Future of Smart Commerce

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In the last decade, the commerce industry has witnessed a lot of advancements, especially in fulfilment and distribution areas. We will continue to see more changes and adaptations of newer technologies as we move forward. The scope of advancements depends upon the market challenges and the precedent set by commerce giants like Amazon. The future of smart commerce is promising, and its application is worldwide.

According to an estimation, nearly 25% of the global population will browse through commerce stores by 2023. Business owners and marketing leaders see potential in smart commerce to outshine their competitors.


What is Smart Ecommerce?

The retail sector is constantly changing, and the pandemic forced brick-and-mortar stores and retailers to take their business online. Our world is more connected than ever before, and retailers need to evolve if they don't want to be left behind.   

Deloitte launched its Smart commerce model to help organisations improve their business and operating models based on customer-centric data. 

Even though the pandemic halted operations for most retailers, it also boosted retailers who had an online presence. Deloitte's Smart commerce model is driven by three key factors:  


Customer Preferences

As per Deloitte's analysis of customer preferences, 87% of consumers are willing to spend more for convenience, personalisation, and instant gratification. And an online store can provide all three aspects. Approximately 50 per cent of Indian shoppers prefer to shop online rather than offline. 


Government Regulations

The Indian government is well-aware of the fact that ecommerce is the new norm for shopping. Many administrative and regulatory mechanisms have been put into action to support the whole ecosystem. These policies will become the backbone of the sector and also encourage more retailers to come online. 


Tech-enabled Smart Ecosystem

Deloitte's smart ecosystem enables businesses to capture vital information and set up internal and external platforms. With technologies like Artificial Intelligence (AI), Big data, Internet of Things (IoT) and Machine Learning (ML), Deloitte's Smart ecosystem makes it extremely easy and efficient to capture customer data. 


Role of Smart Commerce

Deloitte's smart commerce enables businesses to go beyond transactions and work on value creation for customers. The whole ecosystem of suppliers, customers, and employees can work transparently and efficiently. Grow your business rapidly with end-to-end marketing, sales, pricing, merchandising, and fulfilment solutions. In the short term, these elements can create brand awareness and profitability. But in the long run, the business will have enough data to optimise outcome costs and reduce resource expenditure. It is also important to derive actionable insights from advanced analytics to minimise risks. 


Key Takeaways

Traditional commerce methods are becoming more and more inefficient in producing profitable results in the ever-changing market. Businesses that evolve will rise, and those who lack behind in implementation are most likely going to sink. With favourable government regulations and changing consumer behaviour, it is becoming increasingly vital for businesses to rethink their commerce strategies. Deloitte's smart commerce business models will provide all commerce businesses to create sustainable growth with consumer-centric and valuable insights. 
Location: India

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