You ought to check on your digital marketing strategies and ensure they are up-to-date. A web store solution tailored to your technology stack not only offers your clients a convenient way to place orders, it offers you a chance to optimize your order processing. A brick and mortar business is laden with various operational costs that cease to exist when a business moves a good part of its operations online. Worried about the look and feel? The internet offers you an easy and inexpensive way to expand your business coverage because it gives you limitless access to people across the world. Feeling competitive pressure? Whether it’s your exceptional customer service, high-quality products, our competitive pricing, you can always rely on that one USP to give you the edge. A good example is the option of doorstep delivery that gives your customers the advantage of accessing your product or service in the most convenient ways possible. Lisa Michaels is a freelance writer, editor and a striving content marketing consultant from Portland. By giving colleagues across your entire business more time to do what they do best. Finally, you’re also feeling competitive pressure from existing companies who have been on your radar for a while. Instead, why not focus on offering a better customer experience? B2B web stores are nothing new. You’re not alone. However, it would help if you discovered the secret of standing out in the competitive internet market space. It would be unfair to pitch a featherweight against a heavyweight. It’d be best to choose the ideal eCommerce digital marketing agency to succeed in the online world. Porter identified five forces of competitive. Some businesses will simply have to sacrifice too much in terms of quality to achieve this. The result is an exponential increase in the number of eCommerce firms, where each one needs to avail the latest technological strategy to stay ahead of their competition. Intelligent Data Preparation: How AI Is Used in Online Commerce. You could try to match or beat them with a competitive pricing strategy, but the question you should ask is: do I really want to? What competitive advantages companies gain by using AI in customer service. Every business in your industry is unique. "Sabi"   clique, By clicking again you agree to our Competitive Intelligence helps online business gauge the marketplace and identify areas to compete against other ecommerce stores within an industry or niche. And that means more time to spend on really adding value for your customers in the way that you do best. Distribution Manufacturing Wholesale Retail. Market-savvy companies who jump on the E-Commerce bandwagon will not only retain a competitive edge, but will add new … Let’s take a closer look at the type of companies giving you a headache, and how you can get ahead of them by using the right B2B sales channels as part of your business strategy. No matter what it is that sets your business apart from the rest, a B2B e-commerce solution can help you enhance it. Simply put, the competition just wouldn’t be competitive. It means that a company either provides a better solution to a specific problem than its competitors or offers a similar kind of solution for a lower price and is a marketing concept. Lockdown forced consumers online in ever greater numbers, and many e-commerce retailers made hay. Here are four solid reasons why e-commerce is way more competitive … A total of 70% of respondents indicated that competitive pressure was driving the optimization of their IT infrastructure. Pricing is fierce in today’s increasingly competitive … As mentioned, consumers appreciate it when they can view and purchase products from the comforts of their own home, rather than travelling to a physical store because this can mean braving the traffic or leaving the store empty-handed since stocks are all out. Superior service and convenience can still make you a more attractive option. Competitive analysis is a system for understanding your business' standing in the marketplace in relation to your competition. Learn more on how Mastercard Foundation is helping businesses respond with resilience to the COVID-19 outbreak; visit mastercardfdn.org/covid19-recovery-resilience-program. Unfortunately for e-Commerce, the same doesn’t hold true. “Because younger consumers now grow up with esports, brands and retailers are eager to tap into these demographics, to have them grow up with these brands,” concluded Kong. rivalry described as under: Threat of potential/new entrants to the sector. E-commerce solutions can improve your service delivery in so many ways. Join the You have successfully subscribed to receive our newsletter pulse.ng, 3 reasons why every entrepreneur should consider e-commerce for their business in the post-COVID-19 marketplace, Don't miss a thing, get the latest updates to fuel your conversation daily, mastercardfdn.org/covid19-recovery-resilience-program. Look to your competitors for inspiration when it comes to digital services, and take measures to keep pace with them. What is the role of customer relationship management (CRM) in e-commerce? How? We commissioned Sapio Research to look into digital transformation and e-commerce trends among B2B companies across the globe. AI algorithms are already opening up new possibilities today and will play an even more important role in e-commerce in the future. Competitive pressure from existing companies: 38%, Competitive pressure from new market entrants selling online: 35%, Competitive pressure from cheaper (overseas) suppliers: 34%. Ready to leave your competitors in the dust? By that time, e-commerce is expected to account for a full tenth of all retail sales in the U.S,” states Forrester. For example, a simple search on a mobile phone by anyone irrespective of where they may be, can lead them to your website and ultimately doing business with you. ShareWith rapid digitalisation paving the way for e-commerce, the idea of dumping brick-and-mortar retail for online retail sounds all the more convincing. What is competitive analysis, and why is it important? To make this work, you have to know how E-commerce platforms such as Amazon, eBay, Shopify, etc, recommend your products to users based on your SEO and PPC, and users’ buying habits and in-App behavior. Cake Commerce actually features a number of ecommerce consulting services, with a competitive analysis being just one of them. “Our new web store design certainly makes a difference. Now that digital disruption has moved from business buzzword to the new normal, it’s little surprise that new market entrants are on your radar. The company’s eCommerce marketing audits and customized consulting services all have one goal in mind, and that is to help your business to succeed. These new companies might be intimidating, but remember: digital disruption isn’t a given. The key is choosing a solution that fits well with the rest of your IT infrastructure, particularly your ERP system (such as Microsoft Dynamics or SAP). It doesn’t matter whether you need to cement your lead or catch up to competitors: a smart approach to digital transformation can give you the edge you need. We commissioned Sapio Research to look into digital transformation and e-commerce trends among B2B companies across the globe. The UAE's e-commerce sales are projected to touch $16 billion in 2019, which makes UAE the most advanced e-commerce market in the Mena region, with a penetration rate of 4.2 per cent. E-Commerce is growing immensely, which is bringing in even more revenue to businesses than a retail store alone. Eyewitness? Discover our NEW product, built to evolve alongside your business. Commerce Growth Even before Covid-19 changed consumer behaviour, e-commerce had already become one of the most dynamic and fast growing industries in the world. Maybe their operations are in a cheaper location, or maybe they have obsessively optimized operations. By improving your online experience with a modern B2B e-commerce solution, you can ensure that your web store ticks all the customer experience boxes without sacrificing B2B necessities such as customer-specific pricing, detailed product information, prepayment and more. In fact, the vital role that digital tools have played in containing the impact of the pandemic on institutions and businesses has further incited a digital migration, with people finding new ways to connect online with friends, families and the businesses that matter to them. When it comes to e-commerce marketplace dominance, Amazon is at the top of the food chain. Unfortunately, e-commerce is similar to traditional business in one regard: most e-commerce initiatives will underperform or fail in their first year. In this article, we highlight three reasons why every entrepreneur should consider e-commerce as part of its business strategy in the post-coronavirus and presently highly-digitized marketplace. “The decision-makers in the industry are getting younger and they are demanding new, modern channels through which they can place orders.”. Engaging product suppliers and sellers to meet goals. When you close a deal or win over a new client, it’s because of what sets your company apart from the rest. privacy policy and European users agree to data transfer policy. E-commerce is exploding in a big way in Southeast Asia– and AI is keeping customers connected, even when no one is working. It makes us stand out from our competitors.”. Threat of substitute product or service in the existing trade. The companies which have embraced cloud have a competitive advantage over the ones who have not adopted it yet. Watch our on-demand webinar, Overcoming Obstacles in a Digital B2B World and find out how you can turn obstacles into opportunities. There’s a reason boxers have weight divisions when it comes to fighting. Coronavirus - Gambia: COVID-19 update (16 January 2021), New year, new seasons of your favorite shows on DStv, Coronavirus - Zimbabwe: COVID-19 Update (16th January 2021), Police arrest 3 suspected robbers in Osun. One of the topics they tackled was the reason why your peers are working to improve their IT infrastructure. It also means that we take for granted the attractive designs, fast page load speeds, and perfectly timed emails. Whether they're buying MP3s or machinery, buyers prefer the ease-of-use and accessibility conventions of the eCommerce experience that grew in the B2C space. One of the topics they tackled was the reason why your peers are working to improve their IT infrastructure. It is necessary for online shoppers to appear at a competitive price when people search for a product that you’re selling. All things traditional B2B web stores aren’t exactly known for. See further product information, additional services and add-ons. … Why competitive intelligence matters CI is a critical means of forming new business strategies, presenting … For example, with the digital infrastructure that e-commerce solutions offer, a business can eliminate the bills it would normally accrue on rent and maintenance of a physical office building, reduce transportation costs on business itineraries by opting for teleconferencing options and promote its business online to prospects at a cheaper rate, and with greater convenience. With the proliferation of the internet and technology, the e-commerce sector has completely revolutionized the principles of buying and selling. Driven by consumer demands for convenience, more options, and competitive prices, e-commerce was already growing at a rapid clip before one had ever heard of a “coronavirus”.. Making your B2B business the obvious choice for your target audience is easier than you think. What is new, however, are sky-high B2B buyer expectations. That means less time spent on taking the same orders every month, entering the data into your systems, and fixing the inevitable human errors. But the path toward digital transformation mastery isn’t without its obstacles. If one side has a huge advantage over the other, it’s not a fair fight and would end in mismatches. Bargaining power of the buyers. By giving colleagues across your entire business more time to do what they do best. The agility and innovation which it has brought have lead to an increase in revenue. Rather than reinvent the wheel, making use of automation allows you to focus on the areas of e-commerce that need your immediate attention. If it’s the use of modern technology that’s giving your youngest competitors the edge, why not just follow suit? Retail no longer requires opening a storefront! Simply put, because the world is moving more and more into the digital realm each and every day. Dodge disruption and master your digital transformation, Blog > Blogs > 3 reasons B2B e-commerce should be part of your competitive strategy, 3 reasons B2B e-commerce should be part of your competitive strategy, digital transformation and e-commerce trends among B2B companies across the globe, ensure that your web store ticks all the customer experience boxes. It is a strategy for gathering intelligence and putting that information to use. Strategies that helped you stay ahead of your competitors in years past might not prove as effective in the rapidly changing business landscape. At little to no cost, you can promote your business on social media, register your company on an online directory or advertise on internet marketplaces. The analysis thus performed for the AI in e-commerce market considers factors such as market scope, market segmentation, current industry trends, competitive landscape of … Whatever the reason, these companies simply offer a better price. The possibilities of digital tools for business is vast. In this article, we highlight three reasons why every entrepreneur should consider e-commerce as part of its business strategy in the post-coronavirus … As for the future of e-commerce in esports, we can expect retail companies to start building marketing and digital strategies, that include esports. Why is E-Commerce such an important part of today’s world? Data explosion, in combination with other technological disruptions such as AI, ML, and mobility of devices has been critical in driving the success of the eCommerce industry. Before you heave a sigh of relief, note that this newfound convenience comes with a price. Here’s how you can crush your competitors with B2B e-commerce. And that means more competition! Here’s how you can crush your competitors with B2B e-commerce. What’s more is the fact that with ecommerce, you can automate repetitive daily tasks like order and payment processing or customer management, improving turnaround time, freeing you up as the business owner to focus on other things like expanding your coverage, further developing your product or service, and increasing productivity. Bargaining power of the suppliers. Ensuring your web store software works well with your established systems will help you match even your most tech-savvy competition in terms of performance. There are plenty of e-commerce solutions that come with standard templates that can easily be customized to align with your brand. By acquiring enormous popularity over social media, news portals, and search engines, e-commerce websites have been highly preferred by most of the customers over traditional offline retail shopping. 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