If you already own a business or even starting a new one, take a good look around you and see what everyone else is doing – going digital.
The internet is the place to be, being present online, offering your services ideally on an interactive website and increasing reach in your niche. Going digital will also enable you to easily approach, stay linked and retain your existing customers, while enticing new ones.
Recently, with the Covid-19 pandemic, we saw an increase of this phenomenon, many companies went digital, and those who didn`t or couldn`t ended up falling behind or got busted. Ordering online was and still is safer, while being comfortable, fast, without the need to commute or line up in queues.
According to the U.S. Department of Commerce, consumers spent €601.75 billion online with U.S. merchants in 2019, an upsurge of 14.9% from 2018, proving success in applying digital commerce tactics.
So, these are already valid reasons why you should consider switching your commerce to digital, but hear us out, there is more to it.
Going Digital the right way
Let`s keep in mind that the overall outcome of your digital commerce struggles will depend on the tools, technologies and methods utilised to yield useful results.
It is vital that time is dedicated to monitor high-level metrics, to efficaciously measure trends and define the changes of a customer returning to or recommending your site, for example. So, ask yourself if you are using the right tools to better understand your audience.
What defines Digital Commerce?
Right off the bat, it is not to be confused with e-commerce, as digital commerce incorporates a wide array of supplementary tasks that makes this in-depth strategy more comprehensive.
In a nutshell, the marketer is trying to combine components into a package to achieve a digital commerce strategy.
Some of the components of any digital commerce plan can include:
– blogs
– product descriptions
– social media posts
– research & development
– promotions
– analytics
– marketing
– customer satisfaction
– customer service
Imagine a fuse giving energy to an electrical device. Digital commerce is the power source for an online retailer`s trades. This type of commerce basically incorporates each and every touchpoint and method that prompts the consumer to make the final acquisition.
The need for Digital Commerce
As aforesaid, in this day and age, it’s a must to be present online, as with the advancing of technology the markets have evolved too, and by not being part of the digital world, your business will have difficulties keeping abreast and competing on a level playing field.
Thus, the need for digital commerce is palpable and real, with all the perks that come with its correct utilisation. Consumers are inclined to opt for online shopping and/or services, and they have multiple accessing points like smartphones and other devices to obtain what they need in a swift, pleasurable and if possible entertaining (via interaction) way, to their comfort and satisfaction.
According to Statista, April 2019 data shows global smartphone population at four billion users, while in 2021 48% of website traffic worldwide came via smartphones. This confirms that the top device, which consumers opt for to buy online, is their own smartphone, with the latter then being an important facet of the modern digital experience.
This is not to say that everyone is shopping on their smartphone, but it is an important aspect that the retailers need to factor in their equation, if they want to capture a large market or leave an impact in their niche.
Another study, this time by Qualtrics, shows that more than 65% of customers shopping online feel that a company`s app or website shapes their overall experience, and they described it as a “very important” aspect in recommending a brand.
Last but not least, we must not forget that even the after sales or follow ups are also carried out by consumers preferably online, so thanks to the digital platform, relations between retailers and consumers are potentially ongoing or regular depending if it is a service.
Digital Commerce Trends
So, with the aforementioned in mind, it is important to consider which path of digital commerce you intend to capitalise in. Even the most skilled vendors will struggle sometimes to keep up with novelties, but as technology progresses, so should your ecommerce plans.
According to eMarketer, worldwide digital ad spend was anticipated to soar beyond €375 billion last year. It added that “digital will continue to exhibit robust growth, expanding from 39.1% of total media ad spend in 2017 to 49.6% by 2021”. We can safely conclude that by now these figures have been reached and surpassed.
Let`s mention four popular trends which businesses are relying on to keep up with fast-paced changes:
1. Personalised Content
Getting your audience to trust you and improving the user experience, are two things you can master with content personalisation.
Utilising ads that are based on an individual`s online activity, is one way to make every member of your niche feel like they have a personal connection with your brand.
Thus, it’s paramount to conduct research on the consumers you’re targeting. Discover what makes your audience tick, learn their buying trends, and set your content around this. Gathering visitor data with Customer Relationship Management (CRM) systems can be convenient here.
2. Subscription Commerce
When clients sign up to receive goods or services on a periodic agenda, it falls under the subscription ecommerce market sector. This type of digital commerce swelled in popularity between 2012-2018 by more than 100%.
The utter power of reaping profits via subscription commerce is obvious among popular businesses like Netflix and Spotify.
3. AI & AR
Artificial Intelligence (AI) analyses data from users, like age, gender and interests, to then send highly specific sales material to consumers.
Augmented Reality (AR) can, depending on the type of business, superimpose images onto a person`s view of the world to stimulate the senses and attract clients, therefore sales. We can see examples of this in Ikea`s app, which lets consumers virtually place furniture in their open spaces via their smartphone`s camera.
4. Content Writing and Commerce
Business content writing is still one of the most sought-after services, which entices attention and ultimately directs the reader to make an acquisition.
By mixing excellent content and commerce, companies aren`t depending on basic ads only, and the consumer after reading products` highlights, reviews or compares, can click on an affiliate link or go directly to a vendor`s website to make a purchase.
To succeed, the content must be inspiring and educating. If this is managed, the vendor can be confident that the content will be shared and brand visibility expanded.
Challenges of Digital Commerce
Sometimes it can be difficult for a business owner to keep track and find enough time to supervise various touchpoints throughout the consumer journey, from the moments customers are satisfied to when they are frustrated.
So, we suggest to get organised by anticipating the following probable hurdles related with digital commerce:
Delivering consistent customer experiences – with the help of technology, vendors can tweak their digital platform to ensure consistency in all areas of the online shopping experience, this is done by monitoring customer data, and pointing out areas which are fine and others that need improvement
Meeting new technology expectations – to serve tech savvy customers, the vendor must keep up with any updates, and revise digital commerce campaigns regularly, as devices are constantly being upgraded
Generating enough traffic – retailers aren`t depending on only one source anymore like it used to be with ads, but are tapping into SEO, PPC, email, social, mobile, shopping engines and affiliates as a way of sending targeted traffic to their web-hosted store. Examples of this are an Instagram page/gallery and securing influencers` collaborations
Converting and retaining customers – a loyal customer can last a lifetime, so don`t ever neglect them! Tap into the power of customer retention and re-engage existing customers by adopting digital commerce tools such as feedback surveys, live educational webinars, and automation.
Wrapping up
The journey to success in digital commerce then is all about understanding what resonates with your audience and meeting their demands.
As we saw in this article, today`s technology can assist in various ways, for example by putting the forces of analytics solutions to work. The right type of digital software can ensure that consumers` preferences are captured and assessed regularly to monitor their activity.
We recommend a robust marketing team behind your business, to keep up with your regular digital commerce needs. Alternatively, feel free to approach us, we will be delighted to be part of your success story. Our expertise in the sector, appropriate software and tools, will ensure that your digital commerce soars and excels.
