The landscape of e-commerce has dramatically shifted. The trends reveal 51 percent of Americans prefer shopping online, and each year e-commerce is growing 23 percent. Forty percent of millennials are making their purchases with a voice assistant, and by 2020, this will increase to half. More e-commerce experts are expected to emerge in 2018. Due to AI, or artificial intelligence and ecommerce personalization, finding the right products, beginning an advertising campaign, and opening a store online have never been easier.
Chatbots are becoming smarter, and the growth of blockchain technology is consistent. The market for automated customer service, chatbots, and ecommerce personalization is expected to continue growing in 2018. According to a survey by Business Insider, eighty percent of all businesses expect to be using chatbot automation by 2020. The survey by LivePerson showed 67 percent of consumers have had customer support from a chatbot within the last year.
AI software is powering virtual personal shoppers, ecommerce personalization and chatbots. Personalization has become the future of retail. Consumers are making purchases from companies with shipping and return policies designed to be consumer friendly. Technology is expected to have an enormous impact on 2018. AR, or augmented reality, and sensors are expected to impact the consumers interaction with brands and shopping experience. AS the tech industry continues to become more savvy and user-friendly, both traditional offline and ecommerce companies are growing.
The year 2018 will continue the e-commerce drive towards personalization, and this will affect the buying habits of consumers. Individual preferences will become the basis for most recommendations. A subscription mentality will most likely be adopted by the brands for companies to survive and adpat. The e-commerce market should see an increase in the subscription segment. Brands in 2018 have no choice but to become smarter, measure their ROI, enlarge their content including video, and embrace the technology of AI.
The number one prediction for 2018 is brands will start using unique content to differentiate themselves. Videos are expected to be a large part of this content. The sands of retail are shifting due to the technology made possible by AI. The brands must take a good look at the future to be able to successfully compete in the sector of retail. As the times change, this sector continues to become more crowded, and the changes are evident. Businesses in the retail sector must continue to make the necessary changes or be left behind.