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Digital Commerce: Redefining Business Models for the Future

Online shopping (of goods or services) has become a common practice among many people around the world due to factors such as range, ease, speed, and convenience. In fact, about 2.14 billion people worldwide are expected to buy goods and services online, up from 1.46 billion global digital buyers in 2014. A new report “The Future Shopper Report 2020” from Wunderman Thompson Commerce (WTC), details 48% of more than 14,000 online shoppers surveyed start their purchase journeys on search engines. Shoppers are especially turning to marketplaces to compare prices and eventually buy products of their convenience from one place, as more than 6 in 10 (63%) consumers in key e-commerce markets start their online shopping searches on Amazon.

 

When we think of a marketplace, the major e-commerce platforms such as Amazon, Walmart, eBay, Alibaba immediately come to mind. Each of them has its own unique requirements, product categories, affiliate programs, listing fees, and audiences. In this digital world, it’s more complex than ever to choose the right channels to drive discovery, exploration, and post-purchase engagement. Businesses have the challenge to survive in a world in which their customers have access to more information, across more channels, and have more control in their relationships with brands than ever before. A strategy to expand one’s own business model into the online world in order to maintain and expand the customer base comes along with challenges that cannot be neglected.

 

online shoppers search journey

 

Offering the product range online is almost a must for retailers today – whether in the B2B or B2C sector. A digital shop is becoming more and more of a requirement. Customers expect simple and efficient processes and free fast delivery of goods and services. Since the implementation of an e-commerce platform usually requires a high investment, along with complex requirements for hardware and software some companies shy away from the step into digitization. But the last few months in particular have shown how important it is to adapt flexibly to circumstances. Business must understand the secret to maintaining a thriving business is recognizing when it needs a fundamental change.

Customer expectations have been steadily rising over the past two decades in line with the growth of online retailing. Because it is to be expected that demand from e-commerce will increase in coming years, many, especially smaller providers, are instead taking a different route and offering their products on online marketplaces as they are one of the fastest ways to scale globally. They can benefit from the advantages such as an existing shop system and a broad customer base of buyers. Moreover, specialized online retailers and digital marketplaces are emerging in more and more industries and are discovering the procurement business.

 

Here below are some interesting industry insights from the WTC Future Shopper report focusing on the digital buying behaviors, with the aim of helping organizations and ensure that they are ready for the consumer and the channels of the future:

  • 65% of consumers expect to use digital shopping channels more in the future
  • 34% of shoppers would prefer their online purchases to be digital and instantly downloadable
  • 19% of online shoppers favor social media for inspiration
  • 71% of online shoppers said they wish retailers and brands offered better environmental practices, such as less packaging
  • 5 is the number of times consumers order from Amazon each month, on average
  • 54% identify “free delivery” as an important reason for going direct to branded sites
  • 28% of products bought online are now digital products
  • 52% of online shoppers get their inspiration from Amazon
  • 63% of online consumers start their online searches for products with Amazon
  • 75% of digital consumers with more brands and retailers offered the same level of services as Amazon
  • 52% wish brands would be more innovative in how they use digital technology to improve their experience

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When companies opt for a multichannel strategy, they are faced with new challenges. While they know their customers with a single sales channel and know how to address them, generate sales, and process the purchase, with multiple channels they need a central solution. One of the biggest challenges for SMEs is to actually implement the necessary processes. The main pain points are on the one hand the infrastructure and on the other hand the logistics. Here, service providers for e-commerce logistics fulfillment can be an opportunity to master the expansion course and the expansion of the target group without major hurdles. In addition to storage, they also take care of the shipping, invoicing, service, as well as collection and complaint processing and, are therefore an important building block for the growth of retailers and for internationalization. After all, the key to a positive customer experience lies in professional support and excellent service.

 

Sources:

Wunderman Thompson Commerce : FUTURE SHOPPER REPORT 2020

Lesson From Crises: The COVID-19 Pandemic led Companies to adopt a Multi-Channel Business Approach

Lesson From Crises The COVID-19 Pandemic led Companies to adopt a Multi-Channel Business Approach

The corona year 2020 gave a huge boost to the online purchase, not only during the lockdown period but also post-lockdown as third more products were bought online compared to the previous year, according to the quarterly figures of the BeCommerce Market Monitor, a survey conducted by GfK on behalf of BeCommerce with the support of PostNL and the National Lottery. Ecommerce in Belgium was worth 10.26 billion euros in 2020. That’s a decrease of 10% compared to 2019 as the corona crisis has had a major impact on the service sector. Only 25% of all online spending went to services, on the other hand in the first 9 months of 2019 products were bought for 3.7 billion euros compared to 4.9 billion euros for the same period in 2021. “Corona has finally made Belgian entrepreneurs realize the benefits of e-commerce. Together with the consumer, they are finally paving the way to a more mature e-commerce market”, says Sofie Geeroms, Managing Director of BeCommerce.

Manufacturers and brands from a wide variety of industries have recognized the opportunities, are increasingly relying on direct sales (D2C / D2B), and are building their own e-commerce channels apart from retail. Another study, conducted by the UNCTAD (United Nations Conference on Trade and Development), based on the impact of COVID-19 on e-commerce businesses from early March to end of July 2020 in 23 countries shows how the third-party online marketplaces have performed better than e-commerce companies.

 

A multi-channel business model has been more resilient to the current crisis. In terms of sales trends, e-commerce companies have recorded declines in sales, while nearly 60% of third-party marketplaces have seen increases. Additionally, half of the surveyed third-party marketplaces onboarded new sellers on their websites. Close to 60% of the third-party marketplaces experienced a rise in the number of buyers. The number of online shoppers in Belgium increased by 2 % in 2020 thanks to the 200,000 people who bought something online for the very first time. On one hand corona crisis is massively accelerating numerous developments and trends that concern, manufacturers, brands, and retailers. On the other hand, customers are placing more value on personalized offers, good service, and availability.

 

So basically, when it comes to online business, it is not enough just to have a well-designed webshop with beautiful products. If you want consumers to choose your store over the competition, a smart, multi-channel retail strategy is vital. The term online and offline should no longer be thought of in two separate business models but should be developed and implemented as a uniform business strategy. Companies’ presence on various channels addresses different target groups, which means that new customer groups can be developed and greater market coverage is achieved. As the name suggests, using different sales channels, which not only generates additional sources of income but also spread your entrepreneurial risk in times of crisis. Companies that currently have to keep their local locations closed have the option, for example, of continuing to supply customers via online channels.

 

In order to adapt a multi-channel business model, a holistic strategy is required. Multichannel means the complex expansion of a sales concept that is implemented and applied on various levels – such as delivery process, order options, payment options, service, or design. Above all, the recognition value plays a major role here. When selling via several channels, a uniform design (corporate design) should be established. As a result, the customer recognizes at any time whether mobile, on the PC, or in the shop, the possibility of shopping on all channels. At the same time, it strengthens the customer’s brand awareness and can therefore be used very well on the marketing side.

 

A good sales strategy can be the door to success, but you need to open that door. Luckily, we are here to help!  Converting your business into a multi-channel business is not a complicated or expensive task.  At Xorlogics, we can help you make multi-channel retail easy and hassle-free. So, if your company is ready to take advantage of new opportunities offered by the strong growth of eCommerce, please don’t hesitate to reach out to one of our specialist IT consultants. We can’t wait to help you find success.

 

Sources:

 

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HR Process Management : Why should you invest in HR Automation?

What Is RPA and Digital Labor?

The global robotic process automation (RPA) market size was valued at USD 1.57 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 32.8% from 2021 to 2028. Different organizations in different sectors are increasingly challenged by the growing market competition due to the shift in technology and changing consumer preferences. Additionally, the shift in company business operations due to the pandemic is expected to favor market growth over the forecast period.

 

All these challenges in today’s professional life mean one thing: constant movement. This means today’s organizations are required to comply with complex administrative procedures. One major challenge is the requirement to regularly track and manage hundreds of Human Resource (HR) onboarding and offboarding.

Robotic Process Automation is a process automation technology that allows businesses and organizations to configure software Robots to carry out routine, rules-based computer tasks in a way similar to a human employee. Robots can fill out documents, read and send emails, enter data into business applications, and much more. The ideal RPA solution uses AI and ML to automate a vast range of high-volume and repetitive tasks that previously required humans to perform. Also, the top-ranking RPA technologies also incorporate a variety of AI components to facilitate the Robot carrying out human tasks.In performing robotic process automation, many think of the RPA software robot as the “arms and legs,” and the AI components as the “brain.”Analysts from McKinsey & Company have called RPA technology a “third arm” for HR organizations as it works with HR to amplify the department’s capacities.

 

HR Automation is multi-functional and can lead to many different benefits. Some benefits include Higher productivity due to faster processing times and information sharing. Reduced storage, printing, and courier costs associated with paper-based work environments. Reduced risk of non-compliance penalties. Fewer data entry errors and lost or misplaced files associated with manual processes. Better support of organizational growth through efficient hiring and leaner operational costs. Better collaboration with executives to recruit, train and retain top talent.  More time to analyze HR data to make intelligent business decisions.

 

Before automation the Human Resource Management System (HRMS), was comprised of 1 to 10 employees, depending on the organization’s size, manually sorting and filing thousands of forms with hundreds of variations. In addition, they performed different validations in order to enter information into the HRMS. The manual tracking, management, and data entry approach was slow, confusing, and characterized by high error rates. To avoid these mistakes and benefit from the shift to automation, progressive HR teams are applying RPA to help tasks like data management and validation; running, formatting, and distributing reports; and replacing manual and spreadsheet-based tasks. Companies have automated payroll updates, sick leave certification, and employee onboarding / offboarding. Some are also exploring more advanced cognitive automation technologies, like machine learning and natural language processing, to enhance a range of HR processes from talent acquisition to benefits administration and beyond. The results of the RPA deployments studied have shown a significant decrease in process time, a major reduction in errors, and a high potential for scalability.

 

Organizations looking to get started typically ask, “Where should I start? or “Which vendor should I choose?” To help inform and steer these decisions, here below are few tips for onboarding and offboarding automation.

 

    • Redefine what digital means to the enterprise: Automated onboarding and offboarding require sensitivity from everyone involved to change management processes. As an IT department, involve your colleagues from HR and all application managers from the very beginning. Only in this way automated processes can be integrated smoothly in a larger organization. Only when your colleagues fully accept the new processes do they support them effectively. The future workforce will soon be populated with both human workers and digital workers. HR must prepare the workforce for a future where people and robots will work together.

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    • Train Staff: Switching from a manual to an automated HR process requires a significant change in employee behavior, but thorough and engaging training can help facilitate the transition.

 

    • Appoint a Chief Digital Officer or equivalent: Identifying a project owner and project champion is the next critical step toward successful HR automation. While the project owner handles daily operations, the project champion shares the vision of automation with stakeholders and gathers support.

 

    • Setting up clear processes: The transition from manually controlled to automated processes involves both technical and cultural change. Therefore, well-defined, documented processes on how to initiate delivery of HR services through an identity management solution are highly recommended. This phase will certainly take some time. However, it is indispensable for successfully implementing automation based on coordinated processes.

 

    • Build and optimize agile delivery: Build a development environment for all critical applications. In this way, you will be able to develop new automated processes step by step. Such a development environment offers rapid testing and continuous improvement.

 

    • Focus on platform capabilities and include Security Issues: Cyber ​​threats are driving IT and security teams to work more closely together. Integrate identity management with access control systems. Ensure control over privileged accounts and be able to quickly adjust access privileges in case of onboarding – offboarding.

 

    • Acting fast: A close cooperation between IT and security also allows the rapid withdrawal of rights when an employee leaves. With automatic access control, IT is immediately able to revoke access once an employee has quit. With a real-time dashboard as part of an identity management solution, IT and security teams can instantly see who leaves the company and when. Automatically created permissions can also be quickly revoked using automation.

 

 

A changing landscape means HR must frequently adapt better strategies and seek out better processes and tools to deliver high performance. In today’s changing era, if HR departments still rely on manual, paper-based processes will be left behind if they won’t re-examine their infrastructures and won’t adapt automation technology in order to benefit from better productivity, cost containment, and compliance, awareness of employee and candidate.

As they begin to identify opportunities for HR automation, they must not forget that HR will always be about the people, and automation technology should serve those people, not replace them. As such, not every single aspect of HR can or should be automated; rather, automation should help HR professionals find and retain more talented individuals, collaborate with the organization, and spend more time evaluating their workforce.

 

Source :

–      Robotic Process Automation (RPA) Market Size, Share & Trends Analysis Report By Type (Software, Services), By Application (BFSI, Retail), By Organization, By Services, By Region, And Segment Forecasts, 2021 – 2028

–      Robotics and cognitive automation in HR Insights for action 

–      Artificial Intelligence in HR: a No-brainer 

–      Robotic Process Automation (RPA) On Entering an Age of Automation of White-collar Work Through Advances in AI and Robotics

Digital Transformation: A Core Element of B2B Business Resilience

COVID B2B BUYERS

 

The long-term effects of the Covid-19 pandemic are only just becoming apparent for companies. It’s been a perfect storm, destroying jobs and creating debts for firms in fragile financial health beforehand. More and more companies were/are not generating enough earnings to deal with their private/public debts.

This unprecedented economic disruption encouraged and motivated companies to decide which measures to take in the future in order to remain resilient. For example, salespeople were unable to meet customers in person. That’s why AI-supported digital sales technology took place in large companies, it’s a must-have to stay fit for the future. New models of action and sales channels are being adopted for long-term survival. To better understand how B2B buying habits and preferences are being affected by the pandemic, PROS worked with Hanover Research to conduct a global survey of 210 purchasing professionals in the U.S./Canada, Europe, and Australia/New Zealand.

 

According to COVID-19 B2B Buyer Trends Report, 37% of companies have been buying mainly through digital channels since the beginning of the pandemic. That is a significant increase, previously it was only 29%. It is also expected that this increasing trend of digital procurement is likely to sustain post-COVID-19, with almost half of buyers (40%) expecting 51-100% of their company’s purchasing to run through digital channels. The results show that eCommerce has become very important in the B2B environment during the pandemic. Even though the trend towards shopping through digital channels is not new, not all providers were prepared for this rapid change in purchasing behavior in the past year. Two-thirds of buyers said working with some of their suppliers was challenging during the pandemic. For 47% of North American buyers 50 percent or more of their purchasing is run through digital, self-serve channels, compared to European (28%) and Oceanic (17%) buyers. A third of Buyers indicate that about half of their existing vendors are well-prepared (40%), while a quarter indicates most vendors are underprepared (23%) to support them in a virtual environment.

 

Slow and inefficient responses, inconsistent, highly variable pricing, and a lack of transparency into inventory were top 3 challenges listed by B2B buyers in working with their current vendors. Buyers are now demanding more responsiveness, transparency, and proactivity. Only the ability to anticipate what a customer needs – and deliver those products through their preferred channel – creates the consistent buying experience that B2B buyers are now demanding. Competitive pricing (40%), supply availability (39%), and better digital purchasing experience (35%) are top reasons for a buyer to switch from their current vendors.

 

The crisis forced buyers into doing their homework to find real market value and omnichannel purchasing; before buying for products/services they do research on the web, browse various vendors and then contact a sales representative for more information. B2B buyers are continuously looking for a more personalized, customer-oriented experience via digital channels. Therefore, in order for a company to successfully digitize sales, all sales channels must ultimately be brought together in a defined, holistic omnichannel model.

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When numerous buyers are forced to change their habits overnight, providers have to act dynamically and reliably in order to build and strengthen trusting customer relationships. In order to provide this necessary level of service, an underlying technology is required that can not only complete digital transactions. Buyers want quick, personalized responses to their inquiries. Providers must therefore show them further options in order to create added value together. In addition, the inventory and pricing must be transparent.

 

Companies are realizing the potential of Artificial intelligence (AI) in the adoption of rapid changes. Because AI offers deep insights into the entire sales process and across all channels. Companies can analyze huge amounts of data in this way. AI today is helping sales reps automate repetitive tasks like data entry and meeting scheduling or complicated jobs that do not require personal relationships like sales forecasting. This way sales reps can prioritize tasks more effectively and become a better salespeople by highlighting patterns in customer responses. Thus, they can use (AI) to predict customer needs and address them with the right offers via the right channel. Additionally, AI solutions can quickly provide an overview of stock overview, the right price is, the number of products which is already ordered, and which channels are preferred by customers. AI-supported sales that accompany and connect different sales channels bring the customer a consistent shopping experience. This leads to greater customer loyalty and increases sales in the long term. On the other hand, this is exactly what increases the resilience of providers.

 

The instability of the current economic environment has forced traditional businesses to adapt to rapid digital transformation, especially in the eCommerce space. Companies that use AI to develop and implement the right omnichannel sales strategy will achieve relevant competitive advantages and continue to be successful in the future.

 

Sitting and waiting is not an option. Those who can’t come up with new strategies in shaping competition risk being left behind or cut out of the value chain entirely. Technology is no longer a budget expense, but rather a strategic investment. No matter what size your business is, maintaining the right IT company is vital to the future success of your operations. We at Xorlogics, make sure that your organization is ready for digital transformation. We take the time to understand what you need and how to best help you to align with your requirements and objectives, both in the short-term and the long term. If your company is ready to take advantage of new opportunities offered by the rapid spread of digital technologies, please don’t hesitate to reach out to one of our specialist IT consultants. We can’t wait to help you find success.

 

Sources:

COVID-19 B2B Buyer Trends Report A Survey of 210 Global Purchasing Professionals

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