Online Marketplace Latest Technology Trends in 2020

In 2019 there is a huge increase in e-commerce global sales. People are nowadays more into buying and selling online. People are taking their businesses online to multiply their earnings. This online trend on both the supply and the demand side has given rise to many Online Marketplace startups in 2019. The online marketplace industry will experience the fastest and constant growth for the next few years. The growing digitalization has changed the way how online business is conducted. New technologies are evolving every day, so one needs to be updated always. So we have analyzed the Online Marketplace Latest Technology Trends that must help you in 2020 to become the next Online Marketplace Success Story.

Build an Engaging Platform:

Convenience to order at the tap of a button has given rise to Online Ordering. Businesses like Ubereats, Instacart and Airbnb have grabbed huge customer attention because of their engaging platform and the ease of ordering. One needs to develop an engaging platform. You need to make the buyers evolved in your platform. So in 2020, you have to focus the most on building an engaging and easy-to-use platform.

So being a smart business owner one needs to invest in complex software for data collection and exploration, so you get an idea about customer activities and about the changes that you should make to your platform to make it engaging.

Some of the features/promotions that are commonly used are:

Providing referral offers will boost your number of customers.
Seek for regular customer feedback and let customers see everyone’s feedback. This will build trust among them towards your platform.
Give offers Start providing offers, It will help you acquire more customers. Later on, a little hike in prices will not bother them much.
Give rating alerts: getting good ratings from the users will make new users believe more in your products.
Also, you can use GIFs and videos to your platform to make it more attractive.

Blockchain technology in Mobile Payments :

Due to the increased digitalization people are more likely to pay using cards or payment apps instead of cash. People nowadays have developed a habit of not carrying cash due to the availability of digital payments everywhere. Apple pay and Google pay are quite beneficial for the development of web-based marketplace due to its seamless and fast payments experience in the process of checkout. Before that, at the time of card payments, it was a long and complicated checkout as customers have to fill in all the details which resulted in a lot of cart abandonment. Blockchain technology is being used in Apple and Google pay. The currency can be received and converted in real-time, without any restrictions of time, device or location. This technology also eliminates the risk of frauds.

Payment methods like Stripe you can integrate into your platform. It is a global payment platform. It supports 100 currencies and has features such as mobile payments, subscription billing and one-click checkout.

Voice Commerce:

Technology has decreased the human efforts to such an extent that instead of typing people are nowadays using voice search to search and purchase products online. The human voice is now a tool for searching and thus gave birth to a new term called voice commerce. By the end of 2022 voice commerce alone will hit 40 billion USD sales in the USA. So if building an online marketplace then for users convenience one must optimize it with the voice search.

Followings tools you can use for adding voice search option:

Dragon Naturally Speaking.
Dragon Anywhere.
Google Now.

Artificial Intelligence:

Artificial Intelligence goes in link with voice technology. AI will change the modern online marketplace solutions making them more efficient for the consumers. Have you ever thought why AI is considered as the key to digital transformation nowadays?

AI can categorize goods automatically, improve the image quality by default, translate item description and listings as well as messenger conversions. Beside quality improvement, it can show the customer, recommended products according to the search history of the customer.

If you have an online marketplace or planning to start one then you must keep an eye upon AI in 2020.

Ways through which AI can revolutionize your marketplace:

Search Engines:

You can use AI to build intelligent search engines. AI-powered search engines track the browsing patterns of the user and do searches as per that to help you find exactly what you are looking for.

Retargeting using AI:

Sometimes you can notice that a customer spends a notable amount of time on a particular product and then suddenly exits. Using AI you can store the information for the next time and you can retarget that person for the next time he/she visits your platform.

Providing recommendations to the customers:

So by now, we are aware that AI can efficiently and effectively predict customer behaviour and their needs. So using AI your platform can show them relevant recommendations.

App and Progressive Web Apps Design:

Every day the number of smartphone users is increasing and it will keep increasing in the coming years. To be in the race you should create an online marketplace with a good app and website design because what people see is what sells. Nowadays mobile apps technology is growing at a pace that it can completely replace normal computers. So the mobile app design should be on priority at first. The mobile app should be adaptive and progressive and make sure you provide your users with sufficient UX quality. Another software trend which is connected to the mobile interface is PWAs(Progressive Web Apps). The Progressive Web Apps works on any mobile browser and should not be downloaded. These are called progressive web apps as they combine the advantages of mobile experience with the benefits of browser technology. So one should focus more on app design and progressive web app design.

App and Progressive Web Apps Design:

Dynamic Pricing:

Dynamic pricing is another trend in the marketplace innovation. It is about providing the customer with the best price you can. For this, you must know the price that your competitors are providing, so according to the competitors’ pricing, you have to set your pricing. Also, the pricing depends upon the market demand, that what is the customer demanding and what price you can pitch the customers according to their demands.

If you want to create an online marketplace then Yelo is the best platform for you.

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