The following guest article has been written by Sarah Arthrell, Global Product Marketing Director, Bright
Shining pearl There is a retail operations platform with a clear drive for retailers and wholesalers to automate the back office so that traders can spend their time and money growing the business. Bright Pearl’s complete back office solutions include financial management, inventory and sales order management, purchasing and supplier management, CRM, fulfillment, warehouse management and logistics.
Pre-Kovid, we saw the impact of increasing online consumer demand and adjusting behavior, but brands often had time to analyze how and when they wanted to respond. Once Kovid had shut down the world, that power quickly changed the consumer, with brands now being forced to adjust almost immediately if they wanted any opportunity to survive.
In our research, We found that 65% of consumers would shop online more often in the next 12 months, with 20% telling us that they only expected to buy online within 5 years.
There is a huge opportunity here, but a lot of companies have missed out, and will continue to fall short because they saw how powerful the consumer experience is, and how much damage customers can suffer if you do not live up to your promise of service Huh.
Since the onset of the epidemic, 61% of consumers have experienced some problems buying from online brands – And 25% has fallen short of an online order since the crisis began.
TLarge-scale errors and delays mean that buyers are missing out on significant deliveries, further damaging the already relationship between seller and consumer.
It is not all doom and gloom though! In fact, some brands have raised Kovid’s challenge to an even greater level of innovation. At Brightplar, many companies working with us have joined More delivery options to support customers’ increasing preference for local shopping, and the adoption of Click and Collect has gone through the roof, with Kovid suggesting the need for applicable change, and what we suggest in response to our data 41% of shoppers plan to increase their click and collect usage this year.
Impact on physical commerce
While more physical stores are closing than ever before, the future of Commerce Post Kovid probably sees a new version of brick and mortar. One that still meets the need for consumers to see, touch and use products before purchasing them, but also supports merchants who do not want to spend huge amounts of money on physical stores.
Recent study Highlighted that 63% of British shoppers plan to do more shopping with local businesses over the next 12 months, meaning we can see a renaissance in local The high road that runs in many of the world’s ‘work from home’ environments.
The same study notes about one in five retailers are planning to moveOff major city centers and local high streets within the next 12 months. So we can see a future with more popup stores in local high streets as they become high foot-traffic areas, serve as fulfillment centers for clicks and collect orders from out of town or local stores, or in Location sharing stores in small metro outlets in new high traffic area.
Role of Technology in Shaping Future Commerce
As we see the emergence of more cross-generational online shoppers, expectations and demand will continue to increase in all areas of commerce, from products to payment, shipping, returns, loyalty and promotion.
Along with this, there is an abundance of emerging technologies supporting the development of new technologies – in mediums such as voice commerce, text messaging, augmented reality, new social media outlets (like Reels, Ticketok) and even WhatsApp. -App shopping too.
One of the implications of Kovid is the clear recognition from brands that they need to diversify their channels if one of them is suddenly considered obsolete, and so we see retailers using multiple channels to find, connect and buy customers. Predicts to adopt.
However, the complexities involved in managing all these channels – providing a seamless and consistent experience for customers – is going to be a major challenge. All channels require complete visibility, as well as the ability to quickly and efficiently adjust to sudden changes from internal or external environments.
As the world becomes digital, entering into technology partnerships will also become common for retail brands. Every day we talk to merchants who tell us that they have 10-50 different technology solutions that they use in their technology stack.
One of the focus for retailers will be on streamlining their technologies, and ensuring the technologies they use are extensible and all of those capabilities can be gained by working together. When it comes to investing in that technology, it is likely that retailers will look first In front-office solutions because they are seen as directly correlative sexier and cooler tools for acquisition.
Technologies that are typically undervalued sync up sales channels and orders with inventory and shipping so that consumers get the right products at all times, and tools that help you better manage and automate fulfillment so you can meet consumer expectations. To cross.
As commerce diversifies, we forecast greater reliance on ‘back end’ technologies to help manage more complex operations and drive better end-to-end experiences. And, it matters when you think about the longevity of a brand.
Excellent experience is one that increases greater loyalty that ultimately increases customer lifetime value, arguably one of the most important metrics of a retail business. Companies that only Risk of losing substandard experience and losing any future sales opportunities, focusing on the acquisition of Covid.
State of Commerce: A Frictionless Future
As the world slowly opens back, the state of e-commerce post-Kovid will increasingly focus on eliminating end-to-end friction in the buying process, making it so much easier for consumers to shop from one brand Will keep coming back.
Post-Kovid, the maximum value of a customer’s lifetime is becoming even more essential. Future consumer index It is reported that within the next year, 44 percent of consumers will prioritize the brands they have already purchased. And, recently, we have seen Data supporting retention vs. acquisition value 5% increases profits from 35% to 95%, like improving customer retention. Keeping this in mind, companies cannot afford to use only those weak setups that lead to pre- or post-purchase issues.
The future of commerce will be about Creating an engaging customer experience, which is done every single time, on every single sales channel – which then helps build brand advocacy, instill positive emotion and encourage brand loyalty.
With many brands selling the same or similar products, it is no longer the product differentiation that you see. This experience is differentiation.
Build these excellent experiences All ends of the purchase journey require ownership – Thinking about the way you want to create for customers at every step, and removing any potential bottlenecks in the pre- and post-purchase journey from website experience to delivery and returns.
Brands that recognize the importance of experience differentiation, invest the right technology to support customer expectations and frictionless commerce will emerge as the ultimate winner when all is said and done.
Sara Arthur There is a passion to understand the challenges facing modern traders today. Having been recognized as an expert in the ecommerce space, she is putting her passion to use as the global director of product marketing Bright – An innovative digital operations platform that helps 1000+ mid-sized retailers in 26 countries automate essential ecommerce operations.