International research and advisory firm Gartner has identified 5 areas of Digital Commerce thatwill transformdue to the ongoing pandemic(AmPnBsP).(AmPnBsP);
On the one hand, this has to do with the change in consumer buying behavior. Second, with digital investments made in response to Corona. Companies need to understand these long-term implications in order to adapt accordingly and continue to compete in the marketplace. However, this is only possible if the offering can meet the coming digital commerce demands. We should therefore take a closer look at the 5 areas highlighted by Gartner.
Enterprise marketplaces open up the possibility for third-party sellers to sell directly to end customers. They are attractive to both buyers and sellers because they benefit a wide variety of business processes. For example, they offer more efficient supply chains and new revenue streams. According to Gartner, companies that have been using enterprise marketplaces for more than a year are expected to achieve at least a 10% increase in digital revenue by 2023.
Many companies have adapted their sales models during the crisis in order to attract new customers. Primarily, digital sales channels such as live chats, video chats and social media apps were prioritized. These sales models are expected to remain highly valued post-pandemic, as they are just as effective as traditional sales methods. In general, technologies that promote an intuitive user experience and the availability of comprehensive purchasing and management features will prevail sooner or later.
Live trading enjoys a high potential. It is based on trading via
live streams to present products to potential customers and interact with them, thereby encouraging them to make a purchase. Live trading functions or live commerce functions can be integrated into online marketplaces, trading platforms and social networks. In the Asian region, live commerce was already widespread, especially for fashion and beauty products, but in the wake of the crisis, more companies used the option to keep their business going. A significant number of brands have had success with it. It is to be expected that the model will soon be increasingly used in the European region as well.
In times of Corona, social distancing is one of the most important issues of all and the importance of contactless commerce has increased as a result. Contactless commerce allows customers to purchase products without touching them or interacting with another person. Gartner predicts that by 2024, 80% of business orders will be contactless. This development will be seen in retail, for example, in the form of checkouts without cashiers. The model is already being experimented with in the DACH region and basically it is only a matter of time before it becomes established.
With visual configuration tools, companies can present products as well as their functions to their customers using 2D or 3D models without them having to be present on site. So far, visual configuration is only used by a few companies, but in the wake of the pandemic, an increase could be observed. In the future, the use of visual configuration is likely to increase further as it reduces the need for showrooms, for example.
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