Over recent years, there have been impactful changes across digital e-commerce as technology advances and brands look for new ways to innovate. Our Chief Marketing Officer, Kevin Iaquinto sat down with Paul Bessant from the Retail Risk Podcast to discuss these changes and what they mean for brands and retailers. In this blog, we summarise some of the main points from the interview.
Speedy Deliveries: A Competitive Edge
Nowadays, capturing consumer attention is no mean feat for sellers. Customers can venture online in search of a particular item, and be met with thousands of product options all vying for their attention. To set themselves apart and stand out amongst the competition, brands need to come up with ways to offer consumers speed, efficiency and convenience and all without slashing profit margins. Next day delivery options, click and collect and personalised shopping experiences can all help in establishing stronger relationships with consumers, and competing in a crowded marketplace.
Building Asset Light Strategies
With the current economic climate, brands are looking to cut costs wherever they can. More and more sellers are looking to adopt asset light business models which involve swapping traditional warehousing processes with more economically viable solutions. Instead of owning and maintaining assets like factories or warehouses, asset-light businesses rely on outsourcing, renting, or collaborating with other organisations to access the necessary infrastructure, inventory and expertise. Dropship, private marketplaces and other fulfilment programmes have become more popular in the last few years, allowing sellers to reduce the cost of sale and remain profitable.
Embracing AI: Pioneering the Future of E-commerce
As technology continues to advance, customer expectations are rising. Brands are being driven to develop more curated products, specific to what their consumers are looking for. AI can be a great tool in helping brands understand customer preferences and in helping craft ads that resonate with their audience. But that’s not all. AI is also being used to help sellers predict which sales channels are the most profitable and make smarter decisions when looking to expand, helping to minimise risk.
Incorporating an intuitive e-commerce platform that uses algorithms, predictive intelligence and automation can be a surefire way for brands to scale their business, drive revenue and streamline existing operations.
Listen to the full podcast episode here.