Driving retail success: The impactful role of Digital Commerce Consulting
In retail, where consumer preferences and technological advancements continually reshape the industry, embracing Digital Commerce has become crucial for sustained growth. Consultants like Prospero can help retailers drive more success.
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Digital Commerce Consulting can revolutionise the performance of your business
Within this landscape, the knowledge & expertise offered by Digital Commerce consultants stands out, providing invaluable guidance and strategies to empower retailers in navigating and thriving within the dynamic digital sphere.
Why is eCommerce important? We know from the great work that Richard Lim at Retail Economics has conducted that eCommerce sales have fallen back to the long-term trend curve so we now believe we will see growth again in 2024 after two years of eCommerce retrenchment. Effectively, now the dust has settled, online sales have reverted to the long-term trend.
Figure 1 - UK online sales 2010 – 2022 – Source Retail Economics using ONS data
We define Digital Commerce as everything digital that affects sales for an organisation so that we believe this covers eCommerce, its extended ecosystem and back-end systems, as well as systems and capabilities to enable physical channels with digital.
So how can consulting help you prepare for digital growth once more? Harnessing extensive experience, Digital Commerce consultants can bring a wealth of expertise gained from diverse industry engagements. Experienced professionals possess a proven track record in successfully navigating the intricate nuances of eCommerce and its digital ecosystem, having collaborated with businesses across various sectors, from start-ups to established enterprises. Hands-on experience equips them with practical insights and a nuanced understanding of market trends, enabling them to tailor strategies that meet the specific needs and aspirations of each retailer.
It is critical that you talk to an eCommerce consultant with operational experience and ideally one who is not beholden to any technology provider so that you get genuinely impartial advice. They should also be prepared to speak truth to power and give apolitical recommendations.
The strategic advantage consultants like Prospero offers lies in the structured analysis of a retailer's existing capabilities, infrastructure, operational framework, and market positioning. Leveraging their experience, consultants adeptly identify underlying inefficiencies, untapped opportunities, and potential areas for optimisation.
Consultants bring the advantage of developing frameworks to help understand the issues and then shape solutions to those issues. This forms the foundation upon which consultants build bespoke digital commerce strategies, aligning them with the retailer's overarching goals.
Consultants often possess in-depth knowledge of a range of leading-edge tools, software, and methodologies gained through hands-on experience in implementing solutions. Their expertise should extend beyond theory, and be rooted in practical operational application, to ensure that recommended solutions are not just innovative but also fit for purpose for the client.
An integral element of consultants’ experience lies in leveraging data-driven insights to drive decision-making. This enables them to make informed recommendations to retailers across the digital commerce landscape. Typical uses of data are to refine create models, define marketing strategies, optimise product offerings, and personalise customer experiences.
Furthermore, consultants' experience includes staying updated with emerging trends and technologies. Their continual immersion in the ever-evolving digital ecosystem equips them to anticipate industry shifts, identify nascent technologies, and discern their potential impact on retail landscapes. By leveraging this foresight, consultants can guide retailers in adopting the most appropriate cutting-edge tools and strategies, empowering them to innovate and stay ahead in an intensely competitive market.
Consultants can be a good use of your finances if they remove doubt from your decision-making process, reduce risks or they can use their knowledge and experience to hasten change. You may like to consider ensuring they have “skin in the game” through a results-based agreement which will align their work success with your needs.
In conclusion, the depth of experience that Digital Commerce consultants bring is unparalleled. Their holistic perspective, refined through diverse industry engagements, enables retailers to navigate the complexities of digital commerce with confidence. By tapping into this wealth of experience, retailers can forge ahead, leveraging tailored strategies, data-driven insights, and innovative technologies to not only survive but thrive in the digital commerce arena.
Prospero are one such independent consultancy, with over 60 combined years of experience – and fiercely independent – With over 60 years of combined eCommerce experience, we help ambitious companies make smarter digital decisions. If you have an issue that would benefit from an external perspective, or one where true independence carries value – then do get in touch.