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What are some of the latest industry trends you should know about?

There are some latest trends regarding this market or industry which you should know about. To succeed in this highly competitive industry, it is more than essential to know about the latest trends and technological developments.

Rapid growth of smartphone sales: In 2013, more than 29 percent of cell phone users have bought items from shops online. According to Walmart, one of the world’s largest e-commerce stores, around 40% of their revenue in 2012 came from online purchases. According to market studies, in 2020 the global market revenue is stated to reach $250 billion. This is undoubtedly a great opportunity for online retailers, as long as they keep themselves updated with the latest technological developments. According to Statistica, research says that by the end of 2017, approximately 5 billion people shall be using smart phones, which also points out to proportional growth of sales through mobile devices.

Predictive and Analytics technologies: Selling online may be lucrative, but has its risks as well. For instance, if you are not selling to the ideal target audience, you may be wasting your resources and earning less than you should. This is why online sellers wish to understand the behaviour of a prospective customer. The good news is that this is possible with the help of Predictive and Analytics technologies. These feature special deals to customers and relevant products based on their search history, among other features.

Hybrid process solutions: Companies are constantly experimenting with new ways to satisfy customers, such as online ticket check in, online reservations etc to avoid crowds, drive-through services, same day delivery and fast delivery.

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