In recent times cloud has been an integral part of turning big data into meaningful insights. Cloud-based data management has made it easier for businesses of all sizes to flawlessly integrate software and hardware to create a unified data environment. Cloud-based tech and the IoT will continue to play important parts in the development of e-procurement platforms for 2020 and beyond.
The backbone of process optimization and strategic sourcing is to get data analyzed thoroughly in real-time and with utmost accuracy. So, Big data will plays and will continue playing a big role in procurement organizations.
The other upcoming trend is Blockchain, which will further enhance automation massively and improve cyber security to processes ranging from procure-to-pay (P2P) to contract management to financial and inventory audits. Though, it hasn’t reached the desired stage as other new technologies but this’ll change in 2020 as more procurement teams embrace the dynamism and the increased security, the blockchain moves from an optional add-on to a core part of next-gen automation and security software.
As procurement teams are increasingly relying on technology to extract maximum savings and value from the supply chain, internal process optimization, and actionable insights, it becomes more critical than ever to protect these systems from tampering, manipulation, corruption, and outright destruction. So, cyber security is another trend that will be in priority in the upcoming years to safeguard sensitive information and for the smooth functioning of organizations.
Nowadays the procurement function is at the centre of business process management, helping all business units to minimize waste and expenditure while maximizing value. This transformation is perhaps the most crucial in the history of procurement and it will keep growing in years to come.
The requirement of e-Procurement solutions is not industry-specific. Large, midsize and growing companies across industry verticals that need cost savings will certainly benefit from the e-procurement system. E-procurement eliminates the cost of procurement resources and empowers the organisations to achieve efficiency, transparency and effectiveness in procurement. Construction and Real Estate are some of the sectors rising actively at the e-Procurement front.
The emphasis on maximizing return on investment (ROI) and value creation, backed by minimal waste and expense, will remain a top priority for procurement professionals worldwide.
Experts at research firms have developed a variety of roadmaps defining the future of procurement. Gartner, for example, has predicted that by 2022:
· 50 % of existing spend analysis and procurement tools will be replaced by AI-driven, cloud-based purchasing platform.
· 75% of all B2B one-off spend (i.e. “tail spend”) will be made in online marketplaces such as Amazon.
· All best-in-class procure-to-pay services will include built-in chatbots and virtual assistants to further enhance and streamline procurement while improving security and compliance.
The E-Procurement system helps an organization to manage its relationships with its valuable suppliers. It provides a range of built-in management tools to help control costs and ensure maximum supplier performance for those who use it. It provides a hassle-free and efficient way to maintain an undisturbed and a constant line of communication with potential suppliers during a business process.
It helps with the decision-making process by keeping relevant information neatly organized and time-stamped.
Through e-procurement, all transactions are easier to track because they are made over the internet and managers can instantly see who made what purchases without having to wait for a monthly revolving credit statement to be issued.
E-procurement saves times. Buyers just have to go on the internet and place an order on the portal and the rest is taken care without any hassle. Since suppliers receive the order in real-time, the order fulfilment gets much quicker than the traditional methods of procurement.
The article has been authored by Sanjay Puri, CEO, C1 India
In the ever-changing landscape of the skincare industry, the rise of Direct-to-Consumer (D2C) models has been a transformative force, reshaping the way natural skincare products are sold and experienced. The fascinating world of (D2C) marketing has had a profound impact on natural skincare sales, centered around the key element of customer engagement.
Lifting The Curtain: Enhanced Transparency: Transparency and sustainability have become critical for conscious consumers seeking for natural skincare solutions. D2C brands, equipped with the ability to communicate directly with their target audience, have the opportunity to showcase their meticulous sourcing practices, manufacturing ethics, and commitment to sustainability. This not only aligns with the values of environmentally conscious consumers but also develops a sense of trust and authenticity.
Tailoring Customer’s Skincare Journeys: D2C models build direct communication channels, allowing brands to offer their customers a personalized and customized experience. Through engaging interactions, brands gain insight into individual preferences, skin concerns, and feedback. This personal touch fosters a sense of connection, converting a transaction into a relationship. The skincare journey is transformed into a one-of-a-kind and personalized experience that resonates strongly with customers.
Building A Skincare Community: D2C brands thrive on community building, cultivating an environment where customers feel valued and connected. Exclusive benefits, early access to new products, special discounts, and loyalty rewards programs are the foundation of establishing a skincare community. This increases customer retention and also converts customers into brand advocates, which starts a chain reaction of positive word-of-mouth marketing.
Overcoming Geographical Barriers: Natural skincare brands that use direct-to-consumer methods are no longer constrained by traditional retail limitations. Brands can reach a broader audience, including those in remote areas, by moving beyond physical stores towards online platforms. The virtual shelf space has no boundaries, making it accessible to all those looking for high-quality natural skincare solutions.
Data-Driven Marketing: In the age of analytics, direct-to-consumer brands use data to understand the nuances of customer preferences, behaviors, and purchasing patterns. This wealth of data is an extremely effective tool for targeted advertising and strategic marketing. Brands can create compelling campaigns that resonate with their customers and foster a deeper connection by acquiring a detailed understanding of their audience.
The Backbone of Brand Credibility: Trust is the backbone of successful direct-to-consumer natural skincare sales. Positive feedback, customer loyalty, and word-of-mouth recommendations increase a brand's credibility. When customers believe in the efficacy and quality of the products, trust increases. D2C models strengthen trust by promoting direct communication and community engagement, laying the foundation for long-term success.
The Online Advantage Offers Maximum Reach at Lower Prices: Online platforms and targeted marketing strategies enable D2C brands to reach a wide range of demographics and geographic locations. The low cost of online channels allows for maximum visibility, propelling brands into untapped markets and increasing market reach while eliminating the constraints of traditional retail overheads.
Real-Time Feedback Loops: Direct sales channels allow brands to create real-time feedback loops with their customers. This process of continual improvement enables brands to improve their products and services in response to community preferences and needs. The dialogue between brand and consumer grows into a dynamic collaboration, ensuring that skincare offerings evolve according to customer expectations.
Subscription Services: Subscription models are emerging as a strategic play for direct-to-consumer natural skincare brands. Brands can secure a steady stream of revenue by offering subscription services, as customers commit to receiving products regularly. This not only ensures consistent sales and cash flow but also strengthens the brand's relationship with its subscribers, ultimately leading to a loyal customer base.
Social Media Influence: Influencers have a significant influence on consumers in today's social media age. D2C natural skincare brands can tap into this power by collaborating with influencers who authentically represent their brand's values. User-generated content (UGC) which demonstrates real people using the brand's products is valuable social proof. Utilizing this content across social media platforms and the brand's website creates a compelling narrative that appeals to potential customers.
Conclusion: Direct-to-consumer (D2C) models have a significant impact on natural skincare sales. Enhanced transparency, personalized experiences, community building, increased accessibility, data-driven marketing, trust-building, online reach, feedback loops, subscription services, and social media influence all contribute to a shift in the way consumers perceive and interact with natural skincare brands. As brands navigate this transformative landscape, the key is to harness the power of direct-to-consumer models to not only sell products but also build long-term relationships with a community of skincare enthusiasts. The future of natural skincare sales is more than just a transaction; it's an immersive experience in which brands and consumers interact to create a narrative of beauty, authenticity, and sustainability.
Himanshu Sharma, Co-founder & Managing Director, ORGATRE
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