4 Top Technologies for Your Wholesale Business Needs

Just think, it only took 66 years for humans to go from the Wright brothers’ flying machine to the Apollo 11 Lunar Module that took people to the moon.

The rapid pace at which technology changes means that e-commerce business owners need to stay on top of the latest breakthroughs to remain competitive. In this article, the tech experts at TVCMALL reveal how you can take your brand to the next level with these 4 top technologies for your wholesale business needs.

 

1. AI-Powered Chatbots

An AI-powered chatbot uses conversational language to engage with customers and offer basic customer service. Recent developments in AI make chatbots more effective than ever. According to Intercom, a customer support company, chatbots increase sales by 67%.

You can use an AI chatbot in just about every aspect of the customer journey.

● Lead generation: Use an AI-powered chatbot to initiate conversation with website visitors and to collect information, such as their name and email address.

● Shopping assistance: Your AI-powered chatbot can act as a personal shopping assistant by recommending products based on the consumer’s purchase and browsing history.

● FAQs and basic customer service: You can use an AI-powered chatbot to provide basic customer service after hours.

 

 

2. Augmented Reality

Augment Reality (AR) in ecommerce lets consumers “try-out” items before they buy online. Using their smartphones and AR, customers can superimpose products into their physical space. They can see how an orange armchair will look in their living room or how they look wearing a shirt with blue polka dots.

Warby Parker is a great example of how AR in ecommerce can work. After users download their app, they can “try on” glasses to find their perfect fit and style.

According to Shopify, brands with AR experience a 94% jump in conversion rates compared to brands without AR. Using AR in your wholesale business does more than increase sales. It can also:

● Decrease returns. Customers who are able to use virtually try-on products are less likely to return them. The average ecommerce return rate, according to Shopify, is between 20 and 30%. Many of these returns are due to incorrect sizing and product dissatisfaction.

● Increase customer engagement. Keeping customers engaged is key to increasing the time they spend on your ecommerce site. Giving them the ability to play around with VR makes shopping your online store a fun experience.

● Improve brand reputation. Consumers know that AR is an investment. Incorporating AR into your online store boosts your brand’s credibility. And their positive shopping experience makes it more likely they’ll tell their friends about your brand.

 

3. Big Data Analytics

Today’s wholesale businesses have access to Big Data. Big Data represents the whole of a user’s internet and social media behavior. Using digital algorithms and AI, companies can analyze this data for deep insights.

Ecommerce websites can collect this data through cookies, web beacons, or simply by asking for it when consumers sign up for an online account. Or when you buy ads from any of the social media and search websites, you’re paying for the benefits of their Big Data. Big Data can help your wholesale business by:

● Predictive analytics: Use Big Data to forecast seasonal sales fluctuations more accurately.

● Personalized shopping experience: Provide personalized product suggestions to consumers based on their past behavior.

● Increase Sales: You can also use Big Data to increase sales through customized deals and coupons.

 

 

4. Digital Wallets

Digital wallets store multiple modes of payment information, including credit cards, gift cards, and debit cards. Apple Pay and Google Pay are the two most popular examples of digital wallets. And they’re gaining in popularity among consumers because their more secure and convenient than entering credit card numbers with each transaction.

Digital wallets use tokens, which are digital signatures unique to each transaction. Tokens eliminate the need to share sensitive credit card information with merchants. Digital wallets also have additional security measures, such as requiring sign-in information for access. With up to a third of Americans having been victims of identity theft, digital wallets offer consumers peace of mind while shopping online.

 

Level-Up Your Wholesale Business with TVCMALL

Ecommerce is one of the most competitive industries out there, and it’s no wonder, considering it’s also one of the most lucrative with a global market that’s valued at over $3 billion USD, according to Statista. Wholesale business owners can increase their efficiency and their sales when they use these top technologies.

Even the best technology in the world won’t bring you wholesale business success if you don’t also have quality products from a reputable wholesale supplier. With more than 750,000 products with a money-back guarantee, TVCMALL can give you the boost to make your wholesale business THRIVE.