We’re now in the age of continuous commerce, a new phase of capitalism where customers have more power than ever before.
Previously, the typical customer journey involves one default channel or a single path that customers loyally tread on when they are buying. But now, customers may shift their channel depending on their mood, moment, need and whim and can connect with you in any direction where the possible paths to purchase may number in the millions!
Moreover, the products or services (more and more products today are practically services with a physical component) are no longer fixed. It can be customized by the customer however they like it.
Commerce as a continuous ecosystem
The digital era has ushered in hyperconnectivity. With 51% of the world connected to the Internet, anyone can now join the digital commerce revolution and operate a business. This only means that virtually everything is now accessible to everyone who’s connected.
It’s important to point out though that continuous commerce doesn’t just begin and end at the transaction. And it’s more than just a shopping cart on a website. It means seamlessly integrating a brand’s shopping experiences across multiple environments throughout a customer’s lifetime to continually optimize points for purchase.
It also means keeping pace with customer demands. It’s no longer enough to meet their expectations; it’s critical to find ways to exceed them. Thus, it’s important to know the following principles of continuous commerce:
- Pertains to digital store and physical store—whether you’re shopping online, at the store or online at the store
- Involves continuity for the brand and the customer across multiple channels, devices and locations to enable sales anytime, anywhere
- One transaction can lead to a lifetime value
- Whether new to the brand or a loyal advocate, it’s critical to continually foster a good relationship tailored to the individual because not all customers are created equal
- Maximize customer value by turning the first purchase into a profitable, lasting relationship that people are proud to share
- Ensure an experience that will delight across every touch point
- Customers expect anticipatory just-for-me experiences and they circulate their experiences to others via word of mouth or social media
- The goal is to create emotionally positive experiences that serve the needs of customers
Learning how to create value exchange between the brand and the customer will help companies identify the opportunities that can lead them to build loyalty, advocacy and increase revenue for the business. Thus, companies have no choice but to remain agile, and to constantly innovate by incorporating new technologies in order to meet the high standards and expectations of the customers.
Taascom can help transition your business from a transactional economy to a relationship economy, grow recurring revenue, nurture a dedicated customer base that competitors will find difficult to disrupt, increase your valuation, and become predictive instead of merely reactive. If you want to kickstart your business model transformation, contact us today.