Empower Your Business With The Magic Of Machine Learning!
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Empower Your Business With The Magic Of Machine Learning!
Consumers want to interact with e–shops and retailers that offer convenient experiences.
Business ecosystems, a network of companies connected by data, products and services, have evolved as a response to this demand, focusing on minimising the number of steps a consumer has to take to get the products they need.
eshop platforms that connect business ecosystems with consumers have amazing results, as they integrate a range of products and services in a centralized location.
Instead of jumping from e-shop to e-shop, consumers can meet multiple needs, for the same situation they are in , in one place.
An e-shop therefore becomes the destination to find the brand’s products as well as related products and services that are needed.
The e-shop and their affiliated partners (e-shops) also benefit from consumer purchase data, with the ability to predict using Artificial Intelligence and mobiplus shopping personalization platform , what consumers want and sell it to them with one click.
Using customer purchase data using artificial intelligence, they can predict what other products consumers would like to buy and produce them !
The major advantages of an e-shop with a platform-based development strategy are:
The platforms cross and connect different product categories, establishing a presence in markets they could not enter before.
Platforms evolve by building the network of users and partners, enabling the continuous development of new commercial products, services based on consumer market data.
The e-shop that can understand what other products or services their customers want, other than their own, at this particular time or situation in their lives, have incredible value creation potential.
Businesses involved in the same e-shop share the cost of scaling up alongside customer demand.
Consumers return again and again to the same e-shop because they find the other products they need at the same time without searching.
Ecosystems offer unique value for both product-specific e-shops and large e-shops.
Today’s e-shops are usually focused on selling a general category of products.
E.g. sports goods, e-pharmacy, women’s and men’s clothing, supermarkets etc.
However, the products they sell are ultimately part of a larger experience in a consumer’s life.
For e-shops, building a platform will help significantly. Understanding how to expand their brand, to become a destination where consumers can go not only to buy the particular product the e-shop is selling, but to learn, explore and grow as they live this aspect of their lives.
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Creating a relationship with other e-shop or businesses that complement and align with the mission of an e-shop provides the business with the ability to create a network that covers a complete range of products or services that the customer wants today.
Take for example Petco .
It is a retailer in the pet care business with a wide variety of products, its own line of pet food and a strong Loyalty program with auto-refill and subscription services.
In addition to products, Petco’s reach extends to pet hotels, grooming services, adoption events in partnership with local shelters and in-house pet health care services.
As an e-shop platform, Petco allows its partners to advertise on its website, exponentially expanding its network by hosting a large number of vendors and partners.
The breadth of outreach achieved through strategic partnerships has established Petco as a place for buyers to find everything they are looking for as pet owners, from adopting a pet , to its ongoing care and everything it needs post.
An entrepreneurial ecosystem touches every part of what a consumer would look for in that particular space!
pharmacy retailer Walgreens has partnered with VillageMD to offer medical services throughout the United States, with in-person and telemedicine.
This extension complements the suite of Walgreen Walgreen. for web-based tools that help patients find local providers for specific health needs, manage prescriptions , loyalty program benefits, receive alerts or reminders, and set pickup or delivery preferences
The Nike’s Training Club app offers personalized workouts, weekly challenges and nutritional advice.
In order to grow, e-shops need to work continuously to identify value creation opportunities that create competitive advantage and increase their market share.
You understand the situation your clients are in right now!
Identifying the best opportunities for expanding your e-shop into a platform starts with understanding the different journeys your customers take through your e-shop or business.
What are the other moments that matter in the daily life of the client who comes in contact with you today.
Say you are a parent and your child will play a new sport.
You go to a shop or enter an e-shop to make the purchase!
A sporting goods salesman in the shop could offer you
All these could be in the e-shop of a sports goods company.
When you need to sign up for a new season next year, the seller has recommendation to help you find what you need.
If you are an athlete with additional experience you could head to the same sports retailer to find professional level equipment, join a community to chat with other athletes with significant experience and find out when and where the next important game will be.
All this information could be in the same sports e-shop.
You could be linked to the web site of the manufacturer of the product who will have instructions for the product.
You could have a link to the website of the local sports clubs.
You could have a community of athletes in this sport so that they could talk to each other.
These are opportunities to bring together customers and other businesses that share common interests and complementary needs.
Shoppers need to delve into their data to create a holistic view of their customers and how their shopping experiences change over time.
As needs change, e-shops can offer extremely personalized recommendations for products or services at just the right time, turning their e-shops into reliable destinations for shoppers to find what they are looking for.
At the heart of all this is the ability to make the e-shop really understand the customers and bring together products and services that will enhance the value of the e-shop in the long run.
An e–shop with a platform business model can enable resilience and be an innovation engine.
As with ecosystems, the creation of eshop platform is a relatively new trend that comes with fundamental changes in the way businesses manage e-commerce.
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