Six Key Capabilities For Digital Commerce Success
It’s a commonly quoted statistic that
80% of Digital Commerce Businesses fail
So, what are the most important capabilities to get right, and how can they be used repeatedly to formulate successful Digital Commerce Strategies? In other words, how can we do our level best to ensure success instead of failure?
Through more than a decade of experience building Digital Commerce platforms for its clients globally, Cnetric has learned that the six most important capabilities to develop are:
- Customers – critical capabilities include branding, marketing, customer experience analytics, customer behavior analytics, customer service, and customer retention. Ultimately, any digital commerce business will thrive or die based on how well it knows and responds to its customer needs. Intimate customer knowledge and the ability to create personalized experiences are the keys to developing strong customer lifetime value
- Channels – omnichannel has been the catchphrase for some years now and it remains a common goal to achieve a seamless experience across online, mobile, in-store and marketplaces. Leading businesses are beginning to get this right in cross-border situations and these will be the global success stories
- Business Models – having the right products and services for your customers sounds like a no-brainer. But careful consideration of the business model can lead to new opportunities in aggregation, intermediation, the sharing economy and even running the business as a platform (such as in the case of Airbnb, etc.)
- Innovation – in an increasingly competitive world, businesses who successfully innovate are often the winners. Whether that innovation involves Artificial Intelligence, Augmented Reality, IoT or other technologies, it’s the ability to experiment, curate and deploy innovations that is the key to success. The best businesses have a repeatable innovation development process and use it to continuously improve and disrupt
- Organization – we have seen that innovating to sell the right products to your customers through integrated channels is crucial to success. More often than not, failures are the result of poor organization capabilities. Without committed executives, thought leadership and excellent enablement of the workforce, many companies struggle and ultimately fail. Merchandizing, marketing, logistics, channel optimization, and technology have all got to come together in harmony
- Technology – a typical Digital Commerce implementation requires up to a dozen separate IT platforms, all of which need to be integrated to provide the seamless omnichannel experiences businesses look for. Analytics, Artificial Intelligence, Security and Monitoring have to be baked into every platform and it all needs to run on optimized infrastructure, whether that’s on-premise or in the cloud (or both, as is becoming the norm)
All of this may seem somewhat daunting. At Cnetric, we consider it a challenge, but one we have risen to and helped our clients conquer on many an occasion.
This is the first blog in the series Digital Commerce Strategy. Watch out for the next installments at Cnetric.