Researchers have noticed a significant growth in the use of technology by e-commerce owners to optimize various aspects of online retail.
Think about the customer experience, personalization, inventory management, and marketing strategies. These days, more entrepreneurs are using these technologies like artificial intelligence (AI) and data analytics to simplify these tasks.
A new study by Reliable Research Reports looked into the micro-performance of technology and how it’s expected to shape the future.
Determining what customers want
Studies show Australians are still fixated on the “personalized experience” despite their tight budgets and the cost of living crisis.
The report Reliable Research Reports states that the main driver of the e-commerce micro-performance technology industry is the increased demand for personalized shopping experiences.
While online retail is growing and there is rising competition in the e-commerce market, obstacles remain. Privacy concerns, integration issues, and evolving technology are shaping the retail industry quickly.
Market trends: using technology
Reliable Research Reports found a “steady increase” in e-commerce micro-performance technology adoption. This is driven by the “need for e-commerce businesses to remain competitive.” It’s also driven by “seamless and personalized” customer shopping experiences.
This sector in e-commerce is experiencing “rapid growth.” This is due to the massive increase in AI, machine learning, and analytics. “These technologies enable e-commerce companies to optimize their performance and provide personalized experiences to customers,” note the researchers.
But what about customers’ behavior towards online shopping and convenience? Researchers say these factors are “further driving the demand for micro-performance technology.”
As a result, the increased market growth and stability are expected to grow by 15% (CAGR) over the next 15 years.
Trends per country
North America and Europe are leading the e-commerce micro-performance tech market. The US, Germany, and France are also key markets. “These regions have high internet penetration rates, advanced technology infrastructure, and a well-established e-commerce ecosystem. [It is] driving the demand for micro-performance technology solutions,” reads the report.
While more people are using smartphones, the rise in disposable incomes and spike in online shopping fuel the adoption of this type of technology in China, Japan, and India.
“Major market players such as Adobe, Google, IBM, Oracle, and Salesforce are actively investing in product innovation, strategic partnerships, and market expansion in these regions to capitalize on the growing demand for micro-performance technology solutions,” highlights the researchers.”
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About the author
Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
