How Do We Define Digital Commerce?
How can we define digital commerce within the current time?
The definition of digital commerce today is significantly different from just several years ago. Meanwhile, there is a myriad of factors and steps that need to be considered when defining the term and it is impossible to describe the concept without considering all of them.
In the simplest description, digital commerce gives consumers the opportunity to purchase products and services online, and without needing to talk to or talk to anyone. It’s an entirely separate experience for the consumer. We all know that with just a few clicks of the mouse, virtually everything you’d like is delivered right to your doorstep.
Modern commerce includes all the points of contact and processes that are part of the entire journey of a customer. That means all the tools, processes, and technology used to build the online experience are crucial to the overall concept.
A few of the aspects of the current concept of online commerce comprise:
- Product descriptions and development of content
- Research and development
- Promotions, marketing, and social media
- Customer service
- Customer experience
Of course, those selling their products through E-commerce should be aware that every process and content is optimized for every type of digital interaction, which includes tablets, smartphones, desktops, and so on.
What is Driving the Need for Digital Commerce?
The world of commerce is evolving at an alarming pace, and with the changes come a change in the way consumers behave. The main reason for this is the rapid advancement of technology, the digital marketplace is now seen as an integral component of the internal workings of the online retail industry. Being successful in this field means you must keep up to keep up with the rapid advancements in technology.
In the realm of digital marketing mobile is a crucial element of the contemporary digital experience. This is so in fact, that the mobile market’s global population is at 4 billion users.
With the increasing use of smartphones, a greater percentage of people are seeking convenient ways to shop on their smartphones which is demonstrating changes in consumers’ buying habits. That’s not to suggest that all shoppers are shopping on their mobile phones however, this is an aspect that retail stores need to be aware of in order to gain access to an increased market.
1. Provide the most enjoyable customer experience.
A study conducted by Qualtrics found that 65% of users believe that a brand’s website or application affects the experience overall. The respondents identified the digital experience as a “very important” aspect in their recommendation for the brand.
Customers are also using digital channels to gain assistance from businesses they deal with, like for example, customer service. Another thing to consider is the omnichannel fulfillment that consumers are expecting when they purchase from a company nowadays.
In the last couple of years, this model has become an essential solution for retailers and retailers who wish to expand their orders without much effort. This approach combines various sales channels (online kiosk, store, mobile or call centers) along with inventory sources (store warehouse, suppliers, or marketplace) and fulfillment points (which could include delivery at home pickup at the store, store pick-up, or pick up at the collection point).
2. Stay ahead of the competition’s evolution.
If you’re still not creating a customer journey map You should seriously take a look at getting started. It’s likely that your competitors are already incorporating this into their online commerce model.
In the end, if you concentrate on the instances of interaction with customers which contribute to the brand’s loyalty, you will start to comprehend what drives a person to recommend your experience to a spouse, family member, or neighbor because the process of beating out your competitors is easier by analyzing customer data.
8 Key Digital Commerce Trends
The global digital advertising market is predicted to exceed $375 billion by 2021 according to eMarketer. The market research firm also estimates the “digital will continue to exhibit robust growth as well as expanding from 39.1% of total media ad spend in 2017 to 49.6% by 2021.”
Businesses are relying on these to keep up with rapid-changing change:
1. Content that is personalized.
A study found that 72% of customers will only respond when a marketing campaign is specifically tailored to their desires. Making the user experience better and convincing your audience to believe in you are two aspects you can accomplish through the process of content personalization.
2. Subscription commerce.
If customers sign up to receive products on a regular basis this falls into the market segment of subscription e-commerce. Between 2012 and 2018, this kind of digital commerce has increased in popularity by over 100 percent.
3. Enterprise marketplace.
“The enterprise market is a brand new business model where companies alter their methods of doing business, develop larger ecosystems, create new capabilities, and develop new revenue sources.”
4. Augmented reality.
Why not give your customers the opportunity to experience a digital experience that feels authentic? Augmented Reality (AR) is one form of technology that operates by superimposing images on an individual’s view of the world, by stimulating the senses. AR can employ effects that imitate real sounds or images, emotions, and, in certain instances, even smell. The aim is to create an emotional connection as it creates an urge for the user to purchase a particular product.
5. Artificial intelligence.
Wikipedia classified artificial intelligence as machines and computers which mimic cognitive processes. When it is integrated into the digital world of trade, AI analyzes data from consumers (e.g., gender, age, e.g. gender, age, and desires — to provide very specific marketing materials to the customers.
6. Commerce and content.
Commerce content is among the most requested services. For a better understanding, Buzzfeed’s commerce service generated $250 million in transactions in 2018according to figures. These pieces that focus products concentrate on specific products or topics to entice attention.
7. Progressive web applications (PWAs).
In the year 2000, Microsoft declared that they would include URL Protocol handlers registration. The reason Microsoft has for this is to permit Google to incorporate PWA services. Chrome browser, making it appear and feel like an app that has been installed… with no noise.
8. Customer analytics.
The idea that analytics can be used to analyze the behavior of customers is essential to making informed, data-driven choices.
Be innovative or leave Digital commerce is constantly updating
In a recent study by Gartner, an interesting set of forecasts for the future of online commerce by 2023 was revealed. As some of them include below:
- 15% of the largest digital commerce firms will have launched their own marketplaces
- 80percent of businesses who use AI in their strategies for digital commerce is likely to see 25percent or greater improvement in performance indicators that are crucial to success like customer satisfaction, revenues, or cost reduction
- Three digital commerce vendors will dominate the market by offering extensive application platform-as-a-service (PaaS) innovations.
This last aspect is especially important, not just to emerging vendors and more established players as well. The message? Innovation or go home.
The roads to e-commerce start at the point of digitalization.
Although the foundations of all digital commerce platforms share many features in common The most significant thing that differentiates a leader is its capability to continually introduce revolutionary and innovative tools that help customers continuously build their processes to improve the experience for customers.
The world of commerce has changed dramatically in the last few years. Due to and because of revolutionary new technologies that are being used to automatize. Previously manual processes or to allow the development of brand-new capabilities.
The first transition towards cloud-based headless-first digital commerce platforms. This has allowed the front-end storefront on the internet as well as the customer interface in-app to be separate from the commerce. It has opened up a whole new realm of flexibility for businesses”partner ecosystem.
They can also be extended to physical stores, by the way, the concept of “endless aisle” capabilities. It allows in-store inventory to be refilled with warehouse inventory at the spot, thus reducing the loss of sales due to inventory shortages.
Also, think about the effects that AI or machine learning in the visualization of products and storefront layout as well as customer service chat functions and many others. AI could, for example, enable personalization at an even more detailed level. The customer’s actions and desires to guide the design and content of the online store they use in real-time.
Every minute counts.
Although nobody can anticipate how the world of work will evolve or the benefits it can bring. We can bet on the trend toward full-time cloud computing platforms that are connected as the most important way to reach that goal.
However, technology isn’t the only thing that is to be successful. When it comes to getting to the top in online commerce the top contenders will undoubtedly be those who constantly think ahead. Similarly, reinvent the possibilities, and remain focused on the ultimate beneficiaries of their products that is the customer.