Key Growth Trends
AI quickly became a popular tool to learn about market trends and make the sales process more pleasurable for customers. For example, consider the trend of virtual fitting rooms, which allows users to visualize how clothing products look on them before making purchases online. Tools like these use AI for several functions, like enhancing the accuracy of fitpredictions and suggesting similar options throughoptimized algorithms. Ecommerce companies are turning to these tools to help reduce return rates and other operational costs. High-speed internet connections, smartphone proliferation, and the increasing availability of digital payment solutions make ecommerce substantially more accessible internationally. For context, the global smartphone market reached about 1.46 billion units in 2023. Shopping between international platforms and across national borders has never been easier. The same applies to global supply chains, which make it much easier for any business to source products and components from different parts of the world — ultimately bringing consumers more options at competitive costs. The proliferation of smartphones also brings growth in the form of digital wallets and contactless payment technology, which provides users with the ability to complete transactions seamlessly — and with increased security. Likewise, technological advancements in encryption technology, multi-factor authentication, and stringent security protocol adoption continue to play a significant role in the market. As more consumers convert to the convenience of tap-to-pay, we will continue to see correlative growth in ecommerce and cybersecurity alike.
Artificial Intelligence (AI)-
Powered Features
Significant Expansion in Cross-Border Trade Opportunities
Development of Secure Digital
Payment Systems
Source: Forbes
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