Business

E-commerce innovation

To say that this year has been unique is an understatement. Storefronts became digital, kitchen tables became conference rooms, and our entire way of life, work, and shopping has been turned upside down. The necessity of offering an exceptional client experience, on the other hand, hasn’t altered for businesses. The year 2020 tore a hole in time’s fabric, and the commerce blueprint fell through it. (ecommerce business)

There’s never been a more important time for businesses to understand their customers and relate to what they’re going through. By providing connected and contextualised engagement, brands that understand this — and genuinely invest in appreciating their customers’ diverse viewpoints — may gain a competitive advantage. Customers expect organisations to understand their personal needs and expectations, yet just 34% feel they do so on a regular basis. Furthermore, more than half of customers (52%) expect offers to be tailored at all times.

What can businesses do to do it right? (ecommerce business)

One crucial strategy is for brands to guarantee that everyone working for them has access to real-time data. Customers should not have to worry about contacting the wrong person when they contact a company. According to Salesforce data, 76% of customers want consistent interactions across departments. However, 54% believe that sales, service, and marketing departments do not share information.

Customers were already on their way to becoming increasingly digitally reliant in their interactions with firms prior to 2020. Customers have grown accustomed to having their dreams met at the touch of a button, thanks to companies like Amazon and Hulu. In a socially isolated atmosphere, those same consumers — and many new converts — have grown to see digital interaction as a requirement rather than a convenience. As a result, brands have forced to speed up their digital transitions. “In 2020, online interactions will account for 60% of customer engagements, up from 42% in 2019.”

DIGITAL COMMERCE EXPLOSIVE GROWTH IN 2020 (ecommerce business)

2020 According to Salesforce study, 80 percent of customers believe that a company’s experience is just as important as its product or service. Customers valued a decentralised, largely digital-only experience supported by e-commerce capabilities in 2020. During Cyber Week alone, global digital sales increased by 36% year over year. Globally, digital sales increased by an extraordinary 71 percent in Q2 and by a significant 55 percent in Q3. This Cyber Week, shoppers spent a record $270 billion online, up 36 percent year over year and exceeding even our most optimistic predictions. During Cyber Week, mobile accounted for 71% of traffic and 55% of orders, while desktop accounted for 26% of traffic and 41% of orders internationally. In the first few months of 2020, we have seen ten years of rapid e-commerce adoption.

IN THE NEXT NORMAL, A DIGITAL FIRST MINDSET IS NOW REQUIRED. (ecommerce business)

During the COVID-19 pandemic, almost 75% of US customers changed their shopping habits and switched to new brands, according to McKinsey. Value, availability, and convenience were the top three reasons for shopping for a new brand. Safety is the most crucial criterion for discretionary spending. To compete in the new normal, businesses must be able to offer e-commerce, contactless payments, online curbside pickup, and home delivery. According to Salesforce study, shops in the United States with unique pickup choices saw a 29 percent increase in sales, compared to 22 percent for retailers with a simple fulfilment option.

AN IMPORTANT LESSON FOR 2020: EVERY BUSINESS MUST BE DIGITAL.

During the 2020 Christmas season, Salesforce evaluated over 1 billion digital commerce data points and made an astonishingly accurate prediction. I spoke with Tony Pizza, Salesforce’s senior director of product management, to discover more about what we may expect in 2021 and beyond. Throughout the year, Pizza and his team have worked with customers who are rapidly adopting new technology.

“Direct access to end customers, accelerated adoption of digital commerce, 3. modernization of legacy platforms, 4. enable curbside delivery, 5. reduction of return rates, 6. adoption of omni-channel orchestration, and 7. adoption of social network engagement platforms were among the business challenges we needed to address for our clients. So much of what we offered to our existing and new customers was urgent and familiar. These requirements were on the majority of these customers’ 2019 roadmaps, with implementation deadlines stretching into 2025 “Pizza remarked.

Moreover…

All businesses must be digital by 2020, according to a key business lesson. Adopting a digital-first mindset is the first step. Another takeaway from Pizza’s conversation is that business leaders must establish fundamental digital capabilities with deployment timelines measured in months rather than years.  As we look ahead to 2021, we can refer to the five-year plan for guidance.

THE CURRENT STATE OF BUSINESS AND INFORMATION TECHNOLOGY INNOVATION

Only 37 percent of organisations have the skills and technology to keep up with digital projects during the COVID-19 pandemic, according to the State of Business and IT Innovation report, which is based on a global survey of 1,739 line of business (LoB) employees in organisations with at least 250 employees. Companies must spend in reskilling and upskilling their existing staff in order to absorb new developing technology. Furthermore, selecting the proper technology strategic partner will hasten the adoption of critical technologies and competencies required to compete in the new normal.

THE EVOLUTION OF OMNI-CHANNELS AND SOCIAL COMMERCE

By bringing the checkout closer to the boundaries of social media experiences, brands will be able to maximise their investment in social networks. We’ve observed an increase in investment in social media as advertising platforms during the last five years. Brands will go one step further in 2021, utilising the commerce features afforded by these social channels. We also see increasing our ties with brands and social influencers as a catalyst for revenue growth.

This shift will also force brands to reconsider their traditional definitions of “omni-channel,” expanding the definition to include the ability to identify customers at any location and deliver and service their needs, regardless of time or location, based on the customer’s preferred method of delivery. The next step in the growth of omni-channel orchestration will be a frictionless framework that allows businesses to deliver value at the speed of demand. The fusion of entertainment and education will be part of the progression of social commerce. Video live-stream shopping will increase brand-shopper interaction and serve as an e-commerce growth engine.

Source: ecommerce business , ecommerce store

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