Innovations E-commerce Should Adopt in 2024 (AI, Deferred Payment, Personalization, VTO, Digitalization, PIM)

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Every year, new technological innovations emerge, allowing e-commerce to expand and optimize their businesses. These innovations play a crucial role in their development and prosperity, offering a range of opportunities to improve operational efficiency, boost sales growth, and provide an exceptional customer experience. Let’s explore the trends for 2024 and understand how these innovations are crucial for your e-commerce:

1. Artificial Intelligence (AI)

Integrating artificial intelligence (AI) into your e-commerce enables in-depth data analysis. Predictive algorithms can anticipate customer preferences, personalize product recommendations, and optimize prices in real-time. Advanced data analysis also provides valuable insights to adjust your marketing strategies. Nearly half (48%) of respondents identified AI, machine learning, and computer vision as the key technologies expected to have a significant impact on the retail industry in the next three to five years.

2.Deferred payment

In a world where consumers seek personalized experiences, deferred payment is a key element that puts the buyer in control. This option allows customers to pay for their purchase later, separating the payment from the moment of purchase. The Buy Now Pay Later (BNPL) option is expected to grow at a compound annual growth rate (CAGR) of 19.61% by 2028, reaching $14,184.7 million.

Benefits include:

  • Improved conversion rates
  • Customer retention
  • Expanded range of accessible products
  • Reduction in cart abandonment

Offering deferred payment can attract hesitant customers who may not have the funds immediately. It also builds trust and customer satisfaction, encouraging repeat business. However, it’s crucial to note the associated risks, such as the risk of defaults. Clear policies, credit checks, and mechanisms to mitigate these risks should be in place while providing a positive customer experience.

3. Personalization of your products and services

Many consumers seek customizable products, including 3D configurators that allow customers to personalize products to their exact specifications. This level of personalization can attract and retain customers, enhancing their interaction with the product. Hapticmedia has created 3D configurators for renowned luxury brands such as Baccarat, Fred, Courbet, and more.

3D configurator of an engraving ring

If your company offers personalized products or services effectively, it can differentiate itself from the competition and strengthen its position in the market. Personalization provides a significant competitive advantage by enhancing customer relationships and boosting sales, allowing your e-commerce to adapt to the needs of a growing market.

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4. Virtual Try-On (VTO)

This innovation allows customers to virtually try on products like clothing or jewelry before making a purchase, improving the customer experience and reducing uncertainty associated with buying products without physically testing them. VTO reduces return rates by showing how the product fits the consumer, providing a better idea of what to expect. It offers a smoother multichannel customer experience with higher engagement rates, increasing the conversion rate by 30%. Adopting virtual try-on for your e-commerce demonstrates a commitment to technological innovation, enhancing your company’s perception as an industry leader.

Photo of a phone virtually trying on a watch

5. PIM (Product Information Management)

PIM is a solution that covers various processes to manage product data across multiple sales channels. It is essential for e-commerce, centralizing all product-related information in one place to ensure omni-channel data consistency. This innovation streamlines data management, reducing errors and inconsistencies while optimizing a significant time-saving. What makes this solution even more interesting is its integration capability with other systems in your business, such as ERP (Enterprise Resource Planning) and CRM (Customer Relationship Management), facilitating information management. The PIM market is expected to reach $63.8 billion by 2030, confirming the importance of this innovation in helping your e-commerce grow.

PIM Operational Schema

In Summary

By adopting these technological innovations in 2024, your e-commerce can remain competitive, attract new customers, retain existing ones, and improve operational efficiency. These technologies are key elements for the success and sustainability of your e-commerce. By investing wisely in these technologies, you can position your business to thrive in an ever-evolving commercial environment.

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