Four ways commerce is set to evolve

In such a rapidly evolving industry, it is critical to understand the future and where commerce is headed

10Dec

With online shopping increasing in popularity, consumers can do their shopping anytime and from anywhere. This is what the future of commerce looks like – timeless and beyond borders, a market that will be driven by consumers who demand immediacy from their retailers. In the future, the needs and wants of customers will matter more than anything else. As a result, omnichannel retail stores should brace themselves for a tough market driven by personalized technology-driven shopping experiences.

Here's what the future looks like for retailers who want to stay afloat.

Personalized shopping experiences

If you have been in business for a long time, you know that customers are different. They may buy the same things, but their personalities are not the same. In the future, most customers will want businesses to tailor the shopping experience for them.

But that won't come easy. Most firms will spend millions trying to understand their target audiences online behavior meaning that consumer's browsing history will matter more than ever. They will want to understand how they make your purchases – is it through credit cards or online wallets?

Other consumer demands that commerce companies will have to deal with is special term delivery. For example, some buyers will want to receive their items on the same day, while others may be willing to wait until the next day.


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Specially designed products

Commerce will be driven by what the consumer wants, and this demand comes with a special request for tailored products. Everyone desires to feel unique and different from the rest. In the future, the firms that will be on top are the ones that will allow consumers to have a say in the products designed for them. For example, there are shoe companies that allow buyers to digitally design exactly the type of shoe that they want.

A mix of digital and physical experiences

The products that you create and sell should give customers the best of both the digital and physical world. For example, if you are selling a car, it has to have a good fuel consumption rate and possess all the necessary safety features. These features fulfil the physical experience. On the other hand, the car should also have Bluetooth compatibility and internet connectivity to allow you to listen to your favorite online radio station. These features enhance the digital experience.

In the future, consumers are more likely to purchase such products, thus your firm has to be prepared.

Data management platform

Your firm will have to deal with large amounts of data flowing from multiple sources. There will be data from your social media page, sales team, cloud service provider, inventory management system, human resources department, accounts team, online customer purchases, partners and suppliers and so on. You will need a data management platform to sort out the information and make sense of it. The system should also be capable of compiling quick reports for easy interpretation and decision making.

This might be the most important element on the list because today data drives commerce. Without it firms will be left hopeless since they won't know where to start with their marketing strategies.

Conclusion

Paying attention to these four elements will help your business stay ahead of the competition and retain the most clients. There is nothing better than knowing that customers will remain loyal to your business no matter what happens, that way, your revenues are guaranteed, and your profit levels will be maintained.

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