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How can companies digitalize their business in a meaningful way, develop digital business models that offer added value and use technology profitably? These were the questions addressed by Steven Bailey, Chief Strategy Officer at AOE, in his first Magento Talk, a weekly webinar series on topics such as E-Commerce, end-to-end experience solutions as well as Adobe & Magento Solutions, held online on July 28, 2020.
If one considers studies on user behavior, one learns that 93% of customers conduct product or store research even before visiting the actual brick-and-mortar store and purchasing the product – with Generation Z and the Millenials this figure is even 97%.
For marketplaces, this "webrooming" means providing your customers online with the exact product information they need to successfully initiate their entire customer journey:
Omnichannel E-Commerce, that is, the combination of physical store & online store, turns out to be the ideal hybrid.
The OM³ Commerce Cloud is an Omnichannel marketplace with multiple touchpoints for the entire customer value chain - but ultimately, digitalization and digital business models for companies always mean observing one another closely and defining a strategy: How do I want to design the marketplace? Which services do I want to offer, and which ones can I offer? Which products, which payment methods, which delivery options? What can I provide, what do I have to regenerate if necessary and what do I already have, but should refactor?
If partners, digital platform, strategy and preparation are in line, unprecedented sales potential can be achieved: Losses in sales such as those caused by the Corona crisis could be reduced at some airports that had already implemented their digital marketplace including home delivery and payment with OM³: Customers were thus able to have their products conveniently delivered even during lockdown. New markets are also opening up: The future of the airlines, for example, no longer lies in ticket sales alone, but as a serious E-Commerce player: With Luxury Brands (product), Loyalty Points (customer loyalty) and various payment options (service), sales in Singapore Airlines' own KrisShop increased fivefold – this is a wonderful example of a successfully implemented customer journey.
Steven's next appearance in the Magento Talk series will be on September 8, 2020, then on OM³ and Adobe Analytics.
Composable business is an interplay of IT architecture, technological solutions and the corresponding mindset. Steven Bailey explains in an article at ComputerWeekly why exactly this enables telco companies to make a push toward digitization.
Knowledge of products that are frequently bought together enables companies to offer their product range in a targeted and customer-oriented manner. In etailment, Steven Bailey & Steffen Kopmeier explain how.