How Can Digital Commerce Brands Defeat Major Challenges to Drive Growth in 2023?

Over the next five years, the global commerce market is expected to increase at a compound annual growth rate of 14.7%, which is not nearly as impressive as the rapid expansion seen at the beginning of the epidemic but is still encouraging.

But despite this expansion, giant names in commerce are having trouble keeping up. Many companies learned the hard way that having a website ready to accept online purchases is just half the fight. A separate operation is required to carry out the delivery of these orders to the clients.

Companies in the retail sector are confronting a mountain of new online purchases, and fulfilling these orders has become one of the biggest, if not the biggest, challenges they face.

Brands that fail to deliver risk losing both new and existing consumers. According to data collected by FarEye, 85% of consumers would stop shopping with a company after only one bad delivery.

Brands need to keep their promises to customers if they want to win and keep their loyalty. Invariably, every time. Just providing excellent service to customers isn’t enough. This is the starting point. Mike Simpson, v.p. of commerce at 3PL NFI Industries, said, “To stand out and flourish, you need to win the trust and, eventually, the loyalty of your customers.”

How efficiently and effectively you deliver items to them matters most to how people see your brand. He warned that the loss of customers due to mistakes in orders and delays in shipping times would have a significant effect on the company’s bottom line.

Simpson and the NFI commerce team are investigating why certain companies have trouble fulfilling orders. The company recently issued a study that identified and categorized the most common obstacles businesses encounter when attempting to outsource their fulfillment to an external vendor.

Because of the meteoric rise of the internet retail sector, new problems in the realm of commerce have emerged.

While working, consider some interesting commercial dilemmas:

For instance, as digitization has expanded, internet shopping has significantly changed. This shift to online purchasing has undoubtedly simplified things for customers. Still, it has also presented new challenges for businesses in the commerce sector, such as optimizing their websites and providing support across various digital touchpoints.

The Importance Of Establishing Trust In Online Identities

You need to verify that a visitor who registers on your website is a real person with purchasing intentions. Taking this precaution may protect you from income loss caused by fake accounts or bots (particularly for COD transactions).

Solution:

Verify the details of your online customers with due diligence. When a new consumer joins up, you must always provide them with a verification link. In the case of cash-on-delivery (COD) transactions, a prerecorded message may be played, and the consumer would be prompted to verify the delivery address. In addition, automated software may detect fraudulent phone numbers and emails, and postal codes can be verified against their associated states and cities.

Observe your surroundings and be wary of any unusual or out-of-the-ordinary behavior. One possible manifestation of this is a series of huge or expensive purchases.

Supplying A Seamless, All-Around Channel For Customers

Providing a seamless shopping experience across all channels is a major challenge for any online store. Consumers assume they may interact with your company in various ways (online, via phone or email, through social media, in person, and so on). Integration between all of these points of contact is essential.

When it comes to shopping and selling, an omnichannel approach is critical.

For retailers, reaching consumers through any method they choose is a crucial benefit of implementing an omnichannel strategy.

A company will fail if it does not adopt an omnichannel shopping approach.

Solution:

A successful omnichannel strategy considers prospective customers’ wants and demands and uses appropriate customer experience technologies. 

Here are some recommendations for dealing with such business difficulties.

  • Find the most important ones first. The way your clients are communicating with you. Where do they like to tune in?
  • Make use of both channels simultaneously. Communicate with consumers via the mediums they choose with customer experience technology.
  • Never lose sight of the big picture. Communicate more effectively by drawing on prior interactions. This function may be provided by the CX platform’s unified view features.

Success In The Face Of Failure

The business sector is one of the most cutthroat environments in which to operate. Changes in any number of factors—price, quality of service, the efficiency of the supply chain, and so on—can dramatically impact buyers’ decisions. Attracting and keeping customers is one of the most significant difficulties in the business world.

If one of your rivals forms an alliance with a delivery app, for instance, it might help them gain market share from you. Not even if your pricing is lower or quality is higher.

Solution:

In order to create a successful digital marketing plan, you must first do extensive research about the competition and the market. Spend money on discounts and freebies to boost your company’s visibility. Remember that loyalty programs increase internet firms’ profits by 88% on average.

Changes In Sales Strategy Are Necessary.

Keeping up with customers’ rising expectations is a major challenge for businesses in the customer service industry. Many businesses have a serious deficiency in understanding consumer habits and preferences.

Solution:

Think about selling your wares on well-known sites like Amazon and eBay. Pitching and branding your goods (and discovering what works and what doesn’t) becomes considerably simpler on these e-commerce platforms since they already have a wide network of purchasers.

And divide up your data sets. By categorizing users according to their actions, interests, demographics, and other characteristics, e-commerce sites may better target their messages and improve consumer engagement.

Promotion Of Continued Patronage

Your company will fail if it fails to earn the confidence and loyalty of its customers. However, a substantial effort is required to acquire and retain clients.

One reason commerce enterprises have difficulty gaining customers’ confidence and loyalty is that the buyer and seller are typically separated by physical distance or unable to interact face-to-face. The result is impersonal communication.

There is no quick fix for this commercial problem. Over time and repeated purchases, the organization may earn confidence and loyalty.

Solution:

First, ensure that everything associated with online orders and shipments runs well. Moreover, think about

  • Promoting your location and contact information and showing off your team and some satisfied customers.
  • Producing anything of value.
  • Putting satisfaction of customers ahead of financial gain.
  • Soliciting comments from the audience.
  • Optimizing customer loyalty programs.

Increased Emphasis On Protecting Sensitive Information

Security flaws may cause dreadful outcomes. Websites might be compromised by spammers who also plant malware. Customers’ phone numbers, credit card information, and other private details may be compromised.

  • Avoid potential risks to your online store’s customers using these safety measures.
  • Keeping customers’ credit card and personal information safe is a constant struggle for online merchants.

However, consumers have high expectations that you would entirely safeguard them regardless of what you do. Security should not be seen as a business obstacle but rather as an absolute must.

Solution:

Some suggestions for making your site secure include:

  • Run your own data center.
  • Don’t use regular FTP to send data.
  • Use the expertise of a security service or an engineer.
  • Implement reliable methods of checking information (see number one).
  • In addition, sensitive information like passwords might be compromised if a developer transfers files while connected to an unsecured Wi-Fi network. The possibility of stolen information may be reduced by maintaining a regularly updated shopping cart.

The database is where most content management systems save their information. Developments may restore data from recent backups if data is ever lost or stolen.

Commerce Challenges Can Be Opportunities

In order to succeed in today’s business world, innovative approaches are required. Develop a customer-first mentality and ensure you’re ready to handle any issues that may arise in the business world. Doing so can provide your clients with a memorable online buying experience while simultaneously addressing their concerns about customer service.

Cooperative Computing’s commerce solution helps you deliver rich and engaging experiences across all your digital commerce channels. Engage your consumers and stay on top of the ever-evolving retail landscape with the help of essential data, experimental tools, and smart segmentation for focused personalization.

 

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