- Amazon has cornered nearly 50% of the e-commerce market.
- The online giant expects 30% growth in 2018.
- Commit to Digital Commerce. If you are a retailer operating a business without a digital presence, then you might as well be trying to cross the Atlantic Ocean in a canoe. If you’re not already committed to digital commerce, then you are already falling behind.
But here’s some good news. Many of your peers (particularly in the B2B realm) are in the same boat (they’ve been slow to adopt digital commerce too). If you invest now, then your chances of success are much greater because tremendous advantages often accrue to the first mover.
- If You Fail, Then Fail Fast. Moving swiftly and being a first-mover certainly has its advantages but can be risky. Making quick decisions and adjusting on-the-fly (which is imperative these days) means you will make mistakes. The important thing is to be able to fail fast, but learn from those missteps and adjust accordingly. This is the key to innovation.
And innovation is how you’re going to win. Amazon is a company that does this on a massive scale, and they’re incredibly successful as a result. In so many respects, it comes down to having a culture of testing, which means that you are constantly trying different things and improving the way you harness and deploy various e-commerce technologies.
- Invest in Expertise. It’s not enough to just buy technology. You need to leverage the talent, resources, and expertise that can enable the cutting-edge technologies to work for your business. You could try acquiring expertise in bulk by hiring talent. But it’s far more efficient and cost-effective to partner with a digital commerce service provider that lives and breathes e-commerce day in and day out.
Outsourcing expertise helps you move more agilely and in today's very competitive environment. This is very important. Having the ability to be agile and move fast is really important. Many companies waste precious resources trying to do everything in-house or by themselves to try and save money but in more times than not, you will be far better off leveraging the wisdom, experience, and expertise of partners that are in the business of navigating uncertainty.