How SMEs can gain an edge in the digital marketplace
SELLING ONLINE sounds like a piece of cake to some and quite a massive feat to others.
Although technology has established the digital marketplace and removed barriers to accessing buyers in different parts of the globe, the reality is that the e-commerce space today is incredibly saturated and competitive.
And while there isn’t one single solution, here are some trends suggested by EY’s advanced technologies team to help you gain an edge in digital selling:
Use chatbots to add value
Customers are now comfortable interacting with chatbots, but using artificial intelligence (AI) can significantly improve their experience. They can provide personalized recommendations using the data you already collect on your website.
Make ‘try before you buy’ a digital experience
Artificial and virtual reality can help you offer innovative solutions to customers so they can try before they buy.
It doesn’t have to be something incredibly complicated. Something simple, for example, like the offering from Style.me could be a significant value-add to your customers.
Offer individual pricing that reflects shopping habits
Use data science and machine learning to understand your customer better. Then, tap into those insights to offer individual pricing to ensure you maintain the delicate balance between keeping your customers and maximizing your profits.
One of the companies that can help you with that, off the shelf, is PricePong. A disclaimer that might be important here is that personalized pricing or individual pricing is sometimes frowned upon, so tread carefully.
Explore the right technologies for your business
Give blockchain a chance, if you’re thinking of looking for new and emerging technologies that can help your business. It can transform your platform, offering efficiency, accuracy, cost optimization, and transparency at the same time.
Omnitude, for example, is one solution you can explore to help you incorporate blockchain into your e-commerce ecosystem.