When the COVID-19 pandemic emerged as a global economic crisis early last year, little did anyone know as to how long people would be confined inside their homes and the kind of moves businesses will have to make to survive this global pandemic? But it is said that bad times bring the best in people, and this is what is happening with the organizations.
The COVID-19 pandemic has challenged many organizations, but somehow many companies have found unique ways to serve their customers and the community. The pandemic has compelled organizations to re-think, re-invent and re-build the business model. And there would hardly be any business that has not changed its working model to stay afloat.
Nobody had thought that it would take a global pandemic and an economic crisis to see how we can re-imagine the lifestyle that we have lived. Some companies are close to collapse, while some came out stronger in rebuilding operations, rethinking the organization’s daily operations, and accelerating the adoption of digital technologies. All of this creates fertile ground for commerce-led, sustainable innovation that transforms business models and behaviors.
Technology is changing at a very fast pace and so is every industry including the e-commerce sector. People are shifting their habits from Facebook to Instagram, blogs to vlogs (video content), Google to Pinterest, and so on. Digitally transforming the e-commerce industry will bring a revolutionary change in the field of business and these have been witnessed by most companies who have joined this bandwagon. Listed down are few ways in which organizations can re-think, re-invent and re-imagine their business growth.
Machine Learning - Machine Learning can improve the e-commerce experience for the consumers and create a bond between online retailers and customers. It helps the business to understand better and predict what the customer wants. It assists in identifying shopping patterns and understanding buying behaviors and accordingly adjusts promotions and special offers or tactical campaigns to boost the sale, get business traction and gain the trust of the customers.
Remote Working - It is a privilege given to employees during the pandemic that has become imperative for most of the employees. Many companies have had the same operational output with work from home model. And this model is gaining prominence in many sectors.
Artificial Intelligence - The virtual world is 24x7 open and customers can now shop any day, at any time as per their convenience, and expect availability and dedicated service from the organization’s customer support. Here chatbots come to the rescue, which acts as a digital store associate and are cost-effective and rapid response service tools that can help seal conversions and create new sales.
Unified Commerce - Unified Commerce is a retail software system capable of tracking business inventory and customer data from all sales channels. It makes the buying experience easy and convenient for the shoppers and leads to boosting the sale by giving the customers multiple channels to make a purchase.
Increase Digital Presence - As the digital approach is becoming critical for survival, many businesses have started investing in their digital presence through social media, websites, applications, and other portals. It shows how your business appears online through search engines, content, and website. Potential customers interact with the brand through chatbots and can get assistance regarding the brand.
Digitally transforming the business can be a bit complex for the businesses to handle all things by themselves. Larger organizations have bigger teams to manage and oversee these challenges. But smaller players are the ones who have a tougher time marking their presence in the virtual space.
Despite the above challenges, the industry will have to embark on its digital journey after understanding the different technologies that can help in digitizing its business and driving growth. Digital transformation has rewired all businesses irrespective of whether you are selling a product or a service, whether you are B2B, B2C, or B2G. Operating models of businesses will have to become more people-centric. And quick adaptability in an ever-changing environment, with a lot of focus on non-traditional ways of working, will have to be part of the change-over.