Software Technology Insights - Learn, Develop, Grow

Just like a watch, which is powered by numerous gears working together to show time, such is the success behind an eCommerce platform. Various vital services such as customer care, payments, tech support, logistics, marketing, etc. working simultaneously in sync builds up to the success of that eCommerce platform. 

Technological developments are constantly evolving and trendsetting many ecommerce business processes, to enhance the overall customer experience. The impact of the latest technologies on ecommerce has been faster than ever, considering it the largest industry in the global economy with “e-retail revenues projected to grow to 4.88 trillion US dollars in 2021”.

Today, brands cannot go without videos in their content marketing strategy. It is one of the quintessential approaches to engage customers and improve conversion rate. In fact, 90% of customers say videos help them make buying decisions.

The increasing business complexity and demand for highly scalable applications have brought a paradigm shift in how software applications are engineered. In the past few years, different software architectures are adopted by developers to reduce code complexity, improve fault isolation, and minimize time-to-market.

Magento is possibly the fastest growing platform in eCommerce space. According to Magento’s 2017 yearly report, there was a spike in number of websites powered by Magento. What’s more, major brands such as Burger King, Nike, Pepe Jeans and Samsung are choosing Magento to power their eCommerce websites.

The rapid digital developments in eCommerce sector has brought us to a new phase of online shopping experiences worldwide. By 2020, 80% of consumer traffic will derive from online videos, as revealed in a study conducted by Social Media Today. And it is of no surprise that we reflexively respond to videos faster than any other content.

40% of worldwide internet users have bought products or goods online via desktop, mobile, tablet or other online devices. This amounts to more than 1 billion online buyers and is projected to continuously grow. - Statista

eCommerce integration is synchronization of an eCommerce website with its backend systems such as an ERP or a POS. It helps in seamless, two-way flow of data and information, which increases efficiency in processes as data across connected interfaces gets updated automatically.

Online shopping is a thriving market. In 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.66 billion global digital buyers in 2016. As a result, the retailers are realizing the business benefits of selling their products and services online.

The number of online shoppers have crossed a mark of 1.66 billion and this number is likely to shoot up. -Statista

Despite having a large share of shoppers, online retailers are trying hard to get the customers to the cart and complete the purchase. Studies suggest that an average cart abandonment rate is 68% (which is huge). The reasons may range anywhere from price tag of the product to issues in processing payment.