How to Drive Efficiency in eCommerce
Weather the economic storm with modern eCommerce technology features: Read our free guide on how to drive efficiency as a retailer in times of crisis.
Drive eCommerce Efficiency with Modern Technology Features
In today’s fast-paced retail landscape, efficiency is the key to survival. Retailers have been hit hard by high inflation and low consumer demand in online shopping, brought about by the current economic climate. To stay competitive, the industry’s big players have invested in innovative eCommerce technology features – serving as a useful blueprint for all retail businesses.
This white paper provides insights into how retailers can use modern eCommerce technology for their online store to navigate the current economic crisis. Learn how to streamline your operations, integrate new tools seamlessly, and leverage composable commerce to your advantage.
Inefficiency in eCommerce: Identify and address causes
The current economic situation has been tough for the retail industry.
- Consumer demand has dried up: The volume of retail trade in the EU has decreased by 3.1% in the last year as European consumers rein in spending.
- Supply costs are high: Inflationary shocks have given rise to increasingly large supply cost spikes, high energy prices, and soaring mortgage rates.
- Uncertainty makes running expensive operations dangerous: With less than favorable expectations, retailers are hesitant to make business decisions.
It’s obvious that retailers need to cut costs in order to stay profitable. In response, businesses would ordinarily trim operating expenses, but this would likely comprise their sales revenue further.
Most retailers suffer from rigidity and inefficiency. We’ve identified three main drivers of these.
- Processes and systems are far too complex, leading to information and data asymmetries.
- Business processes aren’t flexible enough to respond to changing market demands.
- Retailers aren’t making use of existing technology standards to discover new efficiencies.
Therefore, the only way to stay competitive is to find new ways to improve efficiencies – and using modern eCommerce technology tools is the key!
Unlocking the Secrets of Technology-Driven Efficiency
In a rapidly evolving retail landscape, addressing the above pain points is essential for survival and success. Our SCAYLE guide presents the solutions to these drivers of inefficiency, while demonstrating how eCommerce technology tools can help retailers weather the effects of changing economic climates.
We delve into why establishing a centralized system can elevate data quality and seamlessly connect diverse channels. Discover how a headless architecture, utilizing APIs, paves the way for commerce systems that are vastly more flexible and scalable. Plus, learn how your business or brand can harness default, composable modules to craft experiences efficiently. To sum it up, we also explore how businesses can optimize the cost of ownership by using those methods.
The current economic climate presents challenges for online businesses. However, this is also an opportunity for brands to streamline operations to increase efficiency. By investing in new technology and modernizing business processes, brands and retailers can place themselves in a better position to grow and prosper, especially when market conditions improve.