The new report is based on the analysis of software development projects over the last 20 months and highlights a focus on user experience, new generation demands, and scalability.
BairesDev, a nearshore software solutions company, has released a new whitepaper highlighting upcoming trends in software and e-commerce. The report’s analysis is based in part on a 150% increase in Bairesdev’s own software projects over the past 20 months – a period marked by challenges and innovation in online retail.
While e-commerce grew globally during the pandemic, Southeast Asia and Latin America experienced the highest growth in 2022, with over 20% in each region.
Read More: SalesTechStar Interview with Niels Fogt, Director of Automation Solutions at Tray.io
The report highlights five major trends:
- Brick and mortar is NOT dead. However, retailers must change how they operate. 54% of consumers prefer hybrid shopping, in which clients view a product online and purchase it in a physical store. With this in mind, retailers need to build an omnichannel presence to stay competitive. Companies need to take advantage of new technologies to reach the consumer creatively.
- Personalization or nothing. AI drives personalization, putting consumers at the center of the e-commerce experience and prioritizing their unique needs. Using augmented reality (AR) in an online store can increase sales by up to 71%. Immersive and interactive technologies that make the user experience more engaging (and easier) will only increase.
- Digital-conscious consumers demand ethical shopping: Gen Z and Millennials demand products and services prioritizing privacy, security, sustainability, and ethical practices. AI-based technology enables companies to improve their diversity and sustainability efforts.
- It’s all about data: Data-driven decisions are key to boosting business success, especially for retailers. As data-driven organizations are 23x more likely to acquire customers, 19x more likely to be profitable, and 6x more likely to retain customers, retailers should continue to invest in cloud computing technologies as businesses can access a wealth of data, using this information to make decisions in real-time.
- Mobile device usage is crucial to e-commerce: Mobile sales account for 43.4% of total e-commerce sales. To stay competitive, retailers must prioritize optimizing their e-commerce experience for mobile devices and delivering exceptional customer experiences. Companies failing to optimize their online shopping experience for mobile devices risk losing significant revenue and engagement.
“In today’s retail industry, businesses need to leverage the advantages of e-commerce digital retail and first-rate logistics to stay competitive,” said Bob Leibholz, Senior Vice President of Business Development at BairesDev. “Our experience in e-commerce projects shows that companies must prioritize building a robust digital presence and delivering exceptional customer experiences aligned with the demands of a new generation. Companies need an experienced quality partner to solidify their digital presence and implement changes fast to stay ahead of the competition.”