When compared with a few years back, Digital commerce (D-commerce) has a new face. In recent years, D-commerce is considered as the successor to eCommerce by top businesses and companies who utilize commerce platforms for selling their products and services.
This article will elaborate on digital commerce in detail along with the information on why PIM is essential for businesses preferring the D-commerce business model.
What is Digital Commerce?
Digital Commerce (D-commerce) is a business model that facilitates the business process involved in purchasing or selling products/services via multiple digital channels like mobile gadgets, the internet, or through any commerce platform.
D-commerce delivers an interactive and positive customer experience to the buyers/users. Apart from that, digital commerce eases the working operation of marketers to create and execute digital commerce strategies by offering personalized content. Mainly personalized content and mobile gadgets drive the D-commerce business model.
Being consistent on data governance and meeting the expectation of the buyers through optimizing the product information/data are the main things delivered by digital commerce to the businesses. Digital commerce is an omnichannel that carries functions through an automated process.
By keeping automation as its core feature, the digital commerce business model achieves its success when it is supported by relevant data.
Aspects of Digital Commerce
Well, digital commerce is bundled with the elements which play a vital role in triggering consumers to make a purchase decision. D-commerce is an amalgamation of the elements which are essential for strategists to create an effective business strategy by mapping all the activities and journeys of a buyer.
In simple words, digital commerce acts as a power source for businesses and provides a seamless buying experience to potential consumers.
Here are the lists of a few key aspects covered by the digital commerce business model.
- Effective content marketing through personalized content
- Well-optimized product content, images, and other assets
- Creates efficient marketing strategies, promotional campaigns, and social media engagement by providing accurate data/content in time
- Perfect data Analytics
- Seamless customer service
- Effective supply chain management
The Need for Digital Commerce
The commerce platform keeps evolving every single day which leads to changes in consumer behavior. To satisfy potential buyers with the modernization of technology, companies prefer digital commerce also known as D-commerce.
Study report shows smartphone users view 48% of the web pages. The scope of digital marketing turns towards mobile gadgets, the online retail world prefers to satisfy the needs of smartphone customers. This clearly shows how mobile gadgets play a vital role in commerce platforms.
Here are a few things companies/businesses can achieve through digital commerce.
- To deliver better customer experience consistently
- To Keep up with the evolving market challenges
- To ease the customer data collection and storage process
- To deliver more personalized content
- To drive more visibility to the products through multiple channels
- To gain authenticity to brands by generating reviews and content on social media
Benefits of Digital Commerce
Digital Commerce plays a vital role in all business aspects starting from its strategy, administration, revenue, and many more. Take a look over the below-given few attractive benefits of Digital commerce.
Seamless Business Process
When it comes to successful business strategy, every potential customer needs to be mapped in well-advanced, and product information should be provided accordingly. It is well-carried in D-commerce through automation.
D-commerce predicts the customer’s next move and provides the answers in such a way that matches their expectation. By doing so, the buying time of a potential consumer reduces significantly.
Since Digital Commerce is relying on automation, business owners need not depend on heavy manpower. Also, an automated process eliminates the risk of human errors and saves a lot of time.
This allows a business owner to focus on the business growth rather than focusing their attention on the workforce. Apart from that, D-commerce handles business/product data effectively, this allows business owners to take care of repetitive processes.
Easy to Scale
Digital commerce uses an automated business model, because of that, businesses can be easily scalable. Because of automation, the challenges involved in business expansion in managing customers, consolidating sales, managing employees/product performance, and so on can be eliminated in digital commerce.
Enhance User Experience
Digital commerce delivers a personalized experience to potential consumers which leads to the growth of positive consumer experience. As a result, potential buyers will keep coming back to purchase more products. This will eventually increase business revenues.
Digital Commerce Trends 2021
In today’s digital world, everything is in the state of evolution; digital commerce is not an exception to it. Even marketing experts would find difficulties in keeping up with the world of digital commerce innovation.
Here are the lists of a few trends which are popular in the world of digital commerce.
API Based Commerce
API-based commerce is also well-known as headless commerce offers a platform to develop unique experiences and business growth through API interface with various business systems.
The subscription commerce model delivers constant and recurring revenue to both sellers and merchants. This model saves a lot of cost on the administrative level by predicting the cash flow and budget.
Unlike other commerce business models, this subscription commerce is the perfect one that suits well for doing repeat business. Many companies in the field of cosmetics, food, health, and more prefer this model.
Progressive Web Apps (PWAs)
PWA apps are highly reliable, secured, and more engaging that users will feel the native-live experience. Moreover, when compared with native app development, PWA app development costs much less. That’s the main reason modern companies mostly prefer developing Progressive Web Apps to developing native apps.
Reasons Why PIM Is Essential for Digital Commerce (D-commerce) Business
When it comes to digital commerce (D-commerce) business, managing and aggregating the data/information of the product is the cornerstone that every owner needs to pay attention to. To make things right, digital commerce businesses require a proper data management technique, as a result, product information management (PIM) becomes critical.
A good PIM system offers a wide range of benefits to businesses especially in the digital platform like improving the quality of the product data, better data governance, and so on. In simple terms, a PIM system helps businesses to grow with full potential by responding to the evolving market condition.
Apart from that, here are a few more vital points that make PIM solutions mandatory for every business digital commerce (D-commerce) or electronic commerce (E-commerce) journey.
1. Data Quality Enhancement
In today’s heavy competitive market, having low-quality product data will surely impact customer’s interaction with your products which may lead to a loss in the business sale. In a digital platform maintaining, high-quality data is essential and critical. Also, government regulations and legal requirements are changing constantly. To maintain the changing compliances of modern-day regulations business owners need to update their product data on a regular basis.
Introducing a PIM system will help E-commerce or D-commerce business owners to address those issues easily. In addition, the PIM solution eliminates incomplete data attribution and offers full control over the data values.
2. Creates Effective Marketing Strategies
Modern-day businesses in digital commerce platforms use multiple channels for promoting and selling products/services. It doesn’t matter what products/services are being offered by a business, having a better and effective marketing strategy plays a key role in reaching target audiences/customers. To create such an effective marketing strategy and to achieve a unified customer experience in multiple channels a proper data management is required for providing accurate data in a timely manner.
A PIM system establishes one source of product data for multiple channels helps marketers to create effective marketing strategies that will enhance customer experience uniformly. Having a unified customer experience across multiple customer touchpoints will make sure the product/services of an E-commerce or D-commerce business growth rate rises steeply.
3. Improves Product Position in Search Result Page
Google’s bot and other search engine programs prefer products with detailed information or data to be listed on the result page. So that users of search engines will find it more useful. Having a good PIM system will provide accurate and extensive information to search engines and enable search engine users to view 90% of the product content.
Also, the PIM system provides enriched product content that will increase your website page density and makes your pages more appealing to search engine’s site crawlers.
In addition, the PIM solution enables business owners to concatenate product data attributes and generate attractive Titles, Meta tags, and catchy Alt tags for images this makes SEO professional’s work easier to optimize web pages more search engine friendly.
4. Makes New Product To Reach Market Faster
The time taken by the new product or sales channel of your digital commerce business to the market will determine when you can start experiencing the profit revenue through it. Generally, the marketing team will take time on seeking detailed information/data from the E-commerce or D-commerce teams to create an effective marketing strategy for the particular new product.
But in the case of having a PIM Solution, business owners can manage the product data/information efficiently and send more accurate detailed product information to the marketing team. This eliminates the confusion and time delay caused by raising requests and sending product data. The fully automated workflow of the PIM system gets rid of the possibilities of human error while doing manual data entry.
5. Business Growth
It doesn’t matter what kind of E-commerce or D-commerce business you are doing, if you want to expand and start witnessing business growth, you need to comply with the evolving market conditions and react quickly. In addition, you need to be aware of the importance of providing syndicated product content to multiple sales channels to grab the opportunities caused by raising demands.
A good PIM system will offer a wide range of integration tools by using which you can easily create a product portfolio according to the expectation of the buyers. Also, a PIM system enables you to translate and manage product content in multiple languages. This feature of PIM enables business owners to attract more overseas customers by providing optimized product content in the local language and to carry out the business’s geographic expansion.
6. Increases Performance
Many believe that a PIM system is just better data management, but it’s not true. PIM plays a major role in maximizing business productivity and offers more work satisfaction among employees. A good PIM system will eliminate the complexity of manual mode of data entry and manual maintenance of data in a spreadsheet and so.
Instead, the PIM system helps business management to streamline the business process and improves the work effort of employees. Moreover, it enables business owners to store and maintain business data/product content in a centralized trustworthy location where data can be retrieved easily at any time.
7. Better Customer Experience
Having loyal customers is a key for every business, to have loyal customers’ businesses need to satisfy their customers. In today’s growing competition providing customer satisfaction and maintaining loyalty among potential buyers becomes harder and harder. Apart from providing various value-added features like hassle-free shopping and free shipments by digital commerce businesses, it is important to provide accurate and enriched product content constantly to customers.
A PIM system has the personalization capabilities through which businesses can provide personalized product content to the individual customer to gain their loyalty. Also, the PIM system allows management to quickly correct the issues raised by customers and gain their trust. This set of actions will surely improve customer experiences.
Meeting the requirements and expectations of modern digital consumers will become easy with a good PIM system. So, what you are waiting for is to implement a PIM solution to your digital commerce business and start witnessing the positive changes it brings to your business. PIM offers a flexible content strategy that will lead your business growth in digital commerce.