As online shopping has boomed, e-commerce retail has evolved. New businesses have emerged to provide services and solutions to retailers selling directly to consumers on websites and online marketplaces. As a result, buzzwords such as omni-channel, retail ecosystem and digital transformation have been coined to explain new directions and developments in the industry. James Leung, commercial strategy expert from Point2Point Global explains what those words mean and how they came to be.
Omni-channel
This word was born out of merging the aging multi-channel approach to sales to provide a seamless experience by being everywhere, any time a customer is shopping. Omnichannel proves successful when customers are able to shop seamlessly across all of their preferred channels. Retailers are adapting to consumer preferences by integrating their e-commerce shopping carts, inventory and fulfillment systems and more. Here are seven examples of brands with excellent omni-channel experiences as featured in a recent post by Hubspot.
Retail Ecosystem
Not long after, retailers were quick to embrace a new buzzword, retail ecosystem. What is the “retail ecosystem”? The answer varies depending on the application. Some applications include combining services such as e-commerce, payments, products, supply chain management and logistics onto a single platform while others also include marketing components. Read more about the new retail ecosystem according to PwC.
Digital Transformation (DX)
Running parallel to the retail ecosystem, digital transformation (DX) is using technology to solve problems like limitations of aging legacy systems, operational processes and restricted customer experiences. Most companies today are currently engaged in some digital transformation to improve their customer experience. CIO.com explains why digital transformation is critical to survival in today’s retail ecosystem.
These buzzwords reflect the strides e-commerce retailers are making to address the evolving eCommerce customers’, shopping habits, expectations and demands. Business analysts, strategists, new companies focusing on the retail space continue to explore what is next on the horizon, especially as the bond between consumers and retailers becomes more and more fluid.