What is the Impact of Technology on E-commerce Platforms?

The technological advancement includes a direct impact on the e-commerce industry. Undoubtedly, technology is the backbone of the e-commerce industry. Technology bridges the gap between sellers and customers on the web and mobile platforms. The system also facilitates the effective management of customer orders, deliveries, returns, and payments of purchased goods. In addition, assisting in the development of e-commerce value chains in marketing, recruitment, advertising, and more. Representing the impact of the growing technological advancements, we present this blog.

This blog mainly highlights the impact of technology on the e-commerce industry. Additionally, we have presented how Techno Exponent has evolved the e-commerce field with various technologies like Node JS, WordPress, and more.

What is E-commerce Industry?

To begin with, the e-commerce industry is the niche that allows buying and selling of goods on the internet and services. Recognized as the vast platform supporting the transmitting of funds or data over an electronic network, primarily the internet. The various forms of e-commerce transactions include B2B (Business to Business), B2C (Business to Customer), C2C (Customer to Customer), and C2B (Customer to Business). Highly powered by the internet and technologies, e-commerce performs its service of transmitting virtual products and services information.

Now that you understand the definition of the e-commerce industry, let’s head toward the evolution of the e-commerce industry.

How technology impacts the E-commerce Industry?

The advancement of technology has vastly revolutionized the e-commerce industry. Hence both go hand in hand for several years.

Over the past 20 years, this industry has witnessed severe growth. The rapid adoption of technology also implemented new ways for the e-commerce industry like increased demand, participation, and consumer interest & boost B2B and B2C e-commerce speeds globally.

Undoubtedly, the fuel behind the advancement of the E-commerce industry is technology.

The Rise of E-commerce-

The rise of the e-commerce industry can date back to 1969 when CompuServe was launched. Back then, e-commerce platforms were not as popular as they are today. Eventually, the demand for a digitalized world increased, and e-commerce grew rapidly. Nowadays, almost all people demand the convenience of online shopping for various products and services. Satisfying the demand, the e-commerce industry is spreading its arms in all sectors.

Some technological advancement impacts e-commerce in ways. The technological trends are listed in the next part of the blog.

Emerging Technology Trends that Impact E-commerce

Few technologies that impact the E-commerce industry are:

AI integration- The integration of Artificial Intelligence vastly transformed the B2B e-commerce industry by serving uncomplicated and powerful management. The businesses also benefit from effective purchase and computerization offered by AI technological integration.

Live Chat Bots- Create virtual text and voice assistance powered by the technology. It helps the audiences to perform better shopping for products and services. The robotics of Chatbots immediately answers all the queries of the customers and users.

B2B personalized Information- Personalized information improves B2B E-commerce with real-time procurement data improvement. It allows us to have a piece of good knowledge of the customer’s actions and work accordingly.
Secured Payment gateways- Technological advancement has increased the security of payment gateways. Customers pay and get their refunds without barriers with the transparency in the payments. The advent of e-wallets and gift cards is helping businesses grow.
Easy buying and selling- Customers enjoy a better shopping experience. The e-commerce advent bridge the gap between buyers and sellers, ensuring a smooth supply chain.
Redefined Customer Experience- Technological advance has revolutionized the customer experience. The integration of VR and AR offers a real-life user experience. Incorporating a unique way to engage with buyers and sellers.

Statistics representing the Growth rate of Ecommerce

From the date E-commerce was launched till 2022, the global e-commerce market reached a total of $5.55 trillion in 2022. Furthermore, the report predicted that the rate of growth would increase in the future. Online retailers are receiving vast profits from this growth.

A recent study report on e-commerce advancement stated that 2 years prior only 17.8% of online sales occurred. Later in 2022, the number of online sales reached 21%. It is also expected that by 2025, the number will reach 24.5%.

How Techno Exponent helps E-commerce Development?

Techno Exponent is an award-winning IT company that tailors various technological updates for E-commerce Development.

The expert team of Techno Exponent builds various e-commerce platforms for global businesses. Among the latest e-commerce developments is toofle.com. Another example of an e-commerce site built by the techno exponent is social SX. As per the developers of Techno Exponent, the building of an e-commerce site becomes convenient with Node.JS, React JS, and WordPress technologies.

Some leveraging apps and websites Techno Exponent offered as the best Node.JS development company are Tooflee.com and Social SX.

A few details about Tooflee.com

Tooflee.com is a Multi-vendor e-commerce app where there are registered Sellers and Buyers. To make the selling and buying process easier, experts used Node.JS for the backend and React JS for front-end development.

Admin can post a product, manage Stock, Customers, Order, Coupon Code, Discount, Adds/remove Shipping methods, generate sales report, and Sort by Date. Used the .cvs, Mass products are uploaded, managed content, printed sales reports, displayed product view count, and posted products under categories.

Sellers can post products under the category, upload Mass products by .csv, do review Management, report Review, order & Invoice management, Pay a Commission Fee, Add Coupon codes, Put Delivery Available Areas’ Zip Codes, etc.

Customers can Search, Filter, View and Compare Products Add to Cart, Select Shipping methods, Checkout, and make Payments. They can perform Order Management, open Dispute, and Coupon codes, Add products to Wishlist, check Delivery Availability by Zip Code, write a review and rate a product, Flag a Review, Track Order, etc.

Tooflee.com

Technology Stack used:

Codelgniter 3, PHP 5.6, Node JS

DB- MySql

iii. Third-Party Integration: Stripe Payment Gateway

Few details about Social SX

Social Cosmetics (Social SX) App is a beauty social network and marketplace. Here, registered users can connect with top-tier influencers and brands. This is a new social platform and marketplace that lets users discover, share, and connect for all beauty purposes. This app gives beauty users a single place to manage their business, instant feedback, and engage with like-minded people worldwide. The backend development of this app was using Node JS technology.

Features:

Verified business and influencer Profiles
Profile personalization
Group Creation
Beauty information and resources
Results and Reviews from actual users
Reviews of Businesses
Connect with community users
A marketplace for products & services
Streaming video and Instant messaging

Social SX:

Backend Technology:

a) Laravel(version 7.3)

b)Node Js

c)My SQL

d)My PHP Admin

3rd Party Integration:

– firebase configuration:

– Agora(Live Streaming)

– Socket. io-client – 4.1.2 version

-Stripe payment

Not only this, but Techno Exponent also developed various e-commerce platforms with WordPress. One example of such a WordPress-developed app is IdealChimic.

Few details on IdealChimic

It is an online WordPress-developed e-commerce store for buying Chemical Products. This is a Bi-lingual site (French and German). Users can search by Keyword, Product, Range, Label, Category, etc., and will get the list of products. Users can go to the product details page, view all the details, download the data sheet and MSDS, and add them to the cart. On the same page, the user will get the option to buy related additional products. Once the user adds all the items to the cart, he/ she can go to the Cart Page, modify the cart if needed, choose the payment method, add all the required details and finally place the order. The user can then track the delivery. Admin can do product management, user management, content management, category management, page management, order management, transaction management, dispute management, etc.

IdealChimic:

Frontend Technology

Magento
WordPress

Backend Technology

Magento
WordPress

Database Technology

Mysql

Conclusion

In concluding the overall concept to develop and meet the growing e-commerce industry, knowledge of different preprogramming languages anis demanded like Node.js, WordPress, React JS, and more. Without proper technological knowledge, one cannot satisfy the evolutionary e-commerce platform. The platform should possess the best functionality. Elements such as interface, Web servers, Payment Gateways, API/XML integration, and database must be fully functional for your e-commerce industrial portal. So, if you demand a fledged e-commerce application, you can hire node.js developers and WordPress developers from a leading IT company. The best tech experts can assure you of vast growth.