The next few months should see us at the cusp of a post-pandemic economy – with multiple vaccines looming over the horizon, there is a light at the end of the tunnel for another tumultuous year globally – a new US President and people adjusting to a post pandemic world. There’s a few trends born out of the disruptions over the year to note when considering the state of eCommerce moving into 2021, and I’ve decided to highlight what we believe are the five most important trends. Of course, I hasten to add, every single one of my predictions could be wrong. I have learned at a very young age that I have no orbuculum at my disposal and my scrying is a game of dice!
Each trend connects with a greater cluster of users, from the consumer all the way to the integrity of the digital economy, so understanding each pillar of these predictions can go a long way in preparing for future disruptions and innovations ahead.
Hyper-personalizations: Considering the Consumer Alone
As buyer profiles grow more and more distinct with the aggregation of big data and the development of machine learning, hyper-personalization is a vital component of building modern customer experience. The world will move from broad segmentation to one to one marketing as the technology to further target content to the individual advances. We’ve begun to see this already to great effect in social media eCommerce as platforms like TikTok and Instagram have mastered the endless scroll via tailoring content specific to the individual, and now we see clear opportunities for early adopters in both B2B and B2C spaces to capture significant growth. Marketing to broad segments like Millennials or Baby Boomers won’t do. Everyone in these segments is unique so think about how you deliver 1:1 personalization.
The Elastic Enterprise: Reevaluating Business Models
With demand and supply becoming global, business models will change. We will see more Direct to Consumer (DTC) and composite hybrids – B2B, B2C and B2B2C power the digital economy. Both DTC and B2B2C are now proven business models that have challenged conventional wisdoms in eCommerce and thrived in the wake of their disruption. Throughout the pandemic, DTC models have transformed household essentials into subscription based services that are tailored to one’s needs and personalized to their wants. B2B2C models on the other hand have allowed businesses to specialize in providing services to other smaller businesses who you may engage – like an air conditioning supplier (B) who works with the small business contractor (b) you (c) trust.
The Longitudinal Book of Record: Understanding Connected Data Science
So I know your name and email. Over time I get to know your preferences.I keep building the small stub of information I have on you- like building a longitudinal book of record. Omnichannel has long been an established pillar of the digital economy, but going into the next decade, connected channels and the data science behind them will only skyrocket in significance. Companies will rely on building an infinitely extendable longitudinal book of record by collecting and compiling data from various channels – connected channels will be the next big thing. Efficient and effective CRMs, OMS’, and ERP solutions will help ensure that a business has that central node by which all customer interactions can connect towards. Building that book of record is the key piece in accumulating and executing the data to accomplish the sort of CX transformations like hyper-personalization that distinguish one commerce practice from another.
The Speed of the Human Mind: Powering Mass Consumption Instantly via 5G
Infrastructure across nations, cities, homes and businesses will upgrade to 5G to cater to mass consumption of information, instantly, everywhere, and as a result, the consequences to the digital economy will be staggering. Already we’ve seen brick and mortar rapidly erode from its conventional use-case as the nexus of shopping into a portal of customer experiences and tailored moments to match robust eCommerce solutions. 5G and the ensuing wave of digital infrastructure will only accelerate those trends further as it becomes even easier to search, engage, and purchase via any electronic device. Furthermore, that digital infrastructure can capture new consumer markets globally, putting more emphasis on useful technologies that can ensure fulfillment and tax liability across the world. So are you ready to deliver rich media. Chips, computers, phones, infra and 5G are ready to deliver it.
Resilience: Safeguarding Your Business and the Digital Economy
All it took is one pandemic to change the nature of business irrevocably. Companies will seek to protect themselves from such events – a mindset to be battle ready in all circumstances has emerged. Both digital security protocols and multiple routes of fulfillment will be top of mind for businesses as the world moves closer to a pandemic vaccine. Tools to ensure credit monitoring and ID theft protection will find more and more value as we tilt even further into a digital first economy.
All in all, these insights reveal a commanding trend towards leveraging new technologies to heighten CX in the space. Between personalization, distribution, speed, and safety, disruption comes in many waves that each elevate a business towards the most efficient and effective commerce experience. We’re excited to implement these insights and heighten the brands we work with over the next years, and capture our onwards and upwards sentiment with the changing digital economy. In short: is your business capable of change. Rapidly.