There’s no denying that the global business world is now dominated by eCommerce. Consumers go online to shop, manage their banking accounts, and even trade stocks, using a smartphone, tablet, or desktop computer. The salad days of the brick and mortar store now appear to be waning, ultimately replaced by both web pages and mobile apps.
This continued growth places the onus on businesses with an online presence, as well as the technology companies serving these retailers, to stay at the forefront of the IT innovations influencing eCommerce. Cybersecurity, mobile app development, AI, and cloud-based services are all critical areas benefiting from the expansion in online business activity. So let’s take a closer look at the biggest trends influencing the growth of eCommerce.
Success in eCommerce Requires a Data-Driven Approach
Masses of online transactions remain one of the biggest contributors to the Big Data trend. While the term is almost a cliché these days, the data itself hasn’t gotten any smaller. Companies with the ability to wean actionable information from this mass simply gain an advantage over their competition. AI and machine learning play a big role in this regard.
The job of the data scientist grew out of this acute need in a variety of industries, including the financial and securities world. Data scientists help these firms build the products and services able to retain current customers and attract new ones.
A Design Thinking Approach to Websites and Mobile Apps
Success in eCommerce requires designing compelling and easy-to-use websites and mobile apps. A collaborative effort between designers, business analysts, as well as technical talent helps keep customers in the fold. This approach is especially critical in banking and finance, considering the greater importance of loyalty in customer retention for companies in this sector. Shoddy efforts simply drive new business to the competition.
Information Security and Data Privacy are Critical in eCommerce
If a poorly designed website or mobile app drives customers away, exposing data to hackers and other nefarious agents is even worse. Because of this risk, eCommerce companies need to make cybersecurity an important part of their technical infrastructure. This approach includes building secure websites as well as ensuring hackers can’t gain access to a company’s network and databases.
Financial companies also must take into account any regulatory considerations around information security. The risk of fines in addition to potentially losing clients raises the stakes for these organizations.
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If your organization needs advice on building a great technical team experienced in eCommerce, connect with The CERES Group. As one of the top IT staffing agencies in New England, we provide great candidates able to make a difference for you. Schedule a meeting with us as soon as possible.