October 10, 2018
The State (and Future) of Digital Marketplaces
Have you noticed a change in the way you shop? You—just like the consumers you market to—are shifting shopping habits to the online arena. According to comScore, for the first time ever in history, more purchases—51% to be exact—are being made online than in-store, compared to 48% in 2015 and 47% in 2014. The trend is continuing upwards.
Feeling this dramatic shift are the long-standing brick-and-mortar retailers—the Sears, JCPenney, and Macy’s of the world—which are closing numerous store locations due to a loss in foot traffic and revenue. These companies have been future-shocked.
In 1970, Alvin Toffler introduced the concept of Future Shock, where people, populations, industries, and companies experience too much rapid technological change in too brief a time. As a result on the business side, brands once too big to fail have become chapters in the history books of business evolution.
Today, renowned digital analyst Brian Solis introduces a new type of future shock, where the retail industry rapidly evolves as advances in technology are enabling brands to meet the changing wants and needs of consumers. In this new era of future shock, those brands that may have succeeded at one time are now failing to keep their doors open because they fail to listen, keep up, and deliver on the ever-changing preferences of their consumers—they lack the human quotient, says Solis.
The human quotient is a guiding ethos behind how an organization operates and innovates—either you have it or you don’t.
Tomorrow’s e-commerce disruptors have it. All their departments, from marketing to sales to customer support to product development, are built on a human-centered engagement infrastructure where driving meaningful value for customers is the ultimate goal. These disruptors of tomorrow are consumer-centric at their core and, most importantly, leverage emerging technologies to stay in tune with customers’ wants and needs in real time, all in an effort to meet their expectations of a highly personalized experience with the brand.
It’s true—consumers today are demanding an extremely personalized relationship with the brands they love. Tomorrow’s “new-new” commerce disruptors, as Solis refers to them, understand this and are investing in marketing tools that enable them to communicate with consumers in a hyper-personalized way: with the right message, at the right time, on the right channel, and on the right device. This acute level of communication is now possible with the advent of artificial intelligence (AI) in marketing technology.
Ultimately, pinpointing these “moments that matter” for each individual consumer—offering the most relevant and timely messaging possible so that the consumer senses a tight-knit relationship with the brand—is what is separating the newest e-commerce disruptors from their predecessors.
In his new thought leadership report, “The Next Modern Commerce Disruption: A Marketer’s Blueprint to Win in the Age of Personalization,” Solis urges today’s digital commerce companies to get on board with embracing the human quotient, or else risk being future-shocked. It’s all about investing in a meaningful customer engagement strategy and the technology that enables it in order to drive the highest value to customers.
Download the report today and learn:
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