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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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Cyber ​​Security Predictions- What to Expect in 2018

It is well known that the fourth industrial revolution opens up a multitude of new business opportunities. In parallel, the danger for cyber-attacks is also increasing. It is important that companies prepare for it.

Not only should they think about security solutions directly when planning IT technology, but they should also develop a keen awareness of the corporate culture for security – which requires significant investment. According to estimates by Gartner, security spending for 2018 will continue to rise sharply globally, reaching $ 93 billion. For the coming year, this means that Cyber Security will capture some of the key trends.

 

IT security experts are still in demand

 

As technology evolves, security expertise needs to adapt to changing needs. The challenge is to train cybersecurity specialists to acquire and develop the skills they need as quickly as possible. According to the Cyber Security Ventures Report, it is predicted that there will be around 3.5 billion unfilled cybersecurity jobs by 2021. The responsibility lies in the hands of governments, universities, schools, and companies to meet this need.

 

Protection and resilience

 

In this day and age, it is difficult to completely avoid security gaps. Therefore, you shouldn’t just ignore them, but make appropriate arrangements. As a result of this development, the resilience of the IT infrastructure will become more of a focus, and not just prevention alone. For companies, it is important to talk openly about their own weak points, to raise awareness and to show responsibility. Funds currently used to prevent cyber-attacks may need to be redistributed to detect security threats in time and to remain operational in the event of an attack.

 

Next-generation security solutions are driven by digital ecosystems

 

In IOT hype era, the protection of customer data becomes more and more important. Vulnerabilities exposing sensitive data can have serious consequences as companies will be held accountable for personal data in the future. This ownership is a major challenge for companies, and the responsibility to ensure a degree of security for their users lays on technology manufacturers. As the need for cybersecurity solutions and regulations grows, companies need to develop appropriate strategies to minimize any risk. These strategies should not only meet today’s expectations but also incorporate new business models promoted by new technologies.

 

Cyber-attacks increasingly sophisticated

 

Of the e-mails received, around 70% are spam and the majority of them contain phishing messages. Other known threats include rogue Trojan horses, malware or distributed denial-of-service (DDoS) attacks. Over the past few months, they have led to massive data loss and continued to make company or customer data vulnerable to cybercriminals. With 93% of the attackers, the money is in the center. Hackers try to gain the highest possible profit through simple tricks and are often successful in smaller companies with inadequate security solutions.

 

New technologies: a blessing and a curse at the same time

 

Innovative technologies enable cybercriminals to use sophisticated methods for their attacks. But these innovations can also help build and reinforce defense and protection against hackers. A major threat, for example, comes from artificial intelligence (AI) applications. However, AI can also be used to detect potential risks faster. How important AI is for IT security is an outlook on the global market for artificial intelligence solutions: according to a recent study, it will grow to $ 18.2 billion by 2023. Likewise, the Internet of Things, with an estimated circulation of 22.5 billion networked items, is both a driver of innovation and a door opener for increased threat potential, according to a Business Insider platform report. On the one hand, security becomes a challenge, but on the other hand, the data generated by Internet-enabled devices can help detect breaches early.

 

The focus is on vertical industries

 

While cyber attacks affect all sectors of the economy, there are still some key sectors that are likely to be particularly vulnerable to cyber attacks:

 

  • The Financial Sector, BFSI: (Banking, Financial Services and Insurance): The BFSI sector is under increasing pressure. This is due to competitors with digital assistances and the constant pressure to modernize their existing systems. The value of customer data is increasing as customers demand more comfortable and personalized service. Nevertheless, trust remains crucial. According to a recent study, about 50% of customers in the UK would change banks as a result of a cyber-attack, while 47% would completely lose confidence. Large-scale cyber-attacks have already left a large number of banks victims of a hacker attack. This shows that the sector has to adapt to these risks. So, it’s important that banks invest more in security solutions to ensure 24/7 protection.

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  • Healthcare: More and more patient is having digitized medical records. In addition, artificial intelligence and web-enabled devices will increase the speed of diagnosis and improve patient care. However, the integration of personal data and Internet-enabled devices also involves risks. Earlier this year, Experian predicted that the healthcare sector would be the most affected market by cyber-attacks, as some examples have already shown. This means that the health sector should similarly invest in risk analysis as the banking sector. In addition, the implementation of industry-wide standards is needed.

 

  • Retail: In the retail market, customized shopping experiences are becoming increasingly important, so data analysis tools help retailers implement them. However, there is also a great responsibility to protect this data, which can include more than just shopping habits and login data, but also account details and addresses. Thanks to Internet technologies, augmented reality and face recognition, the shopping experience is becoming increasingly networked, but here, too, stronger networking also entails a greater risk of data loss. Therefore, the creation of a resilient strategy approach is also crucial for the retail sector.

 

  • Telecommunications: Telecommunications companies as Internet service providers are among the industries that are at increased risk for cyber-security. They should include security measures in network infrastructure, software, applications and endpoints to minimize the risk of customer vulnerabilities and data loss. Nowadays, consumers are increasingly wondering who they entrust their data to. For service providers, this is a good opportunity to provide additional security services. In addition, a collaboration between competitors may increase cyberattack resilience.

 

What does this mean for the year 2018?

 

Overall, it can be seen that companies in all industries, as well as individuals, need to improve their cybersecurity awareness, identify the risks, and take appropriate countermeasures. Key competitive advantages are companies investing in security solutions. At the same time, cyber-security must also become an issue for state governments and at the international level where laws and regulations must be adapted accordingly. In addition, governments must invest in training and education or disclosure of cyber-threat threats.

IoT: Biggest Revolution in Retail

If the IoT represents a huge opportunity for almost every facet of the business, this is particularly true for supply chain specialists, operations and analysis. The leaders of e-commerce and traditional commerce see an opportunity of competitive advantage in IoT.

 

Even though I’ve already wrote about IoT in my previous posts, let me give you again a quick definition of it. In 1999, Kevin Ashton (MIT Auto-ID Center) describes the Internet of Things as a network of interconnected objects that generates data without any human intervention. Today, Gartner describes the IoT as “the network of physical objects containing embedded technology to communicate, detect or interact with their internal states or the external environment.”

 

estimates for IoT revenue by region in 2020

For some IoT is only a new name of an old concept, the only thing which has recently changed in this existing concept, is the evolution of Cloud technology. According to a recent survey by Gartner, IoT is one of the fastest-growing technological trend. Estimation says that by 2020, the number of connected objects will be multiplied by 26 to $ 30 billion. Main reason behind IoT success is the development of solutions based in clouds; which allows to actually have access to the data generated by the connected objects.

 

The growth of IoT relies on three levers: reduction in integrated chips costs, technologies supported by a cloud platform and powered by analyzing Big Data and finally the Machine Learning. A case study of IBM named “The smarter supply chain of the future” revels that in near future the entire supply chain will be connected – not just customers, suppliers and IT systems in general, but also parts, products and other smart objects used to monitor the supply chain. Extensive connectivity will enable worldwide networks of supply chains to plan and make decisions together.

 

The main objective of such connective supply chain is to gain better visibility and to reduce the impact of volatility in all stages of the chain and get better returns by being more agile product flow. Several developments are already underway in the IoT and are revolutionizing the retail supply chain at various levels:

 

– At the client side: integration of end consumer in the IoT. The main objective of this step is to collect customer data to create customized product, personalized offers while simplifying the purchasing process. Devices such as health trackers, connected watches etc. continuously collect the data from consumers, prescribers. The collected data represents a great opportunity of positioning product/services. For example, from a person’s browsing history, its culinary tastes and influences on social networks, information on a nutrition bar can be offered to him. Recommendations may also be appropriate if the person enrolled in a sports club or acquired a fitness tracker and so on.

 
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– As for retailers: Beyond the preparation of the assortment by merchants, there are smart shelves and organization of sales outlet. Moreover, we are witnessing a rapidly changing purchasing behavior so with smart shelves a retailer’s system can analyze inventory, capacity and shipment information sent by suppliers. Via the predicted system retailers and suppliers can avoid costly out-of-stocks or missed sales.

To take the example of nutrition bar, time spent in front of a specific category of products (yogurt lightened for example) can be an early indicator to change suggestions or promotions. In addition, the integration of the retail IoT can allow the line to automatically trigger orders. The whole environment can be configured to access a library of planograms, to store inventory data and related warehouses to automatically run restocking. As the elements of this environment are already used independently, we can predict that we are at the dawn of IoT in retail.

 

If the store are at a less advanced stage in the application of IoT, transportation and warehousing are well connected. The integration of RFID shows a first generation data-oriented machine. Integrated tracking systems have long been used in transport and warehouse systems. RFID tagging of pallets has to have better visibility on the status of stocks and the location. The convergence of demand signals and increased visibility on the state of stocks and their location results in scenarios such as the anticipated shipment for which Amazon has filed a patent. Increasing integration of IoT can lead to efficient use of robots for material handling and delivery by drones. These innovations are challenging the effectiveness of existing systems by optimizing the machine learning an effective alternative.

 

Even with all the benefits it promises to offer companies, IoT is still a gamble, with big risks and unsolved problems. For any organization that decided to embark on the IoT, a number of questions remain open whether in technology, integration with file distribution systems to traditional ERP API to communicate with sensors and application languages ​​(Python, ShinyR, et AL.)

 

There are several interfaces that work well in specific areas, but it needs more standardized platforms. Industry experts have launched PaaS (Platform as a Service) to integrate this growing IoT technology. Despite these challenges, the technology seems a surmountable obstacle. Only the legislation on collected data is a real problem so far. Even the customer acceptance remains a challenge. In 2013, Nordstorm had to backtrack on his program which was to track customer movements by the Wi-Fi use on smartphones and via video analysis due to customers demand.

 

Finally, the important thing to remember is that the IoT is a revolutionary technology. A lot of expert retailers, e-commerce players and technology solutions providers will rethink and adapt the model and evolve in processes designed for organizations wishing to adopt the IoT. Retailers that take the lead in this space stand to gain an important advantage in an already competitive environment. Early adopters will be positioned to more quickly deliver IoT-enabled capabilities that can increase revenue, reduce costs and drive a differentiated brand experience. The IoT will be a disruptive force in retail operations.

 

 

Sources:

The Smarter Supply Chain Of The Future

The CEO Perspective: IOT for Retail Top Priorities to build a Successful Strategy

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