The Development of E-Commerce

Our customer IKEA has stores in 32 countries – and more on the way, as they expand into new markets. Every year, IKEA welcomes more than 657 million customers into their 392 IKEA stores. And on their website IKEA.com saw more than 4.3 billion visits in 2021. Yet they never stopped working to improve their services and accessibility for many people. To meet their expectations, they are investing in new channels, innovative store formats and digital platforms.

Join IKEA's?Bert Ipema?and me on June 9th for a webinar on ???????????? ?????????????????? ???? ???????? and the growth of e-commerce during the pandemic. Register today:?https://lnkd.in/ePtJRmTk

Taking the retail market by storm and pushing the boundaries to get the best value from our data-informed approaches for your e-commerce activities.

Since the COVID-19 pandemic sparked a large increase in consumer e-commerce activity, UNCTAD estimates indicate that online sales increased considerably in value in 2021, even as restrictions were lifted in many countries.

?According to an article, COVID-19 boost to e-commerce sustained into 2021, new UNCTAD figures show, The average share of internet users who made purchases online increased from 53% before the pandemic (2019) to 60% following the onset of the pandemic (2020/21), across 66 countries with statistics available.

But the situation prior to the pandemic and the extent of the boost to online shopping experienced vary between countries. Many developed countries already had relatively high levels of online shopping (above 50% of internet users) before the pandemic while most developing countries had a lower uptake of consumer e-commerce.

As eCommerce grew, multichannel buyers arose. By autumn, COVID-19 levels had surged again, necessitating lockdowns. One of the quotes of Bernard Williams (English philosopher) said: “Man never made any materials as resilient as the human spirit.’’ People worldwide proved Williams right: humans are resilient. Retail businesses aren't giving up and are continually seeking commerce solutions. 2020 was the year of online shopping, but 2021 shoppers needed both.

This data offers retailers great potential. Competitive advantage, intelligence, optimization, innovation, revenue, and expansion

How is data impacting retail? Forbes' David Kirkpatrick says all companies collect data. Analytics boost innovation, efficiency, and competitiveness. Retailers capitalize. Global retailers' data-informed insights are transforming operations and products and services. 1,100 retailers utilize Qlik.

?The impacts of data-driven transformation tend to fall within four main categories:

1.?????Customer Intelligence

The digital revolution has empowered customers. For the first time, they can compare things, features, and prices everywhere. They expect personalized, convenient service.

After combining and analyzing market-basket data and loyalty program data, oil and gas giant BP saw a 14% increase in its active customer base.

2. Reimagined Processes

Using data-informed insights to ease business operations isn't new, but two things have changed. First, more data volume, velocity, and availability. The second is more accessible and advanced analytics solutions.

After implementing Qlik, The Netherlands’ BBS Food realized a 50% improvement in inventory forecasting across 850 products representing 4,500 SKUs.

3. New Business Opportunities

What exactly do users want? What are their unsatisfied needs? And where should your products go next? The answers are in the data. Then you can update your product, add features, or develop something new.

UK home improvement retailer Travis Perkins integrated 70–80 data silos (including 9 million daily stock records) into the Qlik platform to provide a single source of truth across 2,000+ branches and 3,000+ suppliers. As a result, it increased availability, mitigated deadstock, reduced lost sales, and empowered suppliers.

4.?????Balanced Risk and Reward

Data gives you a deeper understanding of your business and its external influences. You may avoid danger and maximize return with such visibility.

Using an analytics platform to balance production with sales of its perishable products, British beauty retailer LUSH saved more than ￡1 million over two years.

Data literacy is key!

"Poor data literacy" was highlighted as the second-highest internal impediment to success (35%) in Gartner's third annual CDO study, trailing only "cultural challenges to accepting change" (40%). Clearly, fostering a culture of information fluency, where employees understand data and apply analytics to drive Digital Transformation, is a major concern for CDOs everywhere.

Are you ready for your next step towards a data-informed Digital Transformation? We can help you develop data literacy, employ analytics in new business sectors, or achieve any of the report's outcomes.

Hope to see you on the 9th of June !! You can register here: https://lnkd.in/ePtJRmTk

If you have any questions, please reach out to me directly +31621944524 or by email [email protected]

Angelika Klidas, Manager Operations @ Bitmetric.