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5 WAYS COVID-19 IS CHANGING DIGITAL COMMERCE
By forcing buyers online, Covid-19 is propelling e-commerce at to the forefront of retail. Online retail sales are expected to grow to $7 trillion, or a quarter of total retail sales by 2024, according to GroupM, the media buying division of the WPP group. That’s a big shift and might push application and IT leaders of several retailers to adjust their investment plans and technology platforms.
As e-commerce replaces physical channels, Gartner has identified five aspects of digital commerce that are changing due to Covid-19:
The pandemic and increased e-commerce has accelerated the usage of non-cash and contactless forms of payment, such as mobile wallets and tap-to-pay cards. Even when shoppers return to stores, Gartner expects organizations to continue to offer customers contactless payments, contactless pickup, and delivery, while also enabling contactless commerce operations where organizations can use robotics, artificial intelligence, and computer vision to assist employees with store-level merchandising, pricing, and pick-and-pack at warehouses. It predicts that 80 percent of ordering and replenishment will be touchless by 2024.
Three-dimensional product configuration isn’t new to e-commerce, but very few retailers offer it today. Conceding that 3D or even 2D product previews are lightly adopted today, with less than 1,500 deployments globally, Gartner reported that the visual configuration tools are reporting an uptick in business due to the pandemic. Going ahead, the research company expects these tools to create engaging and persuasive 3D product visuals that will be similar to holding or looking at a product in person and will reduce the need for samples and showrooms and enable more customer self-service when buying configurable products.