6 Digital Ecommerce Trends To Watch Out For
Digital commerce is in the middle of a (further) revolution and things are moving faster than ever.
The global Covid-19 pandemic has pushed digital front and center retail for B2B and B2C buyers. Half of shoppers buy products they have never purchased online before. 70% buy more than usual.
While all this excitement brings with it new possibilities, it also comes with the challenge of figuring out how to proceed.
Customer expectations can change momentarily, and a company's ability to adapt to market trends determines success.
6 major trends in digital commerce:
1. Multichannel Trading & Content:
Digital commerce professionals need to create significant consumer engagement across each channel.
Developing and maintaining the right content for the right place and time increases brand awareness and creates a consistent customer experience across all channels.
It also maximizes the customer understanding that can be gained from cross-channel analysis.
2. Personalization:
Personalization is a process that creates tailored individual interactions to optimize the user experience.
Personalization needs to be built at the heart of the experience and influence every point of interaction.
Website searches, sifting through data, product recommendations, landing pages and all other points of interaction should work together to create a complete picture of each visitor during their journey.
3. API Based Trading:
Inherited and inflexible content and marketing solutions prevent companies from building unique, thriving experiences.
API based trading (also known as headless trading) gets around this problem by using the API as the core for interacting with individual business systems.
Compact APIs control the transfer of data between systems - content, product, customer information, financials, and other systems reside in separate systems, with no code restricting interface development.
Retailers can take advantage of true multi-channel designs by developing custom layouts in much less time to scale interconnected systems and achieve the same.
You can provide your customers with relevant, contextual and consistent product experiences and content across every website, app and other point of contact with which they interact.
4. Artificial Intelligence:
AI is growing exponentially. The cost of artificial intelligence in e-commerce is projected to reach $ 7.3 billion per year by 2022.
AI applies advanced analytical and logic-based techniques, including machine learning, event interpretation, decision support and automation, and actions
Some examples of artificial intelligence in e-commerce range from optimizing website searches to product recommendations and personalizing trips to shopping.
5. Customer Analysis:
We've learned a lot since the term big data became a hot topic a decade ago. Today there are practices and technologies that provide good service while protecting everyone's privacy.
To truly enrich the customer experience, marketers need to take a step back and look at the different types of data they have. You then need to identify the data and technology that will provide customers with the experiences they expect in the future.
6. Corporate Market:
People no longer just expect convenience or a better price - that's for sure. Now they want an option that takes into account their tastes and preferences.
This means vendors and service providers need to start using customer data and analytics to fine-tune their services and compete in a fast-moving industry.
A marketplace that can bring together different vendors in a logical package of services and products which are then delivered to customers / consumers based on detailed analysis and an understanding of their preferences and priorities would be a smart market for merchants and consumers that offers added value to consumers.
According to Gartner, by 2023, 15% of medium to high gross merchandise digital retailers will own their own markets, creating an entirely new digital ecosystem.
Summing up:
With digital trading solutions, you can create great digital experiences and create the best platform + solutions that combine content and commerce.
A carefully considered content performance strategy is an important next step in creating a convertible digital commerce environment.
With an advanced digital enterprise platform, you can combine the two to create an environment that supports the adoption of a flexible content strategy that will drive digital commerce success now and in the future.
Katalyst’s offers digital and ecommerce solutions designed specifically for B2B brands, retailers and companies looking to increase their online sales while providing each of their customers with a premium, personalized experience.
We combine content and experience management with market-leading AI-based search, merchandising, and personalization on an efficient and modern platform.
