The at-home consumer’s kryptonite, thanks to the global pandemic, gained center stage in 2020: internet purchasing.
Consumers shopped at huge corporations like Amazon (NASDAQ: AMZN) and Apple (NASDAQ: AAPL) as well as smaller, independent retailers while stuck at home, resulting in a COVID-19-related revenue gain of $174.87 billion by the end of 2020. According to the EY Future Customer Index, even though the pandemic limitations have begun to lift, online shopping habits have mainly remained the same: despite returning to normal, a staggering 80% of customers remain committed to the way they shopped merchants during the pandemic.
So, what exactly is this digital commerce craze all about, and how can merchants take advantage of it by creating a holistic online consumer experience?
Let’s start by defining a few key words. The act of buying and selling goods and services through the internet is referred to as e-commerce. This process can include the following market segments: business to business consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer consumer to consumer
E-commerce today covers virtually every aspect of life, and many businesses have chosen to incorporate it into their business plans in order to remain competitive. E-commerce has shown to be the way of the future time and time again, regardless of the size of the merchant.
Multichannel commerce is a method in which one “channel” functions independently of the others to provide a number of options for customers to interact with you. Approximately 66 percent of online customers make purchases through various channels (more than one).
Using several platforms to promote the business and increase interaction can be quite beneficial. The disadvantage is that these channels are not cohesive, whether they are social media, mobile apps, an online market, or a physical store. The customer’s information is not communicated from one channel to the next due to a lack of connectivity in branding, marketing, or implementation.
Is there a glue that can hold it all together? Omnicommerce refers to the process of streamlining a customer’s shopping experience from beginning to end. It’s a person-first strategy in which data on a consumer can be gleaned from all channels, not just one. It still uses a multichannel strategy and facilitates e-commerce, but it tailors the purchasing experience to the individual.
With omnicommerce, the brand experience is consistent, personalized, and incredibly effective.
Despite the fact that 62 percent of consumers who interact with their favorite brands on up to ten channels make weekly purchases, 45 percent of marketers believe they have not mastered the technology or processes underlying omnichannel marketing to make it productive for their businesses. The process of developing such a platform, according to retailers, may be time-consuming, costly, and challenging.
There’s no denying that many people want a one-stop shop for all of their purchasing needs, and shops understand that in order to survive in today’s society, they must give that service. That’s why it’s critical to work with a firm that can offer a comprehensive and adaptable collection of tools to help you launch or improve your business’s efficiency and performance in-store, online, or on mobile. OLB Group (Nasdaq: OLB) offers cost-effective and cutting-edge commerce technology, including merchant-driven feature choices, digital wallet support at checkout, crypto payments in the future, and data-driven analytics.
OLB Group’s omnicommerce business solutions go beyond payments and provide a cloud-based platform that keeps up with the trends, in addition to its sophisticated technology. While implementing these technical solutions can be difficult at times, OLB Group’s one-on-one engagement with non-tech savvy merchants allows them to speak with a human, not a robot, if they require assistance: this is part of the company’s personal touch.
What else could internet shops expect in addition to this already personalized approach? AI has now arrived on the scene, pinpointing client buying habits and behaviors in previously unimaginable ways. With AI commerce systems becoming more customizable, these platforms may come to know their clients better than they know themselves.
Benzinga.com, 2021. Benzinga does not offer financial advice. All intellectual property rights are reserved./n
