Uncertainty around the virus has kept the doors to conventional brick-and-mortar shops shut for the majority of the past year, forcing sellers and buyers alike to embrace new electronic buying pathways, both in-store and on the internet.
Mobile self-checkout and curbside pickup are just a few examples of recent contactless shopping styles which have been the norm. Once COVID begins to dissipate and every-day life returns to normal, Gartner predicts many customers will continue to leverage these new electronic shopping methods because of the ease of use and convenience they provide.
This makes it more important than ever for both B2B and B2C companies to invest in electronic trade and diversify their go-to-market strategies. The ones that leverage an array of electronic touchpoints like social networks, expand their revenue sources, and integrate contactless and cashless payment options for clients will remain competitive, continue to grow, and maintain market share.
Is your company set up to benefit from these trends? Within our digital-first world, your success is dependent upon it.
Continue reading below to find the top five trends Gartner forecasts will permeate the industry and transform digital trade.
Growth of the B2B Commerce Expertise:
Gartner prediction:”By 2024, 15 percent of B2B organizations will use digital commerce platforms to support both its customers and sales reps in all sales activities.”
Today’s shopper, especially millennials, favor self-service buying techniques and are increasingly replacing baby-boomers as principal buyers. Before the pandemic, many B2B companies still relied heavily on non-digital interactions for sale, especially those that involved sales agents.
With the increased demand for electronic trade and millennial shoppers preferring to not socialize with sales reps as part of the purchasing journey, these organizations might need to rethink their trade strategy and adapt accordingly.
The thought of a sales rep won’t disappear in its entirety, but they need to be regarded as just another buying channel accessible to B2B buyers. This means digital solutions adopted by B2B companies will need to be made available not only to clients, but to their sales force as well and integrated as part of the earnings process.
Diversified Revenue Sources
Gartner prediction:”By 2024, leading trade organizations will generate 10 percent of online revenue from services connected to physical products.”
Selling strictly analog goods is no longer enough. Increased demands from customers for a more seamless and effortless shopping experience means companies need to locate additional procedures to add value for their buyer’s journey and create more revenue through new electronic capabilities.
Which solutions you need to look to develop and execute will depend on your business’s goals and priorities, level of experience, and willingness to transform your company.
Some of those solutions are simpler to implement than others, but Gartner expects that businesses will need to develop and maintain different revenue sources to ensure business resilience and enhanced growth.
Gartner prediction:”By 2022, organizations employing multiple go-to-market approaches for electronic trade will outperform noncommerce associations by 30 percentage points in earnings growth.”
Digital trade is no longer a’nice-to-have’ and breaking to the digital space will no longer guarantee success or increased earnings. Businesses everywhere have had to evolve their digital strategy as a consequence of COIVD-19 and so as to keep ahead of competitors, must now leverage multiple go-to-market approaches.
This may include direct-to-customer (DTC) channels like your own site or app, an internet market like Amazon, or societal channels like Facebook.
Companies that tap into the huge variety of consumer touchpoints available now will have the advantage over the companies which don’t, including those in the B2B space. A number of these channels cater to B2C companies however, so it is important that you evaluate what solutions and stations are the best match for your organization.
Gartner prediction:”By 2023, 30 percent of enterprise marketplaces will transition into a bulk third-party seller version for improved profitability.”
Enterprise marketplaces — online marketplaces operated by conventional businesses that encourage third-party vendors to directly sell to end customers — have been increasingly embraced by both B2C and B2B companies over the last few decades. These marketplaces provide numerous advantages including better involvement for both the buyer and the seller, greater customer loyalty, a more efficient purchasing process, and distinct and improved revenue channels.
This tendency has just been fueled by the COVID-19 pandemic. Gartner predicts that clients, searching for simplicity and efficiency in their buying process, will continue to anticipate that any given product or service they’re searching for, might be provided and delivered by a third party supplier.
Cashless Forms Of Payment Will Become Increasingly Adopted
Gartner prediction:”By 2023, five countries will have established digitization initiatives aimed at eliminating money from circulation.”
COVID-19 has pushed non-cash and contactless types of payment to the spotlight. In Gartner’s recent report, they mention a recent study from Visa that found,”78 percent of global consumers have adjusted the way they cover things in the wake of safety concerns.”
This trend, as well as the others we have discussed up to now, is likely to stick well following the aftermath of COVID-19 awarded the convince it provides customers and the advantages it provides governments and financial institutions. Contactless types of payment, such as the Scan-and-go technology employed by New York-based grocer Westmarket, are faster, safer, more cost-effective, and traceable.
The point where digital currency outpaces money is quickly approaching, hastened by COVID, and will become the daily-standard. To appeal to clients and better align with their payment expectations, companies will need to develop and execute digital payment methods.
Gartner predicts,”Firms that encourage and support digital commerce and electronic payment will see faster growth and increasing market share compared with those which don’t.”
COVID-19 has accelerated the growth of digital trade and its adoption among companies world-wide. It is not just a station, but rather a requirement for companies looking to maintain revenue streams and stay competitive
To keep up with changing customer requirements, businesses leaders will need to adapt quickly and direct the development inside their organizations.
Composable Commerce Hub: Quickly compose an adventure with a Reference Application
While the holiday season is definitely in full swing, fears of Covid-19 transmission have shoppers turning to electronic channels rather than bustling malls. In actuality, Retail Dive predicts in-store vacation traffic will fall up to 25 percent this year. With a growing number of people transitioning to electronic for all their purchasing needs, the pressure for brands to provide engaging and simple to use experiences is in an all-time high.
For brands to keep up with customer demands for the convenience and support of in shop experiences, they want eCommerce technology which will let them quickly design and deploy innovative experiences. Many brands are currently exploring solutions that recommend a Composable Commerce approach to help support these requirements. Composable Commerce is the contemporary approach where eCommerce teams are permitted to select and build different”best of breed” trade solutions and compose them to meet their specific business requirements. This way, they can satisfy their distinctive customer needs and quickly adapt to outpace the competition.
On November 17, Elastic Path established the Composable Commerce Hub, an open exchange of business solutions for digitally driven brands who wish to seamlessly compose distinguished trade experiences. The Composable Commerce Hub makes Headless Commerce available to all brands, whether you would like to launch quickly and personalize on-demand with a Pre-Composed Solution or, custom compose a solution for your special requirement with Accelerators.
During the next few weeks we’ll explore the different kinds of accelerators that manufacturers can leverage to simplify the composition of the solution. These days, we’ll dive into Reference Applications.
Reference Applications are omnichannel applications offering best practice frameworks for starting particular experiences, like PWA Reference Store, Embedded Commerce, and chatbot. They include all the front-end components you will need for building a compelling shopping experience right out-of-the-box, such as catalogue browsing, cart, checkout, pricing, and much more. It is easy to change the appearance and feel of this reference store to match your brand identity and supply seamless shopping experience across internet, tablets and smartphone.
How can Reference Applications help my organization?
By providing best practice manuals, Reference Applications give manufacturers the confidence to rapidly construct the innovative experiences that their clients demand. For brands who wish to build an experience that’s net new to them, Reference Applications kickstart their construct and lower the likelihood that they’ll make mistakes along the way. Therefore, while the contest is still figuring out how to establish a VR experience, manufacturers who utilize Reference Applications are already delighting clients.
What are some examples?
The Composable Commerce Hub is home to many reference applications built by Elastic Path or, our top technology partners. Including:
Construct conversational interfaces into any application using text and voice. Amazon Lex provides the innovative profound learning functionalities of automatic speech recognition (ASR) for converting speech to text, and natural language understanding (NLU) to comprehend the intent of the text, to let you create applications with exceptionally engaging user experiences and lifelike conversational connections. With Amazon Lex, the identical deep learning technologies that electricity Amazon Alexa are now available to any programmer, helping you to quickly and easily build complex, natural language, conversational bots (“chatbots“).
The Facebook Messenger application empowers brands to incorporate your Messenger experience straight into your website. It automatically loads recent chat history involving the individual and your organization, meaning current interactions with your company on messenger.com, in the Messenger app, or at the client chat plugin on your site will be visible. Clients can interact with your company anytime with the exact personalized, rich-media experience they get in Messenger. You can continue the dialogue with people even when they’ve left your webpage. You do not have to catch their information to follow up, simply use the identical conversation in Messenger.
AR Quick Look is a characteristic of ARKit, Apple’s augmented reality development platform for iPhone and iPad. It is an application that permits 3D object files to be embedded in Apple’s pre-installed apps, such as Safari, Messages, Mail, News, and Notes. With AR Quick Look, you simply have to tap an AR thing on your iPhone and you will be presented with an interface for setting a 3D object within a live view of your environment. After that you can move around that thing just as though it were actually there, and they can even be animated.