Few people have questioned whether e-commerce was the way of the future when it came to retail and shopping, but even fewer have asked what this brave new world will look like.
After all, as everyone moves online, other factors will play critical and distinguishing roles in determining who the winners and losers are from the e-commerce online future.
Plan and do the extra mile.
In other words, simply having an online storefront will not be enough but what companies need to do now to help set themselves apart later is equally vague. A few salient points have emerged in the literature about the future of online shopping that could help outline the contours of how retail and digital banking will work together to shape e-commerce.
Among these include the need for seamless integration between the website and efficient payment systems as well as robust website security. But they also talk about the “experience” of shopping online and how the future of e-commerce could actually involve a complementary brick and mortar aspect after all.
Security in the digital world.
The need for robust data security when it comes to digital banking and payment systems cannot be stressed enough. As more people begin to do the vast majority of their shopping online, systems will inevitably come under strain.
While hacks, data leaks, and other problems are often not the sole responsibility of the retailer or company in question, they do the most immediate damage to that party’s reputation – up to and including completely undermining the business. In this regard, data security becomes a necessity more than ever before from multiple standpoints. Beyond that, analysts think that novel and even somewhat outlandish website and app concepts could emerge in the battle to emerge on top in the e-commerce industry.
From websites that cater to lifestyles to subscription-based services and beyond, the old “catalog” format might not go away but it is going to face some serious challenges from specialist shops catering to niche audiences.
A rat race for Unique Selling Points
Massive companies like Amazon could face hard-to-manage challenges in specific retail categories with firms specializing and offering “bespoke experiences” that are hard if not impossible for the virtual big-box retailer to recreate.
Interestingly, brick-and-mortar establishments figure into the mix albeit in vastly different formats than we are currently accustomed to seeing. First, the future of e-commerce might not only rely upon unique online experiences, but also physical replicas of this same unique brand or company identity.
This will likely take the form of pop-up stores, company flagship stores, and even one-off events. Whether it is curating products in a museum type of atmosphere or offering clients an oasis in the heart of the city, e-commerce is not discounting that the world in which people live is a physical one and that can reinforce and help shape the company’s overall brand identity in the marketplace.
A relevant example of this is a major retail banking giant partnership with Peet’s Coffee for their business Cafe concepts. These outposts offer the digital banking account holder a place to interface with the company as well as get an immediate discount on coffee. For patrons singularly interested in coffee, the crossplay in branding – as well as the advertisement of a discount for bank account holders – could lure in new clients in a novel, cost-effective way. Whatever the future of e-commerce, the end-goal remains the same for businesses and that is surviving and thriving in any business environment.
Monneo means banking unlimited.
It is last but not least that we will stress on the fact digital banking solutions also promise a much more advanced and flexible business model application. In the most advanced business industries. Globally. And here comes the prompt response with regards to the ever-changing market conditions and needs that appear in the Retail in the E-commerce spaces.
The team of Monneo holds an excellent level of expertise and years of experience within those industries. That is why we deliver digital banking services solutions and virtual IBANs accounts to a number of companies applying those E-commerce Models.
Contact us to learn more about how Monneo can help you with digital payment solutions or apply directly for your virtual IBAN on our website.