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D-Commerce is much more than a normal online transaction. It comprises marketing, selling, servicing, research, development, and procuring products for all types of platforms comprising social networks, desktops, mobiles, etc.
E-Commerce dates back to 1960s which meant that data could be exchanged electronically for the first time but it was in 1990s that online retailing began to take off. The 90s saw secure online purchases, especially from Pizza Hut and Sting CD. Since then, the e-commerce industry rapidly grew from this point onward.
Nowadays, digital is a frontier that retailers need to surmount if they plan to stay pertinent, draw audiences, and convert visitors into buyers. In the age of digital innovation through technology, retailers can use technology to advance their online store and standard merchandise into a digital shopping experience.
E-commerce is the process of selling or buying products on any online platform. It lures technologies like electronic funds transfer, mobile commerce, internet marketing, supply chain management, online transaction processing, EDI, and automated data collection systems.
Digital commerce (D-Commerce) is a form of e-commerce used by associations that deliver products online. It comprises the activities of marketing that support transactions, the processes, people and technologies to implement the offering of promotion, analytics, development content, pricing, customer achievement and retention, and consumer experience at all touch points throughout the process of procurement.
The industry is experiencing unparalleled shifts as customers
have taken the hold of industry’s driver seat.
And as soon as the enterprises realized the change in customers’ behavior, they
started scaling up business models and emphasized on digital channels to
streamline their retail experience.
Consumers are now buying more products from the same companies because
they deliver solutions and products according to their expectations, thus meeting
their satisfaction level.
Factors like customers’ desire to shop from the comfort of their homes, excess laptop usage and internet consumption, change in consumer demand and availability of technology has led to significant growth in online sales all over the world.
The Digital Commerce Industry is highly competitive and fragmented because of the presence of numerous expert players participating in many marketing strategies to magnify their market share. The vendors in the market compete on the price, quality, brand, product portfolio and differentiation. The retailers are focusing more on product customization with the help of customer interaction.
It is necessary for business owners to comprehend how digital
marketing works so that they can make niftier decisions about
their digital marketing campaigns.
It aids in increasing the quality and quantity of traffic to your website via organic search engine results.
The most effective platform for Search Engine Marketing is Google Ad words. It is the paid channel where businesses must focus on.
Content can be used to build brand awareness, secure customer loyalty, differentiate from competitors, drive more traffic to your product pages, and increase sales.
This channel of digital marketing actually helps retailers to help deliver actual ROI.
In many ways, 2018 was a revolutionary year for businesses as online sales kept rising. But in 2019, what trends will help to shape the industry?
Businessmen can adopt this technology to save costs and accelerate growth, and stay ahead over other competitors. Artificial Intelligence analyzes customer behavior, their patterns of search, using the data from social media platforms, and blog content to help businesses know what consumers feel about their products. For example, Facebook Messenger bots can aid in automating and optimizing your consumer service.
As per the report by Gartner, 25% of the customers will make use of chatbot technology by 2020.
As per the eMarketer survey, Programmatic Advertising is rapidly changing the meaning of digital advertising. By 2020 almost 90% digital ads in the USA will be programmatic.
It takes the assistance of Artificial Intelligence to automate ad procurement so that authentic audience can be targeted. Auctions or real-time bidding is one of the examples of programmatic ad buying.
Another AT technology that uses instant messaging to chat in real-time with your consumers. Nowadays, everyone prefers interacting with chatbots since they respond quickly, let you know your procuring history accurately, and do not lose patience.
Uber is one such example of Chatbots technology, as it has made it easier for the passengers to hire cabs via Google Maps, Facebook Messenger or from Slack.
This not so important technology is on top of customers' list since it plays a vital role in providing all the important information that the public is looking for via audio content. AI is becoming smarter day by day and the errors made by voice assistants such as Siri, Alexa, and Google have been reduced.
Domino's Pizza is one such example of voice search technology since it has helped to increase its sales and allowed customers to order Pizza via voice messaging.
To be an exception in 2019, you really need to personalize your marketing-meaning
personalized emails, services, content and more.
Amazon and Netflix are examples of it. When logging on to Netflix account, it shows you the proof of all this:
search, order, text, banner, and carousels are all personalized for you.
of consumers spend more when their experience is personalized.
of marketers believe personalization is the future.
of consumers get frustrated when content has nothing to do with them.
Since people make quick decisions on where to go, what to eat, and what to buy, hence micro-moments is something that every marketer should know about, like for Amazon, YouTube, Google, Google Maps, and any other place where people look for information at that particular moment.
In 2019, smartphones are going to be a medium where people would spend most of their time. According to Google, it is a 'new customer behavior'.
At present, people spend most of their time on social media platforms. Therefore, it is best to market your products where your potential customers are spending most of the time. Social applications like WhatsApp, Facebook, Instagram, Twitter, SnapChat can be useful in sending messages directly, as they permit personalization and add worth to the user experience.
Social Media driving product discovery...
The business will no more be a monotonous business, be it in digital commerce or in retail. The latest research claims that over the next five years, the payment market of digital commerce will record a 10.8% of CAGR revenue, and the global market will reach from US$ 786500 million in 2019.
According to the recent Morgan Stanley report, India is adding one internet user every 3 seconds and by 2028, the digital commerce is estimated to reach $ 230 billion, accounting for 10% of India's retail. The rapid development in the sector is fueled by global investments and evolving consumer habits that make it one of the leading contemporary influences and is expected to have an essential impact on economic and social landscapes in countries around the world.
In the long run, digital commerce will be centralized to retail operation in Asia Pacific countries. The focus would be more on customization, connectivity, collaboration, and convergence.
To gain insightful analysis and understand the Digital Commerce
market and its commercial landscape
Evaluate the production processes, errors, and solutions to alleviate
the development risk
To comprehend the driving and restraining forces in the market and
its impact in the global market
Understand the market strategies adopted by leading
relevant organizations
Provide custom research according to the detailed
requirements
With personalization, automation and AI-powered technology, 2019 will be about better customer experience. With the help of these technologies, enterprises can stay ahead of their competitors and improve conversions in the upcoming year but you will also have to improve conversational content- especially video and audio content to share with the targeted audience.
