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One thing organisations have learnt in the wake of the recent disruptions is that constantly revamping digital prowess is vital for long term business success. Human-machine collaboration is essential to run operations seamlessly. While machines take care of repetitive tasks, humans utilize augmented intelligence technologies like Cognitive RPA to make important decisions.
While many businesses have used live-video streaming to engage customers or create awareness about the brand/product, they haven’t been able to boost sales significantly. However, things are beginning to change as innovative eCommerce companies are leveraging live stream eCommerce to generate sizeable revenue.
The COVID-19 pandemic created unprecedented challenges for retailers and manufacturers, while also causing unexpected changes in customer behavior. Customers are now more conscious about their purchases and conduct detailed research before making a decision especially when it comes to high-value items. Since the onset of the pandemic, customers’ purchase channel preferences have evolved.
The term live commerce was first coined in 2016 when the Chinese retail giant, Alibaba, hosted a historic first livestream to sell products online. This relatively unique approach opened different avenues for consumer value, quick conversions, and delivering brand-owned experiences, redefining the eCommerce landscape altogether.
According to Gartner, companies with a sound digital commerce approach generate more sales (as much as 30% more) than the ones relying on traditional strategies.
Digital Commerce enables you to improve customer experience, gain business efficiency, increase sales, and optimize costs.
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According to Gartner on choosing the right digital commerce architecture, “Organizations are looking to keep up with growing business demands to extend across different channels and adopt new business models. This leads to disruption of their costs, existing technology landscape, and operational processes — and increases in technical debt”
Retail has undergone a significant transformation with businesses putting customers at the epicenter of the shopping experience. For a long time, businesses in this space relied on the winning formula of speed, convenience, relevancy, and product availability. However, to keep up with the rapid pace of change over the last year, companies that relied on traditional sales channels had to deal with a host of new challenges and restricted opportunities, pushing many of them towards direct-to-consumer eCommerce.
Sustainable retail success requires a thorough understanding of the journey that your customers embark on, from initial interest and product prospecting to post-sale support, and every step along the way.
The retail industry has undergone major changes over the years but the magnitude of these changes was never so pronounced before the world got hit by the COVID-19 pandemic. In the wake of the ensuing restrictions and lasting changes in consumer behavior, many retailers are realizing the potential of digital commerce and expanding new sales channels to stay afloat in these unprecedented times.
The spreadsheet-based manual forecasting approach that is still used in many retail organizations is not suitable for staying ahead of the competition and improving their bottom line. Manual adjustments of forecasts in this method leave all inventory spend decisions to human judgement, which pushes towards generalized decisions rather than going with product, vendor, and market-specific indicators.