Digital innovations are fundamentally changing commerce

Let us first remember that the “automation of the past”, as is often done in commerce, leads to the destruction of value by repeating the story of the Lilas puncher: a saving at the time paid for by a financial and social cost that has been raised for years. . If we use digital innovations to hunt human personnel, we end up in absurd situations. For example, the use of digital innovations to employ low-paid and poorly trained technical support staff for customers who are necessarily dissatisfied with the mediocre services thus received. This is the current trade problem.

Tomorrow’s business will be competitive on a sustainable basis only if the value perceived as creating sufficient value not only from capital, but also from current and potential customers, its personnel, its suppliers and the society in which it is located . Otherwise, the conditions for sustainable stability are not met. In this view, there is no value except as perceived by the “customer”. In other words, sIf my potential client doesn’t value what I’m doing for them, I’m wasting resources without creating any tangible value. Digital innovations will fundamentally change the game in this field.

Radical changes

To understand these radical changes, here are some examples of digital innovations that will profoundly change the commerce of tomorrow:

  • The key role of a business that values ​​emotions and relationships to build trust
    • In any market relationship, value creation results from a successful interaction between an effective supply and a potential demand. The interaction leads to a transaction and thus to the creation of value for the parties if three conditions are met.
    • Digital innovations will bring effective quality communication, charged with trust and emotion to a “sufficient” level that involves effort and therefore costs, especially financial ones.
    • Too small, the isolated commercial enterprise without partnership is not viable because it is forced to spend a lot to get to market what it cannot do on its own. Above a certain size, the costs of the structure are a burden on the operations performed within. The winner of tomorrow’s trade will be the one who has built his strategy on the lowest transaction costs, which means an evaluation of the data. These digital innovations will enable small networked merchants to be more competitive than larger merchants.
  • Trade is where I want it
    • A society is being built where everyone, if they want, can remain connected to their various spheres, domestic, family, professional, social, anytime, wherever they are, whatever terminal they have, computer or landline or mobile, game console. , or another.
    • The correspondent we reach can be in a transport and work or manage his private life remotely, he can be in a shopping center, solving household or professional problems, while on his terminal he compares the offer of a store with that of other physical or online stores.
  • Accurate inventory management and improved shopping experience
    • The increasing incorporation of technologies such as Augmented Reality, Virtual Reality, Artificial Intelligence and IoT that will facilitate accurate inventory management and improve the shopping experience of consumers is one of the key trends accelerating the market growth.
    • Forward-looking intelligence will be at the heart of any business strategy.

In this context, the economic model of the new business will be based on:

  • data will be at the center of tomorrow’s trade.
    • of datafication is characterized by an interaction between digital and physical objects and the mass customization of products and services for – and by – end users rather than simply process automation or efficiency improvements, although data techniques can also be used for this.
    • A combination of real-time consumer purchase data and monitoring tools will power AI algorithms that will influence the supply chain. LBrands and retailers will be able to instantly respond to unexpected changes by quickly changing production volumes and turning inventory into data.
  • Reinventing the physical store
    • Physical stores will continue to play an essential role. But in-store shopping will evolve into events that value experience and therefore emotion. Tomorrow’s trade will be “gamified”.
    • Physical stores, in addition to virtual stores, must develop new concepts to promote customer loyalty.
    • Virtual stores will offer a fully immersive experience that will integrate virtual reality, its smartphone, its watch, its glasses, etc.
  • Personalization is everywhere
    • Every imaginable aspect of shopping will become truly personalized, making the process of discovering, purchasing and receiving goods completely effortless.
    • Advanced analytics on shopper behavior will allow store staff to see real-time relevant information (anonymously) about each individual entering the store.
  • Sustainability becomes the norm
    • Insights from personalization engines, supply chain management algorithms and shipping usage will enable true sustainability.
    • of brands and retailers will know exactly how many items to produce and eliminate overproduction in the process. The energy required for storage and transportation will be greatly reduced.

Combining several trends

vs.The new business will result from the convergence of several trends, including AI, Robotics, IoT and Augmented Reality (XR), Virtual and Augmented Reality (AR/VR), ATAWAD., Blockchain, Voicemail Assistants, Smart Mirrors , wallets, autonomous deliveries, new means of payment, etc.

  • AR/VR
    • Virtual reality environments will be increasingly used by online retailers to provide immersive and feature-rich shopping experiences. AR will be deployed by marketers to allow customers to access product information directly on their screens.
    • For example, smart glasses will instantly identify the brand, price and stock levels of any fashion or home decor item they spot, both in-store and on the street.
  • Autonomous deliveries
    • Autonomous delivery will use autonomous vehicles and drones to travel between distribution centers and consumers’ homes.
  • Blockchain
    • Blockchain promises to revitalize loyalty by decentralizing administration and providing more visibility and flexibility for all parties. It will also allow consumers options to redeem points between brand consortia.
  • smart mirror
    • With smart mirrors, we can scan our garment to check if there is a larger or smaller size in store during the fitting phase.
    • Customers will be able to notify store staff to bring certain items to them by touching the mirror.
    • With a simple tap on the mirror, it will guide the customer and suggest clothing and accessories that will best match what you’ve already chosen, so smart!
  • The robots
    • The future of robotics is commonly compared to the microcomputer, which has moved from industrial application to personal use and mass consumption with fully autonomous, mobile, interactive and intelligent robots.
    • We will see the emergence of fully autonomous, mobile, interactive and intelligent robots in stores or in consumers’ homes.
    • In particular, robots will be able to help customers on store shelves. For example, the robot will be able to follow the customer through the aisles of the store and bring or carry his groceries. They will also be able to improve store operations, especially for cleaning, shipping, product tracking, customer support, etc.
  • Voice assistants
  • Unlike your human agents, chatbots are available 24/7 and can provide instant responses at scale, helping your customers complete the checkout process.
  • Chatbots use contextual signals to understand what the latent expectations of citizens/consumers are.
  • Digital display
    • Digital signage plays an important role in enhancing and personalizing the in-store experience by providing next-generation capabilities, including dynamic digital content tailored in real-time to the audience viewing the screen.
    • The goal is to create a fully immersive in-store experience.
  • Many new payment methods
    • As transactions grow, many technological innovations will transform the way people pay: Messaging app payments, voice commands, peer-to-peer (P2P) payments, cryptocurrencies, biometric payments, facial recognition, crypto wallet adoption, hardware and in-store interfaces, etc.
  • wallets
    • Digital wallets allow for one-click purchases, unlike legacy online systems that require users to enter their credit card details each time, perform multi-step verification, and wait for the transaction to complete.
    • Commerce NFTs will end up everywhere, including personal avatars in social media, virtual worlds and video games, becoming an important part of consumers’ digital lives.
  • Metaverse
  • Virtual reality, augmented reality, gamification and personalization, the metaverse contains all these elements. In a metaverse there will be endless possibilities to create a new and exciting virtual shopping experience.
  • The customer will be able to use their avatar to try on and buy clothes, get style recommendations from store associates, interact with other shoppers and move between metaverses. The devices would be comfortable and capable of transmitting personalized facial expressions.
  • In the metaverse, consumers will be able to interact with each other as they would in the real world, which will make social commerce widespread.
  • The main advantage of metaverse is to make shopping more attractive and interactive.

A good example of this new trade is Bosoni. It is an exchange protocol that allows the decentralized commercial exchange of any physical item, without centralized intermediaries or trusted parties. Boson is based on a public infrastructure that uses smart contracts to conduct business transactions and exchange digital value for physical goods and services.