Using data and analytics to design and optimize the digital commerce experience is important for organisations targeting online customers. In addition to that, investing in the right talent and technology to execute digital commerce strategy is key.
Market research firm Gartner says creating, curating and cultivating content to help customers make buying decisions is also essential.
According to a Transparency Market Research report, the emergence of digital commerce and increased technological investment such as cloud in developed regions such as North America are some of the factors supporting the this market growth.
Alongside, factors such as increasing awareness of cloud based digital commerce platforms, high demand for digital commerce from retail sector and growing demand from developing regions such as Asia-pacific due to changing consumer preferences are also fuelling the growth of market.
Orbis Research recently predicted that the Global Digital Commerce Software Market is projected to reach $12.23 billion by the end of 2022, growing at a CAGR of 18.16 percent over the forecast period, 2017-2022. In 2016, the market was valued at $5.31 billion.
A Gartner writer Jennifer Polk suggests some tips for marketing leaders to make their products easily visible to prospective customers online.
Gartner says focus of a marketing leader should not only concentrate one SEO, SEM, mobile and local search techniques, but also consider what appears in search results.
It underline four Ps of marketing–price, product, promotion and place to remember to succeed with digital commerce.
Pricing is the most important thing customers look at. They will toggle between your site and your competitors’ for comparison. Hence, it should be real-time, transparent and consistent across channels.
Secondly, customers expect to see critical product information, but ancillary details like materials and manufacturing process, ratings and reviews and user generated photos and videos.
This will distinguish your site from a competitor’s site–especially when customers are comparing the same or similar products across both sites.
Third is the importance of place as physical and digital commerce converge. Customers want the convenience and assortment of digital commerce, coupled with the immediacy and tactility of a physical store.
According to Polk, communication doesn’t supersede building a digital commerce experience–backed by talent and technology, data and content. But failing to communicate the value of the experience and not using communication to guide customers through the experience can undermine all other efforts.
Indian e-commerce companies & digital deals
Surging use of internet, smartphones and other digital media have boosted e-commerce worldwide. In the last two years, e-commerce companies operating in India have invested in cutting edge technologies to remain advanced and competitive in the market.
Recently, Amazon founder and CEO Jeff Bezos announced that the company will keep investing in technology and infrastructure in India. The Amazon.in mobile shopping app is the most downloaded shopping app in India.
In April, Tencent, eBay and Microsoft have made investments aggregating to $1.4 billion in Flipkart, India’s leading online marketplace.
The funding from the three global technology giants, at a post-transaction valuation of $11.6 billion, adds to an existing group of marquee investors that include Tiger Global Management, Naspers Group, Accel Partners and DST Global.
Last year, Flipkart acquired PhonePe, a Banglore based mobile payments company. PhonePe provides Unified Payments Interface based product.
In December last year, Snapdeal said it will invest in IT and analytics to improve its seller management systems.