EMBRACE DIGITAL COMMERCE OR GET LEFT BEHIND
The digital era is prompting a shift from eCommerce to digital commerce. Leading companies are already leaving eCommerce behind, along with its limited activations, limited consumer experience and limited data. This is because what has worked in the past no longer does. Simply featuring products on an online platform and spending money on marketing is not enough to attract the evolving Asian consumer. This semi-active mode based on the current eCommerce paradigm is lagging behind what consumers want.
Companies are starting to embrace digital commerce as a more holistic way of doing business online. It’s allowing them to generate demand, control supply chains and enhance consumer experiences. It’s enabling them to better exploit social media and new consumer-facing technologies. And it’s providing actionable insights for effective and integrated marketing (see Figure 3).
Today’s empowered consumers are using their smartphones to shed time-consuming activities in favour of the things they value most – like spending quality time with the family. Almost one in four online purchases are already made on smartphones.7 And by 2020, almost two thirds of transactions will be online.8 Savvy consumers want convenience and value, and seek the right level of choice and information by using their smart devices to get it. They’re reading crowd-sourced reviews and comparing prices across multiple apps and websites when making a purchase decision. The Asian consumer is coming to expect seamless consumer experiences online and offline.
As technologies evolve, smart homes will become a reality. Refrigerators will anticipate purchases and provide alerts when stocks run low. Voice-assisted devices will serve information predictively and help complete purchases via seamless payment methods. Shopping will become fully integrated into day-to-day life, freeing consumers from tedious chores. It’s shopper’s nirvana – where consumers get what they want, before they even know they want it (see Figure 2).