Electronic Commerce is a term that belongs to the 90th . the new age of the digital life especially with generation Y& Z is focusing on three main features:
- Experience
- Value (to users)
- Trust
The E – for electronic is not relevant and/ or important anymore . The main thing is Experience – mainly in terms of personalization and customized values that users get from the interaction between them and the brand/ online store.
Experience can also be backed by implementing a smart omnichannel commerce experience is what we call the Dynamic Store – one that pre-empts customers’ expectations and constantly adapts to meet their needs. Rather than relying on chance, the dynamic store conjures up impactful, tailored experiences, helping customers navigate through the aisles, telling shoppers what they need, where to find it, and even how well it will pair with other purchases. Most retailers currently lack the underlying capabilities or resources to go all in immediately.
Regarding the second main feature – Value – it is based on First Party Data – If a business is to get to know its customers across all its touchpoints, it is likely going to need a customer data platform (CDP) to collect information reliably. To be competitive, companies must remember that the cost of attracting a new customer is many multiples higher than retaining one. It is critical to understand customers’ frequency, engagement, recency and monetary value.
It’s very Important for online stores owners to Implement a Customer-centric commerce strategy. Put your customers in the center of your Product strategy and Service perception. Here, again you should think about personalization. Commerce is served by technology, of course. But at its heart, it is about so much more than platforms and apps. It is about people. And the enterprises that learn to align people, processes and platforms, in sustainable ways, are the enterprises that will rise while others fall. Successful companies will be those that build a solid technology foundation, optimize processes through technologies such as artificial intelligence (AI), and build direct relationships with their customers through digital and physical channels.
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