With the increase in usage of the internet and mobile applications, the door for digital commerce has opened like never before. For Customers, their convenience and budget are the top-most priority. Digital commerce lets customers have both; convenience and a suitable budget.
In near future, digital commerce will have a huge share in the marketing budget. Digital commerce is growing day by day. Digital commerce is an entirely different level of experience for customers. Customers can buy products without being in contact with anybody.
What is Digital Commerce?
We all are in the middle of a technological revolution. Some years back, we all did not know that with the help of the internet, someone could be a billionaire. We all did not ever think that we could sell or purchase products without meeting the seller. We did not know that we could order products from opposite continents. All these are possible because of Digital Commerce.
Digital commerce Platforms lets customers’ buy-sell products-services by using mobile networks, mobile connections, or commerce platforms. Digital commerce is a magnet that brings technology and people together to work. In today’s technical world phones and the internet are luxuries but they are necessities. The necessities of mobile and the internet have made digital commerce grow on an even larger scale.
Classification of Digital Commerce
Based on the buyer-seller activity, digital commerce can be classified as Active digital commerce and passive digital commerce.
- Active Digital Commerce: Inactive digital commerce those businesses are included, which actively sell products or services and are accepting online payments.
- Passive Digital Commerce: In passive digital commerce those businesses are included, which sell products or services online but are accepting payments through offline mode.
What is Product Experience?
Product Experience is a complex longer journey of customers with products. The customer evaluates the product, checks the important features of the product, compares potential products with other similar products, and finally purchases the product. The journey of product experience does not end after the product purchase but ends with the customer’s satisfaction with the product.
The Process of Digital Commerce
Digital commerce is a circle and technology and people are encircled in it. The technology consists of mobile and internet. The people consist of buyer and seller. The complex circle of Digital commerce performs in a simple way. The process of digital commerce includes;
Seller’s marketing activities, which support online transactions, take care of people and processes. Some examples of digital commerce are; the technology that executes and offers content development.
Product promotions, analytics, pricing, customer’s experience, Retention and acquisition of customers are also some examples of Digital commerce.
The emergence of Digital Commerce
The customer always wants a unique and special product for themselves. Under peer pressure and in the name of trends, the customer is in need of something that they never had. Digitalization and technology are continuously influencing the customer experience. Customer’s loyalty towards the brand has become inconsistent because of fierce competition.
Due to fierce competition amongst seller, the customers are dominant over the seller. Customers have the liberty to switch over the brand if they find any dissatisfactory results. Half of the total customers will switch to your competitor if you fail to provide them with satisfactory products.
With the freedom of purchase choice, customers have become more cunning. According to one survey, it was found that 65% of customers will do an online survey of their potential product even if they are going to buy it from a physical store. So, digital commerce has immensely emerged for businesses and customers.
Without creating any complexity, the retailer’s primary goal is to have loyal customers. A loyal customer is achieved through consistency. You must deliver your customer consistent data, otherwise, they will fly over the next nest to pick up an egg. (Customer will switch over the brand). If a customer enters their preferences on your website, they are expecting to see it for a longer period.
What if, suddenly, you misplaced the customer’s preference list and the customer can’t find it? Potential customer’s decision of product purchase will be procrastinated. Not only their product purchase will be procrastinated but their trust over your brand will also be disturbed. You must create a consistent customer experience.
- Fulfilling Expectations
Digital experience is an important aspect of brand loyalty for a customer. For 65% of the customer, the company’s website represents the company’s overall performance. A retailer always wants to increase their profit and sells a product with minimal efforts.
With the facilities of internet and mobile customers tend to expect more from their sellers. The retailers have to have the facility of selling products with smartphone devices. The presence of digital commerce will influence retail sales by 58%.
- Coping up with the environment
Mapping the customer journey is a crucial step for your business; you can’t have second thoughts on it. You should not delay but start the mapping of the customer. Your competitors might have already started or are doing, and you don’t want to leave behind in the competition.
When you try to learn the factors that bring customer loyalty, you can improve your brand loyalty. You can know what drives customers to your brand and why they have been recommending to others about your brand. If your competitors have already started the customer mapping, then you too need to cope up with them.
Digital Commerce Trends
The key digital experience platform that can influence product experiences are;
- Omni-channel Content
Digital commerce has to adapt to the concept of Omni-channel. Omni-channel is meaningful customer engagement in every channel. Content development for the right customer, at the right time, increases rich customer experience towards all channels.
Omni-channel is a single platform that reflects the same continuity in a customer’s product purchase decision. When a customer leaves his/her cart abandoned, you can follow up with them through Omni-channel. For a seamless workflow, Omni-channel is important.
The study has found that 72% of customers only engage with personalization. Earlier, personalization was only limited to email marketing but now is not the same case. The personalization process is a customer-oriented process, in which you keep a list of the items your customer last brought from you, their frequency of purchase.
Through personalization, you can send them messages and remind them of buying their special product. No matter where the customer wants to be in contact with you; you can use CRM data or customer’s data for sending personalized messages.
- AI-based Commerce
The usage of Artificial Intelligence was realized long ago. AI is already doing its job and recommends to customers what to buy based on customers the last history of product purchase. AI-based voice search is something of extravagance, where customers can speak their product requirement and AI shows the matched results.
To streamline the marketing process and for having a better customer experience, AI should be used by retailers. Many brands have already started working with Artificial intelligence. A new AI feature is expected that predicts inventory for retailers.
- Customer Analytics
Customer’s data is something that never goes old. The value of customer data increases day by day because data is so important for any business that is growing. Many brands focus on different metrics to gather customer’s data and learn from where their traffic is coming.
Start with your current data, segment your audience, determine the channel for the customer, understand which content leads the most conversation, and integrate your CRM data. This will also help with customers personalization. You can get better insights into what is trending and what is not.
The customer takes all the factors into consideration. They take care of convenience, price, comfort, personalization, and they also want their preferences to be taken into consideration.
To compete in the fast-paced technological world, retailers will need to get customer data. With the customer data, they can start offering custom offers and discounts to the individuals based on their shopping interest.
- Power of Social Media
Youth customers always follow the trend of Social Media. In the survey, it was found that 72% of adults use some social media for discovering new products. Brands need to move closer to the platform which adults’ use-Social Media.
Social Media Marketing is a direct mode of selling. The buy tab on the social media platform has made it much easier for retailers to sell the product. As far as the expert’s concern, the future sales of digital commerce would highly depend upon the mobile, particularly on the social media platform.
Digital Solution is a great tool for digital problems and for having a great digital experience. The need for digital commerce platform is rising like never before, in which the learning of the latest trends in retailing is important for brands.
Through customer experience, patterned trends, you can unlock the lock of customer loyalty. You can attract new customers and sustain your existing customers. Through Omni-channel and personalization, your customers will have the experience, which they have never felt before.