Digital is revolutionizing commerce—there’s little question. The projected growth it could influence is staggering, and we’re helping our clients excel in this quickly changing world.
Check out these trends reshaping the world of commerce right now.
1. Digital has reshaped both the consumer and the enterprise.
Consumer adoption of emerging technologies has dramatically changed shoppers’ behaviors, needs, and expectations. Mobile remains a driving force, influencing 36 percent of overall in-store retail sales in 2013. With the ability to shop anywhere at any time with any device, consumers are challenging retailers and brands to keep up with their shopping behaviors. In addition, social media is ubiquitous and is increasingly influencing purchasing decisions.
Whether online, in-store, or on-the-go, companies who can deliver a consistent, meaningful customer experience will be in position to outdistance themselves from the competition.
2. Customers are engaging, everywhere, all the time.
It’s not really B2C or B2B anymore—it’s business to everyone. The path to purchase (and beyond!) is no longer a straight line. Customers bounce between touch points like never before, researching reviews, checking with their social networks, and tweeting about their experience the whole way through.
Companies that successfully get all areas of the business to provide a cohesive experience inspire trust and loyalty in each one of their customers. What’s more, those individual experiences can be amplified more than ever through all varieties of social media.
3. B2C online sales are growing—and fast.
According to eMarketer, online retail sales will grow from $225.5 billion in 2012 to $434.2 billion in 2017. Forrester Research says online retail sales will grow at a compound annual rate of 9.5 percent from 2013-2018, and the web will account for 11 percent of U.S. retail sales in 2018.
4. B2B online traffic and sales are growing faster than in comparable offline channels.
B2B eCommerce professionals report 20 percent year-over-year growth in traffic to their websites. Nearly matching these online traffic growth percentages, B2B companies are seeing an average annual online sales growth of 19 percent. Comparable offline channel growth has mirrored broader macroeconomic trends and is typically measured in the low single digits.
Another interesting fact, according to Forrester’s joint survey with Internet Retailer of B2B eCommerce professionals, nearly 50 percent of B2B companies currently selling online expect that half or more of their total customer base will be buying online from them within three years.
So, what is a retailer to do with all this opportunity?
All of this adds up to create a very complicated environment for retailers to manage. Join us for our talk at Oracle Open World, where we’ll discuss in more detail how Deloitte’s Digital Engagement Platforms are driving connections, integrating business domains, and helping companies thrive in this complex world of commerce.
Belinda McConnell and Rick Westra are Principals in Deloitte's commerce practice. At Oracle Open World 2014 on Tuesday, September 30, they'll be presenting on these trends and how Deloitte is working with clients to come out on top of this disruption.