EB/U4 Topic 2 Emerging Trends in e-Business, Digital Commerce
EMERGING TRENDS IN E-BUSINESS
In today’s time, all thanks to advancement in technology nothing or no business is restricted to one place, one city or even one country anymore. Everything is global. In the past few years e-commerce industry has taken a ride and has come to become the need of the hour. E-Commerce industry as a whole is evolving at a great pace and as for 2016 and 2017, it has already risen tremendously.
There are new trends emerging in this space, such as:
(1) Moving to Mobile Commerce
As per a recent report, it is predicted that by the end of 2016 almost a third of the world’s population will have access to Smartphone. Having this feature has become more of a necessity. E-Commerce stores must fit in all screens in order to enhance customer experience or they may be losing on some serious business. As per recent Forbes study, 87 % of the gen-X people spend most of their time on a digital devices every day than ever.
(2) Choose how you want to pay
Convenient and more payment options new businesses are emerging to facilitate new payment models to enhance online shopping experience. They aim not only to make wider options available but also to increase payment security for both buyers and sellers. In the past few years, many new models and gateways have emerged like e-wallets, Chip card readers, magnetic cards , EMV and cashback services.
(3) Multi Channel Model
Inspite of booming eCommerce market, retailers have come to an understanding that Omni Channel /Multiple channel is must for any business model. Though there has been a lot of buzz on online shopping comfort, in reality it has been recorded that many customers may surf net all day but at the end do need a brick and mortar store to make the final purchase. However, new technologies such as instore digital services are emerging to make the physical store experience better.
(4) Seamless Shopping experience
Many new features are being added by all companies to facilitate seamless shopping for example stores are now offering easy on the spot or online payments , easy wallets with discounts and coupons or unique store debit cards .
(5) Social Ecommerce
Retailers are adopting social media as their lead sales medium . Social network has come to play the most important role in the retail world lately , almost 40 % purchases are made because of social media handles . Thus , social network is sure expected to rise in the coming time.
(6) Quality rather than quantity
Retailers have come to an understanding that now having more variety will not win them customers, thus the focus has shifted to enhancing customised shopping experience by introducing new features. The emphasis is now being laid on unique online features like virtual trial rooms, zoom in pictures, 360 degree image view.
(7) Customer Relationship
With the increasing variety available the customer loyalty is now completely out of picture. It requires well integrated technology supporting easy payments and high tech shopping experience. The focus is now being shifted from discounts to better integrated technology services.
(8) Customer service
With the increasing online shopping, people are becoming more and more comfortable with the concept of choosing amongst great variety at the comfort of their own space anywhere, anytime 24/7 . Thus , there will be a rise in customer support service feature in the coming time .
(9) Smarter Customers
With more shopping and payment options than ever , customers are more informed and empowered now the stakes are much highe. It is utmost important to win their trust now than ever, but maintaining quality and logistics.
(10) Merging online and offline
It has become important to merge online /offline systems to facilitate easy working. A well integrated technology is crucial.
“Change is the essence of life” in order to survive and make a mark in today’s time retailers must be extremely flexible and mouldable towards the smart customers changing needs. It requires tools like social media monitoring , customer feedback & so on . It is the need today to stay upbeat with the changing trends and technology to stay long.
Digital commerce (D-commerce) is a type of e-commerce used by an organization that delivers and sells products online. D-commerce is used by companies that sell news, subscriptions, documents or any form of electronic content, and the digital commerce company collects payments, handles customer refunds and billing and manages other accounting functions for online publisher clients.
D-commerce is considered a form of e-commerce because it deals with the exchange of electronic goods.
For example, a manufacturing company needs to do more than just B2B e-commerce for their customers. They need to provide branded and consistent content to their customers, allow their customers and sales reps to interact online through tools such as portals and give the end-user (or consumer) tools to find the right product or content and a place to purchase it.
Digital commerce businesses may also employ some or all of the followings:
- Online shopping for retail sales direct to consumers via Web sites and mobile apps, and conversational commerce via live chat, chatbots, and voice assistants.
- Providing or participating in online marketplaces, which process third-party business-to-consumer or consumer-to-consumer sales.
- Business-to-business buying and selling;
- Gathering and using demographic data through web contacts and social media.
- Business-to-business (B2B) electronic data interchange
- Marketing to prospective and established customers by e-mail or fax (for example, with newsletters)
- Engaging in pretail for launching new products and services.
- Online financial exchanges for currency exchanges or trading purposes.