The retail and also service industry has already begun witnessing significant business evolution with the emergence of direct-to-consumer commerce. This business model has become increasingly popular and is favored by entrepreneurs and brands. In these sectors as it allows them much higher profit margins. These businesses are able to cut costs by not utilizing marketing agencies, distributors. And also other middlemen as they have a direct relation with their customers. Since these companies don’t require any middlemen, they become distinguished from large companies like Amazon and Walmart. However, the recent pandemic has exposed them to numerous challenges that threaten their survival.
Many of these businesses are losing steam due to the effect of COVID-19. For instance, Casper – an American mattress brand. Decided to lay off many employees and also wind down operations. In the European Union due to the business upset caused by the pandemic. Similarly, Brandless, an environmentally conscious home good brand. Has virtually stopped operations and also has let go of 90% of its workforce.
Survival and growth are the two significant challenges these consumer commerce businesses face. To make sure you survive this phase, two essential actions are necessary– learn about the new consumer. Behaviors of your target audience and adopt innovative technology quickly, as pointed out by entrepreneur Hani Zeini. The more you utilize technology, the higher your chances of success will be. Here are a few technology trends that can help you survive during these unprecedented times.
Insights on faster adoption of technology for the success of consumer commerce by Hani Zeini
Many businesses are currently integrating POS and e-commerce solutions to sell online. Even after the virus fear subsides and also things take on a new normal, business. Owners will need to synchronize their online and offline promotions, inventory, and also payments. This trend will go far beyond the pandemic period.
Predicting customer behavior has always been critical for businesses. Because of the upset caused by the coronavirus, consumer commerce brands need to know their target audience even better. The use of big data or machine learning can play a major role in demand assessment. Through this, you can better manage customers. And also supplier relationships, design robust logistics and also manufacturing systems, and host relevant marketing campaigns. Machine learning methods tend to be much more rapid and efficient than traditional models. A combination of NLP and cascade models, market conditions, economy, and POS data. Can generate highly useful insights about your target audience.
The use of voice recognition technology (better known as voice commerce) can also assist consumer commerce businesses. This approach is akin to e-commerce. With this method, customers give voice commands for a product or service instead of typing it out. Walmart is already doing this,a customer uses Siri/Google to add products. To their Walmart cart by speaking them into their mobile device and the order can be seamlessly processed.
Robots are replacing humans for a variety of tasks, such as cleaning, shifting goods. From one place to another, tracking, inventory analysis, and delivery. AI and also robots can help you take care of your business costs and store operations. These are only a few glimpses of where you can look to ensure your consumer commerce brand. Survives this period of change and also continues to thrive for ye