In all the industries, retail is undergoing unprecedented transformations. Several types of computers have become part of the retail process, from small stores to the world’s largest retailers. According to the sources, the revenue driven from digital commerce sales now comprises 16.4 per cent of total retail stores in the world. Digital commerce is in the midst of the revolution and things are moving rapidly than ever before.
Let’s first know about digital commerce
What is Digital Commerce?
Digital Commerce(D-Commerce) is an interconnected process that allows the activities of buying and selling of goods and services on a digital platform such as the internet, commerce infrastructure, etc.
“9 seconds – an average time, a user gives any product before quitting the site”
Technology is evolving with time and the internet has exploded. To create a wonderful user experience, organizations are shifting from the eCommerce platform to digital commerce.
Paying pennies in the market and running the advertisements on the products is not enough to allure the ever-evolving potential customers.
Topmost entrepreneurs understand the need for today’s digital era, the tricks that were good in the ’90s are no longer working, hence they are starting to work with the digital commerce strategies.
Why Do Businesses Need Digital Commerce?
Due to the impact of the digitalization, if you ever checked the behaviour of the customers, then you will notice severe changes in the customer’s expectations, the way they research, how they compare two or more products, and also discuss with their peers to show loyalty towards the brand.
Thus, you can understand, digital commerce is not only important for entrepreneurs, but it is also the need of the time. Important aspects to go with digital commerce:
✔ Consistent customer experience
✔ To meet user expectations
✔ Adapting to Digital Commerce in B2B
🔖How to develop a digital commerce strategy?
A planned digital commerce strategy is necessary to find the speed of tomorrow’s customers. A strategy towards digital commerce is necessary to meet the customer’s expectations and to shine in the market. To achieve successful digital commerce strategies, you need to work on the 6D’s i.e. Develop, Define, Design, Determine, Drive, and Deploy.
⭐Developing an approach to cross-functional team
I think it will be a huge mess if every unit in an enterprise will work like working in a silo. Definitely, it will harm the administration of an organization. So, cross-functional collaboration is mandatory to create a digital commerce strategy.
“Following a DevOps Culture helps to improve the collaboration”
⭐Defining Business Necessities
Do you know? Most of the projects fail just because of the inefficient defining of the business requirements. Creating digital commerce is exactly similar to waste if you are not considering the business requirements. Now, the question is – what sort of business goals need to define for establishing digital commerce?
It can include improving the customer experience, enhancing the digital revenue, researching market trends, etc.
⭐Design according to Customer Experience
Many organizations start experimenting with the technologies in digital commerce without even knowing the customer’s experience, hence they don’t follow a step by step approach. In a layman’s language, you can not boost the customer experience just by having the latest technologies in digital commerce. Whether you need to check each and every stage for the customer experience- ranging from research, evaluation, check-out, and order-returns, etc.
⭐Determine the right Technical Platform
Once you are done with designing the customer experience, now you are able to determine the perfect digital commerce platform like CMS, DAM, CRM, or DXP.
⭐Drive an Appropriate Solution
Once the design and appropriate technical platform are decided, the next big step is to build the solution by working on the necessary functionalities for your digital commerce platforms like customer care, localization, reporting, and analytics, etc.
⭐Deploying in Continuous Manner
The only thing that makes the difference in the winners and losers is the habit of deploying the product in the market with two essential features that are innovation and speed. It is also considered that the deployment frequency of the high performing entrepreneurs is generally more than that of the low performers.
📈6 Hot Digital Commerce Trends
💡Omni-channel Content & Commerce
A segment of society shop the products across different channels. Therefore, digital commerce professionals need to develop strategies and channels to enhance customers engagement. By providing the appropriate content to the customers anywhere and anytime increases brand awareness. It also maximizes the customer’s trust as they gather the right information across multiple channels.
If you ever track the behaviour of the customers, then you will find that most of the buyers choose the product and services as per their preferences and tastes. So, personalization plays a crucial role in determining the customer’s experience. By following this approach, you are successful in offering services based on the user’s behaviour, expectations, attributes, etc.
💡 API-based Commerce
Legacy and inflexible content and commerce solutions are preventing the enterprises from establishing the sole expressions on the customer’s mind and growing fast. But, it can be achieved through the API-based commerce which is also known with the name of the CMS headless commerce.
💡 Artificial Intelligence
AI is the future of digital commerce. Artificial Intelligence includes the advanced level of analysis and logic-based techniques, that consists of machine learning, decision automation, to take actions, etc. For instance, site search optimization, product recommendations, etc.
💡 Customer Analytics
Despite the technology is evolving but the security has always been a great concern for all of us. With the arrival of the “Big data” technology in the market, there is no more risk of cyber attacks, as it ensures good services while protecting the data’s privacy. With this, entrepreneurs can provide a secure and better platform to provide an amazing customer’s experience.
💡 Enterprise Marketplace
Those days are gone when people prefer the price over the quality of the services or goods. Now, they are looking for more options as per their tastes and preferences. Vendors and service providers should consider the customer’s behaviour to make the services successful in the market.
According to Gartner,
“by 2023, 15% of the medium to large scale digital commerce organizations will have their own marketplaces by building the entirely new digital ecosystem”
All in All
Although no one can anticipate the future of the business and what would happen in the future, yet we can positively incline toward fully-connected cloud technology platforms. Here, the only need is to understand that it’s not simply the technology that prompts success. It is certain only those businesses would touch the sky in digital commerce, who look ahead to determine the possibilities and understand the customer’s expectations.