So coming to the matter, the point here is...
Is Digital Commerce rewriting business models?
As the boundaries between the digital and physical continue to blur with big implications on how business is conducted, enterprises feel the effects of this ongoing digital transformation, whether they innovate or adopt early.
Evolution of businesses with the times is not new, but the confluence of technologies such as mobile, cloud, big data, analytics and social has accelerated the pace at which today’s businesses are reimagining and reinventing the way they operate and serve customers.
This opens up the doors to enable personalized customer experience through Digital Commerce. This is not just a tool to satisfy customers but to win and retain customers in each step of their buying journey and simultaneously deliver new products and services across channels. This all sums up to Digital Commerce Transformation. This amplifies the innovations you need to succeed in the digital world.
However, the scale of transformation is more significant. For some businesses, digital transformation is a disruptive force. For others, it opens door to so many opportunities.
Let’s look at the business models currently in process.
Some prominent examples are:
- Outcome-based models
- Business expansion into new industries and markets
- Digitization of products and services
- Realize value from digital platforms
- Access a shared economy
These new models aren’t predictions; they’re already realities for fast-moving companies across the globe. In this environment, playing the role of late adopter can mean many opportunities lost that can put a business at a serious disadvantage. Every aspect of business operations is subject to this wave of reinvention. In the next blog in the series, we will delve deeper into how Digital Commerce is rewriting business models.
Is your business ready for this sea of change in business models and operations?
At e-Zest, we’re ecstatic with hundreds of ideas and opportunities that we absorbed at our first digital commerce hackathon and can't wait to share with you how this can help organizations embrace digital transformation — and turn the disruption into new opportunities for growth and innovation.
We’d like the opportunity to do the same for you.