Ecommerce’s Future: Business Models
Accenture recently released a study that identified four business models that will shape the future of digital commerce. Accenture’s study examined the U.S. consumer desire for new shopping experiences and identified those business models with the greatest potential to drive growth. The study found that consumers and retailers could create differentiated buying experiences for their customers by using technology and innovative models. Let’s take a look at these four business models.
Sharing EconomyThis service allows multiple users to rent or make use of the same item. Rent the Runway, for example, allows customers to rent expensive clothes for special occasions for a fraction of the price and return them later. This allows the consumer to save money while still having the chance to look fabulous for an event. This model of the Sharing Economy can be applied to many different types of merchandise.
These models allow consumers to prioritize convenience and experience above actual ownership. 37% of respondents said they would rent a service like Rent the Runway .
__S.12__ This business model is slightly more popular than others. Birch Box, which provides a monthly subscription to make-up, and Stitch Fix which delivers monthly clothes boxes, are well-known in today’s retail marketplace. Personalization Economy offers a subscription to products of interest to customers that are carefully selected to meet individual needs and offer a surprise to the customer. 32 percent of respondents are open to using a subscription service called “surprise me”.
__S.17__ The item is reordered automatically and delivered to the customer soon thereafter. This is ideal for essential household items such as soap, pet food, or groceries. Amazon offers “Subscribe & Save” options which give customers a discount when they sign up to automatic reordering. Amazon’s Dash buttons is another example of replenishment models. To receive a new order for a product, shoppers simply need to press a button. 47% of household goods customers are open to auto-replenishment. It could be used for fresh food by 43 percent.
__S.26__ Although robots are currently mainly humans, it is possible to have them do household chores such as laundry and other tasks. 35 percent of customers would subscribe to a “do-it-for me” subscription to have their laundry picked up, washed and folded before being delivered to their home.
These models are currently being tested on the market and will continue to evolve. They will improve personalization and ease of digital shopping. Retailers need to be able to identify their target audience, given the increasing number of options available to them. Retailers must excel at their basic tasks. Retailers must be able to provide exceptional customer service, making the customer feel special and providing a personal experience. This can all be done with digital technology, which personalizes the experience and provides personalized customer service.
There are many new technologies available, but not all of them will work for everyone. To be successful in this digital retail world, companies need to use technology immediately. They must also determine which models and programs work best for their clients in order to develop their products and serve them best in the future.
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