E-commerce and its Impact on B2B Products and Services
Fundamental convergence of different industries with IT and the retail sector continues to shift e-commerce from simple search portals for buying products to the digital marketplace that provides personalized, informed purchase decision making. It is manifesting a new era of industrial product consumerism. Furthermore, as tech-savvy millennials are expected to overtake the baby boomers population in 2019, e-commerce models with personalized UX/UI will be the preferred marketing channels for even industrial products and services.
Global business-to-business (B2B) e-commerce sales are predicted to reach over $6.6 trillion by 2020. Examine how mobile applications, platform-as-a-service deployments, and advanced analytics will characterize the next wave of solution capabilities and vendor differentiation for this market.
Disruptions in the business environment have caused economic shifts that destabilize global industries and companies. The challenge for IT and communication enterprises in such scenarios is to create sustainable monetary conditions and leverage strong opportunities for growth and innovation at the points of technology convergence. Planning for long-term growth by focusing on technology shifts, business models, and market dynamics, as well as harnessing new areas for expansion, are critical components for strategic development.
Areas like predictive marketing, B2B customer loyalty are changing the way businesses have started to think about how they can score over the cutthroat competition and be at the top of mind recall position for their prospects.
Companies have started to realize that the right opportunity for e-commerce growth lies in the power of people and are increasing their focus on to understand
- Why loyalty programs don’t actually breed customer loyalty
- How online shoppers prefer to communicate with your brand online
- What drives online consumer purchases
Answers to all this lie in humanizing the digital experience, which is vital to bottom-line growth and increasing consumer-to-brand trust. A starting point could be a way to increase e-commerce sales is to introduce the personalized approach of in-store customer experiences online. E-commerce portals which provide the freedom to explore, experience and shop need to be infused with latest technologies like artificial intelligence, machine learning algorithm which in tandem works to provide a uniquely memorable experience and pushes the customer towards buying. Planning to scale up your business with digital e-commerce? Get our services now.
