Boom in Mobile E-Commerce Drives Businesses to Enhance Platforms through IoT and Predictive Analytics
Converged technologies can harvest, integrate and analyze consumer data for valuable insights on specific customers, finds Frost & Sullivan's TechVision Team
LONDON, Oct. 25, 2016 /PRNewswire/ -- With the explosion of mobile e-commerce, the number of online communication channels and the volume of customer data is multiplying, prompting software developers to design platforms that can collect and analyze data from all channels. The technologies that will best empower businesses to improve their mobile e-commerce communications and transactions include Big Data analytics, the Internet of Things (IoT), omni-channel communications and ad predictive analytics.
New analysis from Frost & Sullivan, Next Generation Technologies for Mobile E-commerce (http://frost.ly/yv ), finds that enterprises use automated responses based on data trigger points to personalize and individualize their customer conversation. This translates to greater conversion rates of shoppers to customers, expanding enterprises' client base and strengthening brand loyalty.
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"While predictive analytics analyze the volumes of Big Data collected on shoppers, the IoT augments predictive analytics by collecting data from multiple points of customer contact, including brick and mortar stores, websites and telephone calls," said TechVision Research Analyst Mike Valenti. "Integrating these technologies supports the goal of omni-channel sales and creates a seamless shopping experience at any venue."
Many small- to medium-sized enterprises are unaware of the volume of mobile e-commerce and believe they need personnel with high technical expertise to handle the transactions and data. Enterprises find it difficult to build a bridge between e-commerce conducted on mobile devices and desktop communications. They will find it easier to navigate between the two once they start considering mobile e-commerce as complementary to other types of online commerce, rather than as a separate or competing entity.
Meanwhile, the development of omni-channel technology platforms is proving vital for targeted e-commerce and marketing. It is important that the marketing campaigns be individualized and device-agnostic to suit the device preferences of customers. Cross-device conversion technology enables enterprises to access valuable customer data from multiple devices.
"One of the main challenges of managing content on different devices is the variety of screen sizes where the interactive data is displayed," noted Valenti. "This has fueled the innovation of responsive templates that provide easily used interfaces on laptops, tablets and/or smartphones."
Another exciting addition to the mobile e-commerce experience is augmented reality (AR). Using this technology, an online shopper can virtually experience the product, such as knowing the way a necklace will appear on the shopper or having a driver's view of a new automobile. Enabling consumers to store their AR experiences on a mobile device adds a new link between the enterprise and its customers.
Enterprises are also addressing the important issue of security, as smart phones and tablet computers can be hacked or even physically stolen for account intrusion. Enterprises now offer biometric access to mobile e-commerce, which is going a long way in enhancing the security and speed of transactions.
Next Generation Technologies for Mobile E-commerce, part of the TechVision subscription, offers a detailed account of the technology trends that will support the expansion of mobile e-commerce from 2016 through 2020. Frost & Sullivan's global TechVision practice is focused on innovation, disruption and convergence, and provides a variety of technology-based alerts, newsletters and research services as well as growth consulting services. Its premier offering, the TechVision program, identifies and evaluates the most valuable emerging and disruptive technologies enabling products with near-term potential. A unique feature of the TechVision program is an annual selection of 50 technologies that can generate convergence scenarios, possibly disrupt the innovation landscape, and drive transformational growth. View a summary of our TechVision program by clicking on the following link: http://ifrost.frost.com/TechVision_Demo.
About Frost & Sullivan
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SOURCE Frost & Sullivan
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