Broadly, Digital commerce involves purchasing and selling goods and services across digital platforms through mediums or channels that may include mobile networks, the internet, and other electronic facilitating commerce infrastructure.
Digital Commerce helps clients transact in goods and services via a dedicated commercial self-service and interactive client medium. It is aided or driven by new age or emerging technologies like artificial intelligence (AI), machine learning (ML), deep learning (DL) with augmented reality, and virtual reality.
Major Benefits of Digital Commerce in 2022
Moreover, Digital commerce spans people, and the technology is actively working the analytics, content, product descriptions.
Time-Saving and Convenient 24/7/365
With d-commerce, There is no specific shopping time or place. You can go online, search for the products or services, get the services or product reviews and descriptions and make a buying decision. The shopping can be anytime, anywhere, and whenever desired as the businesses are 24/7/365 open.
There is no fixed shopping hours and place as clients can search the items they want, and buy and pay for them online in the comfort of their homes, offices, while traveling, on vacation, or just about anywhere.
Enhanced Customer Experience
D-Commerce offers an enhanced customer experience anytime, anywhere as customers can relax and shop at their pace. How? Clients can shop online from home or office, or anywhere.
There are no salespersons require. Returns and exchanges are fast and easy. Clients are browsing extensively with ease, search, and order products. 24/7/365 customer care features can handle all customer-related matters.
High Operational Cost Cutting and Maintenance
D-commerce businesses save tons of money on rent, utilities, maintenance, and other related costs common with running physical shopping stores.
The D-commerce stores are open 24/7/365 without employees to watch over the store and protect items. With the items not kept on just a shelf space, there is no limit to how many items can be sold online with unlimited stock expansion. Moreover, Storage space costs less than retail space.
Precise and Easy Client Data Storage and Insights
D-commerce makes client data collection and storage easy. When clients browse store services and products, there is automatic data collection.
Besides, D-commerce enables tracking, monitoring of client store interactions and purchase history. If clients view and do not make purchases, It helps to gain actionable insights for every client vital in creating more personalized customer experiences.
Fast Data Collection and Business Process
There is great ease of access to customer data with the fast-paced internet age as all transactions are electronic. Whenever purchases are made or business deals are cracked, be it buying or selling, all electronic transaction data are instantly saved for future references and insights.
Besides, clients easily search for products or services they want with fast results. There is saving time, and clients appreciate the convenience, ease, and fast order placement minus difficulty or hardship.
Challenges of Digital Commerce in 2022
There has been massive disruption and a reorientation in the IT sector overall due to the COVID-19 pandemic. So, some of the fundamental challenges of digital commerce in 2022 include:
Customers May Still Prefer Real Store Experience
For several customers, a real store’s personal touch, experience, and relationships are still preferred. Since some clients prefer shopping experiences for specialized products, they get to have expert consultations about the best product options.
Real customer service hotlines may not function as one on one or face-to-face interactions. More so, clients prefer experiencing the products or services before making a purchase decision.
Manufacturer and Retailer Competition
Manufacturers and retailers from whom D-Commerce stores buy products in bulk and sell their goods directly to customers. This competitor for the same customers gets tough as they can create their own distribution network. There are price wars and customer care services and experience challenges.
Financial Data Fraud and Cyber-Related Attacks
Fraud is a huge risk while doing online shopping. Clients risk identity fraud and other related problems each time they enter their details into d-commerce sites.
If sites have no secure and convincing measures of safe shopper check-out processes, they chase away potential clients for financial security reasons. Clients get scared to buy anything. D-commerce businesses also face risks of phishing and other types of cyberattacks.
Shopping Cart Abandonment
D-commerce businesses face the issue of shopping cart abandonment regardless of their size, diversity, and experience in the market.
Statistics show that clients abandon shopping carts more than 68% for some stores; the rates go up to 80%. There are several solutions to shopping cart redesign, interactive customer engagement via live chats and messaging.
Also, optimizing the store mobile, adopting retargeting marketing, and sharing regular email reminders. Active customer engagement and rewards ensure lower rates in cart abandonment.
Multiple Regulatory Laws, Taxes and Compliance Regimes
There are compliance and regulatory requirements for d-commerce stores. Since d-commerce stores handle many sensitive customer financial data, which must be protected from misuse, it only follows that strict and tough regulatory regimes track compliance.
In essence, D-commerce rules the modern shopping trends and future growth projections only affirm a positive trajectory. Digital Commerce is still redefining, shaping, and forming the commercial trends of the future.