Commerce Everywhere

#CommerceEverywhere - A modern-day business model that drives businesses to connect with customers across touchpoints; digital and physical.

With the growing influence of Gen-Z on the market, the concept of 'Everywhere Commerce' is now a norm for businesses looking to stand the test of time.

Commerce everywhere is a marketing strategy for facilitating sales transactions across customer touchpoints via a set of technologies that promotes products and enables sales in physical locations and digital channels, such as the Web, mobile, social and wearable devices.

However, Commerce Everywhere is more than a concept. It is a business model that requires organizations to update strategy, technology and processes to keep up with increasing demand. Hanging on to legacy monolithic technology and strategy eventually leads to increased costs and complications, making the approach unsustainable.

According to the latest data, the number of online shoppers in the US has been increasing y-o-y. In 2022, analysts expect there to be?226.7 million digital buyers in the US alone. This marks a 1.4 percent annual increase from the previous year.?By 2025, this figure is set to hit 291.2 million. And this trend is not just for B2C, even B2B online commerce is seeing steady yo-y growth. According to a recent report by @Digital Commerce 360 in 2021, online sales on B2B eCommerce sites, log-in portals, and marketplaces increased 17.8% to $1.63 trillion from $1.39 trillion in 2020. B2B eCommerce in 2021 grew 1.17 times faster than the growth of all U.S. manufacturing and distributor sales.??In 2023, an estimated 17 percent of B2B sales are expected to be generated digitally.

60% of B2B buyers are millennials. And how this demographic group shop has evolved.

Quick and easy findability, intuitive product information, streamlined purchase journeys - all these B2C-esque experiences are the norm. So it comes as no surprise that when this audience groups shops for B2B products, their expectations are the same. They expect B2B companies to rise above legacy websites and offer them personalization, differentiation and all the other levers that enable smooth transactions, and enhanced interactions.

Taking the eCommerce route is not just about creating an online version of your physical presence. Seamless, consistent, omnichannel "EXPERIENCE" is the key to delivering a truly Commerce Everywhere Experience.

Commerce Everywhere aspirations require Commerce Everywhere solutions!

Multiple touchpoints are required to deliver Everywhere Commerce Experience: D2C websites, mobile apps, eCommerce marketplaces, distribution channels, social commerce channels, retail. The data across these channels need to be accurate, consistent, and up to date in sync with the latest promos and offers. Similarly, there should be a single source of truth for the internal and external teams working on the product data to ensure a unified in-store and online experience.

Buyer journey optimization is the new normal in digital commerce. With eCommerce taking center stage as the primary path for purchases, businesses need to look at every touchpoint of the buying journey as a potential engagement opportunity. Everything from product search and browse experience and rich product merchandising to optimization for mobile is equally important for this endeavor.

The average conversion rate for ecommerce websites is 2.5-3% and the average cart abandonment rate is 69%

In an unmanned digital commerce ecosystem, product data is the only sales and brand representative that gives customers confidence in their purchase. Product data is the foundation of digital commerce.

Ensure your product data on online sales channels is complete, accurate, consistent, and presented well with the right digital assets. Nothing less than how you would present in retail stores with proper product display, merchandising, branding and trained sales executives.

Power your business with #productexperience to win big in everywhere commerce.