E-commerce is gaining prominence due to huge customer value of this industry. It is predicted that global e-commerce sales will reach $3.45T in 2019.
An increasing number of merchants are entering the online markets. Competition is high as customers have plenty of options for each product and service. Especially startups have more threat from key players in the industry. So investing in value-oriented technologies like Digital KYC verification software and customer service chatbots, etc will help them gain prominence.
Technological advancements are utilized equally by cybercriminals and businesses. Startups do not have enough resources to invest in high-end technologies, so they need to choose smartly and strategically according to their budget. Below are a few must-have technologies that generate value for startups, while keeping in their budget.
Digital KYC software
Know Your Customer (KYC) is vital for e-commerce. Digital KYC is integral for e-commerce due to regulatory compliance and for cybersecurity.
Cybercrime is increasing at a huge pace, and e-commerce startups are exposed to huge risks. One cybercrime might become the killing blow for the startup, as startups do not have enough funds to overcome the crisis.
KYC regulations are strictly imposed in every country. E-commerce startups mostly cater to a global clientele so they need to comply with regional KYC regulations. Building in-house software is not feasible for startups because it will take a lot of time and effort, also it might not deliver good accuracy in results.
Using an outsourced identity verification software helps e-commerce startups to mitigate the risk in a cost and time-effective way. This software can verify the customers from any part of the world within a minute. Due to its fast pace, customer onboarding process becomes fast.
It helps in seamless compliance and reduces the risk of penalty. Clients as well fell secure with platforms that practice compliance, related to KYC and data protection.
AI-based customer service software
Customer service is mandatory for all types of businesses, whether it is a startup or a multinational company. Using AI-based customer service solutions helps to analyze customer behavior for decision making.
As the customers are connected online so these solutions help in maintaining good relations with customers while giving useful insights to the management regarding decision making.
Chatbots are a good option for e-commerce startups. It helps them to onboard loyal clients by providing good customer support. Customers also prefer chatbots to skip the time spent on live customer support.
Using a combination of live customer support and chatbots will help your startup to manage your customers properly. In the beginning, startups do not have excessive funds to hire more people for live customer support, so chatbots are a feasible solution. It will help in managing customers smartly and while gaining customer value for your new venture.
Another valuable investment for e-commerce startups is lead intelligence tools. Your customers are your valuable asset, do not lose them. Lead intelligence tools like Linkedin’s sales navigator gives several features that help businesses to manage their clients and to pitch for new prospective clients. Many features are free of cost so it is feasible for startups.
Lead intelligence tools help startups to manage leads and prospective clients. In case you are starting a B2B e-commerce startup lead intelligence will help you to gauge prospective clients through the research features of your lead intelligence tool. For example, Linkedin’s sales navigator keeps you updated about your prospective clients or the clients that you follow. It helps you to pitch for your clients in a natural way.
Cloud computing is a must for startups. Do not miss the opportunity to use these spaces for the smart management of your data. Many businesses are using it and many startup founders find them very useful.
Cloud computing comes with its own pros and cons. Use it to your benefit and prevent data breaches and frauds by practicing data security protocols in your company. Do not share confidential information on these platforms. Also, train your employees regarding threats in cyberspaces.
Collaboration software is commonly used by all types of businesses and startups. This software is mostly free of cost and help in hassle-free collaboration among all the employees. Secure collaboration software is, dropbox, google drive and trello.
To wrap up technological advancements comes at a rapid pace but all of them are not feasible investments for startups, because startups have a limited budget. Investing in online KYC software and AI-based solutions for customer retention will help e-commerce startups to reduce risk and onboard loyal customers by providing them 24/7 customer support chatbots.
On the other hand, collaboration software help in swift collaboration among the employees. Hence, smart investments are the key to success in the digital age.