The migration to digital commerce has been on the rise. Know the top technologies that will help you keep up with the evolving digital commerce space.
Shifting market dynamics and ever-evolving customer expectations have been the norm.
But nothing could have prepared us for what 2020 had in store.
The advent of the pandemic brought forth a profound change in the commerce space. The result? Explosive growth!
We now see a seismic change across the commerce ecosystem – from buying behaviors, spending habits to payment preferences.
According to a report by PYMNTS, 52% of customers who have shifted to digital grocery shopping swear never to go back to the brick-and-mortar store. Retailers are scrambling to play catch-up with these ‘digitally-driven shoppers’, with some of them taking their stores online for the very first time.
The financial services industry is not holding back either. FinTechs and traditional financial services organizations are leveraging advanced technologies like – VR and AI in an effort to lead the pack and offer customers the inimitable shopping experience that they are demanding.
To be at the forefront of this digital commerce wave, financial institutions and FinTechs need to adopt new technologies that simplify commerce and deliver a seamless experience to all stakeholders that are involved.
Arrangements are already being made to introduce ease and convenience in the commerce space. Claire Calmejane, the Chief Innovation Officer at Societe Generale tweets about UK’s proposed CBDC, also known as ‘Britcoin’.
UK Chancellor Rishi Sunak said that the proposed #CBDC – already dubbed ‘#Britcoin’ – would be a new form of digital currency issued by the Bank of England for day-to-day household usage as well as commerce by businesses via https://t.co/orwTxUHeuU @YahooFinance
— Claire Calmejane (@ccalmeja) July 29, 2021
We see FinTech players making the move to simplify payments using virtual reality. A few years ago, Alibaba introduced an app that allowed shoppers to make payments by just nodding their heads.
On speaking to a few of my friends in the financial services industry, they shared that though the traditional banking space has been slow to explore interactive digital experiences, things are now starting to pick up.
AI technologies including Natural Language Processing (NLP) and machine learning will be leveraged to automate transaction flows and provide personalized assistance in digital commerce.
Cybersecurity has always been a concern. With the move towards a ‘cashless society’, financial players need to power up with advanced cybersecurity technologies and strengthen existing measures on blockchain authentication, multi-factor authentication along with other security measures.
Customers are calling all the shots in the digital commerce space. To be able to thrive and remain competitive, organizations must work towards treating customers to superior digital experiences.
Some of the biggest opportunities that can reimagine digital commerce are:
Follow me on LinkedIn to know about the trends and technologies that are shaping the financial services industry.
Chief Executive Officer, Opus