The B2B eCommerce sector will have had the fastest growth by 2025. In addition, it is anticipated to increase at a CAGR of 11.1% between 2018 and 2025, reaching a maximum value of $24,265.12 billion.
The explosive growth of the worldwide eCommerce market has been facilitated by digital transformation in the form of SEO marketing technology advancements, rising internet, and mobile usage, and new cloud hosting solutions tailored specifically for digital transformation.
“Digital transformation” is the transformation of brick-and-mortar products and services into a digital format in which payment for goods and services is made online.
The old type of retail businesses are not going anywhere soon but the business which used to follow strategy of brick and mortal need to follow the digital transformation.
What is the Omnichannel Business Model?
The omnichannel business model is a sales strategy that employs several channels to provide customers with a unified experience across all channels, whether in-store kiosks or other digital channels.
Related: Omni Channel Ecommerce and Retail
What is the significance of the omnichannel business model?
The omnichannel business model provides your customers with a unified e-commerce experience, regardless of the digital device or platform they are using.
This is critical because 73% of online shoppers use multiple channels when purchasing online, according to research.
Ecommerce Platform 2022
Most of the time and money spent on traveling and selecting things may be saved through e-commerce.
Payments can be done using any digital channel because of digital transformation, including credit card, debit card, digital wallets, and net banking.
E-commerce allows us to buy items around the clock without having to leave our homes. E-commerce offers increased convenience when purchasing products and services.
Traditional Trade to Digital Transformation
Traditional retail business dates back to the introduction of the barter system millions of years ago.
Where money was not accessible at the time, the barter system defined the exchange of products for other goods rather than money.
This is the root of conventional trade, which still exists today but involves exchanging money rather than goods.
Traditional retail businesses have declined in popularity with the arrival of digital transformation in the early twentieth century.
The Distinction Between E-commerce and Traditional Retail Business
- E-commerce is a type of online shopping market in which clients can simply buy products and services from the comfort of their own homes, including a few discounts, and the things will be delivered to their door.
- Traditional retail business is the process of directly trading products and services for money. Traditional retail business entails negotiating with all parties face to face and in person to exchange products and services at predetermined pricing.
- Traditional retail business is a branch of business that focuses on the exchange of goods and services and covers any activities that stimulate trade in some form. Digital transformation refers to the electronic exchange of business transactions or information through the internet.
- Transactions in traditional retail business are processed manually, whereas transactions in e-commerce are processed automatically.
- Only during working hours may products and services be exchanged for money in retail business. With contrast, in e-commerce, things may be bought and sold at any time.
- In conventional retail business, buyers and sellers engage directly, i.e.. face to face. In contrast, because the consumer may be located far from the location where they place an order for the purchase of goods, there is indirect client interaction in the case of e-commerce.
- In conventional retail business, the scope of business is confined to a certain region, i.e.. the reach of business is limited to the neighboring locations where it works. In contrast, due to the ease of access and SEO marketing, the firm has a global reach in the case of e-commerce.
- Traditional retail business does not have a fixed platform for information exchange, so the business must completely rely on the intermediaries. Unlike digital transformation, where there is a universal platform for information transmission, e-communication channels reduce reliance on people for information.
- In retail business payment for transactions can be made in cash, by check, or by credit card. On the other hand, payment in e-commerce transactions can be accomplished by online payment methods including credit cards, money transfers, and so forth.
Era of Digital Transformation in 2024
Technological advancements, increased mobile and internet usage and connectivity, and new SEO marketing and cloud hosting solutions have all contributed to the global eCommerce market’s meteoric rise.
Other digital transformation examples include:
- Changing from mailing fliers to email marketing
- Adoption of emerging technology, such as cloud hosting.
- Using digital resources such as social media, SEO marketing to increase product engagement.
- BOPIS combines online with in-store pickup (Buy Online Pickup In Store).
- Using data to develop tailored multi-channel marketing strategies.
What Motivates Digital Transformation?
1# Online shoppers are seeking new items.
According to Salesforce, 87% of customers seek online product information and helpful reviews, even if they intend to make their final purchases at a physical store.
Consumers expect to swiftly and easily access up-to-date information and brand contact details.
2# Customer expectations are rising.
Consumers nowadays are discriminating and want individualized experiences across several platforms.
People expect their shopping baskets to travel from device to device, and they enjoy using apps, according to the omnichannel business model.
You must cater to your customer base if you want to increase your bottom line.
3# To demonstrate value, brands must have a strong SEO marketing and online presence.
A growing number of businesses are opting for direct-to-consumer marketing tactics over retail business marketing strategies.
Conclusion
Digital transformation is happening in this new era of e-commerce, and it is the most common type of business conducted nowadays by most retail and wholesale business traders or sellers.
Based on availability, necessity, and the emergence of client requirements, both eCommerce and traditional retail business methods remain popular.
Few people who are unable to obtain digital devices are classified as uneducated, and traditional retail business is a popular form of business in this case
If you want to move forward with digital transformation, Exabytes can help you with its variety of services, from cloud hosting to website building.
Transform Your Physical Store to Digital! Explore Our eCommerce Design Service Now.
Go Digital with Our eCommerce Design
Related articles:
