020 is upon us. The decade that brought us the iPad, self-driving cars, quantum computers, and the rise of mobile everything is over.
Today, we’re looking forward and examining some emerging operational trends that should be on your radar. Getting out and executing on these will help you and your business score some big wins in 2020.
Your customers have more choice and purchasing power than ever before, and different channels offer different incentives to participate on their platforms.
You need to be able to maintain a consistent brand message everywhere you sell in 2020. Unfortunately, every channel operates differently, and the “write once, run anywhere” axiom never really works out the way it’s supposed to.
Here are some tips to optimize your presence on different channels like Amazon, Walmart, eBay, and even your own eCommerce site:
The concept of flexible pricing has been around for a while. A dynamic inventory strategy goes a little further to present better options to your customers and help you stay on top of expectations.
A few of the components of a comprehensive dynamic inventory strategy include:
Adopt a dynamic inventory strategy and your customers will thank you!
Headless eCommerce refers to an architecture that decouples an eCommerce storefront from the business’ backend platforms and systems. Instead of relying on a single monolithic application, a headless strategy relies heavily on APIs to communicate with various systems.
By properly separating different functional areas, retailers gain significant operational flexibility and efficiency, and are able to deliver a vastly better experience to their customers.
The benefits of a headless eCommerce approach include:
Ultimately, as more retailers realize the benefits and move to headless eCommerce solutions in 2020, older full-stack platforms will continue to go extinct.
The first step to building knowledge about your business is through reporting: organizing data in order to monitor how different areas of your business are performing.
Questions you should be asking include:
The only way to get a handle on these questions is through reporting and hard data.
The second step in the knowledge chain is analytics: exploring your data and reports in order to extract meaningful insights which can be used to better understand and improve business performance.
Emerging technologies like augmented analytics and data management offer automated insights into business processes and performance. Affordable artificial intelligence, machine learning, and continuous intelligence tools will be more accessible than ever in 2020.
Just because something worked yesterday doesn’t mean it’s going to work tomorrow. You and your business need to be willing to adapt as conditions inevitably change around you.
Brands and retailers will continue investmenting in technologies and services that help them predict and respond to change. We expect to see more brands running more experiments in 2020.
Don’t be afraid to experiment in order to stay ahead of changes. When your experiments work out, don’t hesitate to implement large-scale changes sooner rather than later.
What eCommerce changes do you think we’ll see in 2020 and beyond? Let us know at firstname.lastname@example.org.