How to Accelerate Innovation in Today’s Digital Workplace
The growth of technology and innovation expands the possibilities of making a profit. According to Alex O’Byrne of We Make Websites, the pandemic has caused websites to “become the primary purchasing path for many brands, rather than a secondary or alternative method to the store.“
The alternative to in-store methods means that merchants need to improve their online retail experience for better sales.
There are some trends that indicate the direction in which the e-commerce industry is heading. Marketplaces are gaining a new impact in the retail sector. Mobile retail is growing faster than many retailers can keep up with. Social commerce helps businesses improve engagement and conversion rates. And digital wallets and cryptocurrency are spearheading a revolution in retail payments.
What are the opportunities for e-commerce companies to transform their sales improvement strategy in this year 2021? This is the question being answered here.
Electronic commerce started with the markets; Amazon, in particular, has led the global e-commerce revolution. Then, however, companies like Shopify and Magento emerged that allowed retailers to build online stores for a direct consumer experience. As a result, at some point, DTC companies were jettisoning the markets.
However, the markets never died. If anything, they waxed harder. Buyers want to compare prices and buy products from the same websites. Without SEO in the market, you risk losing important opportunities. Yet a business is only resilient if it can adapt its strategy seamlessly to various situations and spot opportunities as they arise.
The next e-commerce revolution would be a hybrid model, in which retailers would use marketplaces as the basis for their expansion once they established their independent online stores. For example, you can use your marketplace listings to direct customers to your site for limited edition products. If that means you’re transforming the way you do business, it’s worth it.
Current statistics and future forecasts are in favor of mobile retail. The estimated $ 472 billion mobile commerce market in 2019 will grow to $ 3.9 trillion by 2026. Meanwhile, mobile commerce sales in 2021 are expected to grow 22.3% from 2020 highs of $ 2.91 trillion to $ 3.56 trillion.
Despite the increasing adoption of mobile devices, it appears that business owners are not doing enough to optimize online sales for mobile users. Or there is a mismatch between what customers Actually want and what business owners think customers want. After all, only 12% of consumers find it convenient to shop on the mobile web.
Business owners must optimize their online stores by increasing page load speed, improving mobile SEO and improving user experience by optimizing web design. Start optimizing your store for a better mobile experience using Google’s mobile-friendly tool to test the current performance of the website.
There were 3.6 billion smartphone users worldwide in 2020, and they would be 4.3 billion over the next two years. Thus, by optimizing your online store, you are effectively preparing your business for years of success.
The current challenge for companies is how to make distributed digital workplaces as (if not more) collaborative than a physical workplace. There is no doubt that working remotely has immense benefits in terms of cost savings and increased productivity and performance, among others.
However, these cannot be appreciated if the organization does not rethink its management approach. This is why the tools used by the company are important. Electronic commerce is a busy industry.
For an organization whose employees work remotely, communication is important. But, if you haven’t noticed, an effective communication tool does more than just communicate (convey information); it empowers employees and makes them feel more connected to each other. Likewise, a truly effective project management tool would not only be useful for managing the task checklist; instead, it would catalyze the collaborative culture of the organization.
The flexible working structure that teleworking encourages is a good development for the e-commerce industry. It enables companies to be able to fill open orders faster and more efficiently. Organizations need to invest in tools that create true collaboration where every employee feels like they’re truly part of something big and fulfilling.
Digital supply chain management
The current wave of evolution towards teleworking has shown that certain sectors of activity are naturally less favorable to remote working than others. One of them is e-commerce and pretty much every industry that relies heavily on traditional supply chain management. Even then, COVID-19 had forced many companies to digitize supply chain management.
The main benefit of digitizing supply chain management is that the business becomes more responsive to demand. To achieve this, large organizations exploit emerging technologies such as artificial intelligence and machine learning, big data, predictive analytics, robotics, etc. Where does that leave small businesses and individual store owners?
It is important to note that a digital supply chain is a technological shift as a systems approach. Traditional supply chains also used technology. The distinction is that while these are more responsive, digital supply chains are predictive. Ecommerce businesses need to shift to a more customer-centric and demand-responsive model using tools that allow them to feel the pulse of the market and adapt as needed.
It may seem like a lot is happening at the same time in the ecommerce industry with the many fast paced innovations emerging. Therefore, now is the time to take a step back and revisit your ecommerce business strategy to determine if your business is well positioned to compete in the years to come.
Image Credit: mikael blmkvist; pexels; Thank you!