, these cards are growing in popularity—the purchase value for private-label credit cards reached $210 billion in 2018.
While it may seem daunting to navigate creating a private-label credit card, modern platforms are designed to make it simple. Tandym makes it easy for retailers to establish a private-label credit card in just a few days. With a straightforward setup, lower processing fees and customizable features and settings, Tandym is an innovative option for businesses looking to offer their customers a flexible payment option.
Learn more about Tandym today to get started.
Sources
Retail Dive - Social commerce to grow 3 times as fast as e-commerce, Accenture predicts
Wallaroo - TikTok Statistics – Updated Mar 2023
Insider Intelligence - Buy Now Pay Later Report: Market trends in the e-commerce financing, consumer credit, and BNPL industry
Business Wire - Global Digital Payment Market is Expected to Grow at a CAGR of over 20.5% During 2022-2030 - ResearchAndMarkets.com
MarketResearch.com - 5 Things to Know About the Private Label Credit Card Industry
