Prioritize commerce transformation to drive long-term gains

How can retailers successfully transform commerce today?

E-commerce is nothing new. What has changed is the degree of sophistication that the consumers have come to expect from the online shopping channels that they use. This means it is increasingly important for retailers to strike the right mix of platforms and partnerships in their commerce-transformation approach. Doing so can create agility and enhance ecosystems, in line with new customer preferences and behaviors. 

What makes a good commerce transformation great? Building your program around these three key actions can be a meaningful step in the right direction:

1. Realize cost efficiencies: Leveraging the right commerce technology platforms can help free up capital to reinvest in other areas of the business. This enables retailers with the flexibility, scalability, and security to redeploy dollars and resources to other priorities. 
2. Build communities of value: Customer insights fuel customer innovation. But stronger data regulation and increasing consumer pressure have effectively limited the way consumer data is tracked and used. Many apps and browsers now offer consumers the option of blocking third-party tracking themselves, while search engine giants have announced that they will eliminate third-party cookies as soon as next year. So, first-party data is now increasingly important to the future success of retail brands. The associated intel will represent a critical community of data and value that can be channelled into personalized customer experiences and greater satisfaction. In turn, this can translate into loyalty and retention. By working across retailers and brands, commerce platforms, such as Shopify, offer businesses a broader data set than they could otherwise access on their own. Leading commerce platforms also empower retailers with the ability to unify in-store and online sales data, offering a clearer picture of customer behavior — all while fuelling primary functions, such as easy payment, omnichannel commerce or simple-and-speedy order processing. 
3. Transact at the point of influence: Friction holds brands back. Social selling reduces friction points in the customer journey by offering customers the ability to transact and make purchases without leaving the social media platform where they discovered the product. Beginning with Facebook and now commonplace across every major social media platform, social selling offers retailers and brands the chance to connect with customers where buying intent is at its peak, reducing steps to checkout. Additionally, social selling is expected to triple by 2025. By implementing a commerce platform with deep social integrations now, retailers can jump on that trend, providing more consistent customer experiences that reduce pain points, foster relationships and increase sales conversion. Doing so also allows retailers to target potential buyers, expand online presence and “listen first-sell later” by using built-in or third-party tools.  

What is the bottom line on e-commerce transformation? 

Retailers have no time to waste. Increasingly sophisticated customer and market demands require a thoughtful cross commerce approach today. Prioritizing stand-alone commerce transformation with the right platforms and solutions can empower retailers to deliver best on customer expectations — no matter what comes next.