Today’s uncertain and dynamic landscape requires a commerce strategy, or what we used to call Ecommerce It is so much more now than ever before. Commerce is a complex journey in which the moment of truth–conversion–takes place. Every brand, in any industry and with any business model must optimize their commerce experience. customer experienceThis will increase conversion rates and revenue. This process, if done correctly, also includes critical activities which can reduce costs significantly and meet the key success metrics of a business.
First, you need to develop a strategy that is focused on commerce. This means a seamless experience that does not require a specific channel. Ecommerce is an outdated concept that fails to meet the demands of modern consumers.
Rich Berkman is VP, Senior Partner, Digital Commerce, IBM iX. The best commerce strategies are those that focus on customer satisfaction and personalization, even during times of extreme uncertainty.
It is outdated to refer to an “ecommerce” business. This term was used when entering the digital world meant replicating product information on a website and calling it an online store. Early on, online shops were classified as “multichannel” or online stores that operated both online and in-store locations. The era of online shopping was characterized by the massive marketplaces such as Amazon, eBay and social media platforms for consumer-to customer transactions.
Early ecommerce strategies emphasized the convenience of online retailing and tax-free shopping. This encouraged consumers to choose an online channel for both better prices and greater convenience. Those marketing campaigns focused on search engine optimization (SEO) and similar search-related tactics to drive attention and sales.Personalization on an ecommerce website might have involved a retailer remembering your previous orders or your name.
A successful ecommerce campaign might focus on releasing products early in social media iterations or using email campaigns to retarget consumers through different marketing channels. Influencer marketing and social marketing tactics were used later in the journey to encourage channel-specific messages that separated digital from in-person operations.
The paradigm has changed. Consumers are tired of endless choices and the bad actor perception. They expect more today. It is no longer necessary to separate sales channels, but rather create dynamic and fluid experiences for customers that are tailored to their needs.
This means that every company, regardless of their industry or plan for the organization, must prioritize these three key pillars to create a great commerce experience: Trust, convenience and relevance. Conversion is based on experience. The pillars of experience can be cultivated by any retailer from small businesses to multinational corporations to elevate their experience and increase their relevance.
Trust in an Uncertain World
According to research, today’s customers are anxious and insecure. Many consumers Believe that the world changes too fast; Over half of people believe that business leaders lie to themIntentionally misleading people through gross exaggeration or false information. Brand awareness will be meaningless in 2024 if there is no trust. Integrity of the business reputation Consumers continue to place quality as a top priority When they think about where their money goes.
Consistently excellent customer experiences are essential to retaining and acquiring customers. They also reward trust from consumers. To make trust a top priority, you need to build relationships by providing transparent commerce experiences. Implementing systems which treat customers like valued partners, rather than as a collection of target markets and data points to be exploited is the key. In a strategy that is relationship-focused, the importance of trust can be seen in how businesses treat their customer data.
Trust is gained or lost at every customer interaction.
- Purchase
- Is it possible to trust that a company will maintain its competitive prices and create digital marketing campaigns which are useful rather than intrusive?
- Can a customer rely on a company to provide easy access to their data?
- Does the customer experience feel intuitive and consistent, whether they are shopping online or in-store?
- Buy
- Does the company automatically subscribe new customers to services when they view their cart and are about to checkout?
- Is the customer frustrated by the payment process to the extent that they abandon their cart?
- After purchase
- Can the customer be sure that a package will arrive during an agreed-upon window?
- Is it easy to conduct business with the brand after purchase?
In order to create long-lasting relations, organizations can address the trust issue at each stage.
Ethics of personalization
The personalization of commerce has become a necessity. Personalization, like search engine optimization (SEO), is essential to meet consumer expectations. Consumers today expect a high level of customization. channel-less Experience that anticipates your customers’ needs.
These same consumers, however, are wary about the costs associated with personalization. A recent study revealed that consumers are concerned about the potential costs of personalization. Forbes article: Data security for baby boomers is “nonnegotiable”.90% said personal data security is the first thing they consider when selecting a brand. For gen Xers, the protection of personal data is a top priority. 87% said it was the main factor that influenced their buying behavior. Brands are in a difficult position.
IBM iX Global Digital Commerce Strategy Leader, Shantha Farris: “You can’t create a consumer-centric experience, one that is relevant, trustworthy and convenient, without understanding their emotions and motives.” Combining the vast amount of data that businesses gather with data from external sources can help present upselling and cross-selling opportunities to customers. Automating the creation of buyer personas allows businesses to create them at an accelerated pace. They can then use these to enhance customer experience and develop engaging content for all channels. In a channel-less Data should inform much more than just FAQ pages, email campaigns, and content marketing.
Brands can create positive and precise experiences by combining their own customer data, such as purchase histories and preferences, with data from third parties, including data obtained through social media scraping and user-generated content. These sources can provide businesses with both macro-level and real-time insight into their target customer’s sentiment as well as insights on the industry in general. Advanced analytics can be used to gain insights into your customers’ sentiment. Machine learning These data streams, when transformed by algorithms, can provide deep insights into the needs of a specific audience.
For this to be successful, there must always remain a focus on the quality of data, as well as security and ethics. The brands must collect and use data transparently, in compliance with the regulations and respecting customer privacy. They can create an experience for their customers that is positive and personalized, and build long-term loyalty and growth.
Creating delightful, convenient experiences
In a world without channels, successful brands deliver holistic customer journeys that meet customers exactly where they are, whether the touch point is a product page, an SMS message, a social platform like TikTok, or a visit in-person to a store. Successful brands in a world without channels deliver holistic journeys to customers that are tailored for their needs, regardless of whether they’re on a website, an SMS, a social media platform such as TikTok or a physical store visit.
You can also find out more about the following: Future of CommerceThe augmented version of You can also find out more about the automation of your home. You can also find out more about the following: AußerdemPackaged customer experiences will become more common. It could be a personalized subscription or a collection of products like travel packages, which are purchased in a bundled manner using natural language, taking into consideration the preferences and needs of a particular customer.
Rich Berkman is VP, Senior Partner, Digital Commerce, IBM iX. Conversion can come in many different forms. Modern retailers can create an experience that is powerful and builds brand loyalty. When used properly, new technologies such as generative AI can provide a sustainable opportunity for strategic growth.
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Senior Partner, Global Leader, Digital Commerce, IBM iX, Customer Transformation, IBM Consulting
Shantha Farid, Global Digital Commerce Strategy and Offering Leader at IBM iX Customer Transformation.
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