A survey was conducted in people to understand their shopping habits. It was known that they shop online at least once a month which surely is going to change the sopping scenario for the coming months. Better insight was gained into the growing role of the marketplace, spotted a trend in emerging technologies and uncovered a digital divide across the globe. As a result, the digital economy creates changes in the marketplace, there is also a change in which businesses are constantly trying to stay innovative and competitive.
Growth in Offerings in the Digital EconomyIn the market environment that companies survive, information really is crucial as it provides a basis for organisations to customise and personalise new service offerings. The constant efforts are to get better data and insight than all the competitors. These new insights gained by companies define how products and services can be bundled, tailored and extended to meet demand in a unique way. It assists them to be as innovative and differentiated as possible. With the growth of digital use, it has been observed that the more services a company sell to a customer, the more data they end up collecting and the better insight they gain. This drives better, more accurate recommendations and personalisation.
Impact of E-Commerce on B2B VendorsE-commerce has affected B2B vendors in more than one way i.e positively and negatively. On the one side, e-commerce has made it easy for vendors to reach a much wider audience at less expense than the traditional retail method. With e-commerce, there is no requirement to acquire expensive shops in high streets. You can produce or store your goods at a remote upcountry location and still advertise and sell them worldwide through digital mediums. Another noticeable impact of e-commerce on B2B vendors is decreasing returns to scale which holds that a business cannot grow its profits infinitely. As a result, e-commerce based enterprises have been shown to sustain fast growth while increasing returns as well. The impact is expected to grow as internet penetration in emerging markets increases.
Role of AI in Revolutionizing E-commerceThe use of AI is increasing with every single day. Similarly, the use of artificial intelligence enables companies to gather as well as investigate data in real-time, thus facilitating more efficiency and competence in business. This provides the customers with a personalized experience on of knowledge about their preferences. There are several ways in which AI helps, which are as follows:
- Improves customer recommendations with items frequently bought together or bought as an alternative
- Automates customer service experience through chatbots
- Sends automated engagement emails and responses based on customer interactions and information
- Listens to what customers have to say about a companies brand online to help them respond to comments, reviews, and questions
Key Takeaways from the Whitepaper titled, "The Future is Now: Technologies Shaping Commerce"
- The position of B2B enterprise vendors in the digital transformation journey
- Vendors are prioritizing digital initiatives
- Challenges faced by vendors with the shift in e-commerce
- The growing realizing of the benefits of AI