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Digital transformation – where does it end? 

Simply put, it doesn’t. Digital transformation is a technological and cultural change in the business model that will continuously evolve.  

In a post-pandemic society that emphasizes having an online presence, companies are required to perpetually adjust business practices and routines to adapt to an ever evolving and increasingly digital market.  

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Through digital transformation, the process of integrating multiple areas of a digital technology into one space, companies can use digital tools and data to meet the ever-changing expectations of customers and their online experiences, where each customer journey is unique to their own wants and needs.     

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In this article, we’ll discuss the importance of digital transformation, ecommerce, and marketplaces, and how companies can use data provided by marketplaces to transform the digital customer experience.  

‍

A Brief History of Digitization 

‍

Let’s take a moment to look back at how technology has become intertwined with both our personal and professional lives.   

Over the past decades we have experienced technology advancements that have significantly changed the way we live – the way we communicate, the way we work, the way we watch tv and play games, the way we learn, the way share information, the way we shop – the list can go on and on.   

‍

These changes have forced companies to not only change the way they do business operationally, but also change the way they market their business and sell their products and services.

With more and more services and business functions available online, businesses don’t really have a choice. They’ve been forced to digitize just to compete.   As technology continues to evolve, there are no signs of slowing down. As a result, businesses have found themselves in a constant state of change to keep up.  

This is known as accelerating change, where the rapid pace of technological innovation will continue to quicken over time. Businesses are forced to adapt (and become increasingly agile and digital) or fall behind.    

Today, digitization is an absolute must for companies. All businesses must undergo a digital transformation to streamline operations, stay relevant, and focus on a truly digital and seamless customer journey.  

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‍Marketplaces- More than shopping, a digital customer experience    

Marketplaces provide businesses the opportunity to shop online with ease and convenience. Through Marketplaces, businesses can provide their customers with the ability to engage in a much fuller customer experience allowing them to have access to all online needs that make their online experience simple, such as shopping and transacting at ease.  

Improving a customer’s digital experience increases the customer's level of satisfaction increasing the likelihood of cross-sell, up-sell, and retaining customers. For businesses, providing strong and effective digital customer experiences is essential. These are key components to ensuring customers return.  And when they are more likely to return, they are more likely to recommend, and be loyal to the business and products/services offered.  

‍

Digital Transformation, eCommerce & Marketplaces  

Since digital marketplaces were first launched in 1982, marketplaces have evolved into a simple, yet effective platform in the digital world.  

Today, they give businesses the opportunity not to just sell products and services, but also provide an intuitive digital customer portal where customers can seamlessly shop, transact, manage their accounts, have access to reports and billing information all through self-service access.  The need to provide a quick and effective shopping experience has also led to a shift in the way marketplaces are constructed – not only for B2C businesses, but B2B businesses as well. 

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While marketplaces did start out in traditional B2C spaces, handling simple transactions they have since developed the ability to handle more complex pricing models, payment models, and more, evolving to support the need of B2B businesses to stay competitive. The benefits of B2B marketplaces are endless. Not only do they keep businesses competitive in the digital era by simplifying their purchase, billing, and other sales operations, but they allow for easy expansion into new markets.   

‍

Over the years, we’ve seen marketplaces expand even further and develop to support B2B2X models and cloud services.  B2B2X marketplaces, enabled by Apptium’s Cloud Commerce Platform, provide the ability for vendors to sell and manage digital products and services through multiple tiers until it reaches the end-user. The customer is still provided with a simple purchasing experience, but everything from purchase to settlement and lifecycle management is handled in one system, throughout multiple tiers of sales. This simplifies and even automates previously complex B2B2X sales processes.   

‍

Digitization, Marketplaces, and Data You Can Use

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According to a survey conducted by Digital Commerce 360 Reports show that 40% of business buyers purchase products and services on a marketplace. That provides a massive opportunity for marketplaces to use the data collected on customer insights/trends from these transactions to provide an even better customer experience .

Data collection from Marketplaces provides numerous benefits for customer experience.  

‍

Having access to a customer's data enables providers to know their customers better, allowing them the ability to extend personalized offers and solutions.  That can include recommending products & solutions based on previous purchases, bundled offers, subscriptions, custom offers, tailored account management, and so much more.

‍

By analyzing customer data in aggregate, providers can uncover patterns in buying behavior. They can then start to identify opportunities for increased sales, cross-selling, and upselling. Through both tactics, businesses will build a relationship with the customers, becoming more dependable for purchasing products or services offered.    

Conclusion  

Digital transformation has changed the world of technology and how businesses operate. Through digital transformation, online marketplaces have evolved to adapt to B2B and B2B2X needs, creating digital infrastructure for all types of customer profiles and experiences. Not only do they provide a smooth and accessible experience for the customer, but businesses have been able to use the data provided by these digital marketplaces to meet customers' ever-changing needs.  Businesses will need to continue to find new ways to evolve to meet their customers' needs, and to find success in the ever evolving and changing world of technology.  Digital transformation will never end.

‍

‍

‍

Digital transformation – where does it end? 

Simply put, it doesn’t. Digital transformation is a technological and cultural change in the business model that will continuously evolve.  

In a post-pandemic society that emphasizes having an online presence, companies are required to perpetually adjust business practices and routines to adapt to an ever evolving and increasingly digital market.  

‍

Through digital transformation, the process of integrating multiple areas of a digital technology into one space, companies can use digital tools and data to meet the ever-changing expectations of customers and their online experiences, where each customer journey is unique to their own wants and needs.     

‍

In this article, we’ll discuss the importance of digital transformation, ecommerce, and marketplaces, and how companies can use data provided by marketplaces to transform the digital customer experience.  

‍

A Brief History of Digitization 

‍

Let’s take a moment to look back at how technology has become intertwined with both our personal and professional lives.   

Over the past decades we have experienced technology advancements that have significantly changed the way we live – the way we communicate, the way we work, the way we watch tv and play games, the way we learn, the way share information, the way we shop – the list can go on and on.   

‍

These changes have forced companies to not only change the way they do business operationally, but also change the way they market their business and sell their products and services.

With more and more services and business functions available online, businesses don’t really have a choice. They’ve been forced to digitize just to compete.   As technology continues to evolve, there are no signs of slowing down. As a result, businesses have found themselves in a constant state of change to keep up.  

This is known as accelerating change, where the rapid pace of technological innovation will continue to quicken over time. Businesses are forced to adapt (and become increasingly agile and digital) or fall behind.    

Today, digitization is an absolute must for companies. All businesses must undergo a digital transformation to streamline operations, stay relevant, and focus on a truly digital and seamless customer journey.  

‍

‍

‍Marketplaces- More than shopping, a digital customer experience    

Marketplaces provide businesses the opportunity to shop online with ease and convenience. Through Marketplaces, businesses can provide their customers with the ability to engage in a much fuller customer experience allowing them to have access to all online needs that make their online experience simple, such as shopping and transacting at ease.  

Improving a customer’s digital experience increases the customer's level of satisfaction increasing the likelihood of cross-sell, up-sell, and retaining customers. For businesses, providing strong and effective digital customer experiences is essential. These are key components to ensuring customers return.  And when they are more likely to return, they are more likely to recommend, and be loyal to the business and products/services offered.  

‍

Digital Transformation, eCommerce & Marketplaces  

Since digital marketplaces were first launched in 1982, marketplaces have evolved into a simple, yet effective platform in the digital world.  

Today, they give businesses the opportunity not to just sell products and services, but also provide an intuitive digital customer portal where customers can seamlessly shop, transact, manage their accounts, have access to reports and billing information all through self-service access.  The need to provide a quick and effective shopping experience has also led to a shift in the way marketplaces are constructed – not only for B2C businesses, but B2B businesses as well. 

‍

While marketplaces did start out in traditional B2C spaces, handling simple transactions they have since developed the ability to handle more complex pricing models, payment models, and more, evolving to support the need of B2B businesses to stay competitive. The benefits of B2B marketplaces are endless. Not only do they keep businesses competitive in the digital era by simplifying their purchase, billing, and other sales operations, but they allow for easy expansion into new markets.   

‍

Over the years, we’ve seen marketplaces expand even further and develop to support B2B2X models and cloud services.  B2B2X marketplaces, enabled by Apptium’s Cloud Commerce Platform, provide the ability for vendors to sell and manage digital products and services through multiple tiers until it reaches the end-user. The customer is still provided with a simple purchasing experience, but everything from purchase to settlement and lifecycle management is handled in one system, throughout multiple tiers of sales. This simplifies and even automates previously complex B2B2X sales processes.   

‍

Digitization, Marketplaces, and Data You Can Use

‍

According to a survey conducted by Digital Commerce 360 Reports show that 40% of business buyers purchase products and services on a marketplace. That provides a massive opportunity for marketplaces to use the data collected on customer insights/trends from these transactions to provide an even better customer experience .

Data collection from Marketplaces provides numerous benefits for customer experience.  

‍

Having access to a customer's data enables providers to know their customers better, allowing them the ability to extend personalized offers and solutions.  That can include recommending products & solutions based on previous purchases, bundled offers, subscriptions, custom offers, tailored account management, and so much more.

‍

By analyzing customer data in aggregate, providers can uncover patterns in buying behavior. They can then start to identify opportunities for increased sales, cross-selling, and upselling. Through both tactics, businesses will build a relationship with the customers, becoming more dependable for purchasing products or services offered.    

Conclusion  

Digital transformation has changed the world of technology and how businesses operate. Through digital transformation, online marketplaces have evolved to adapt to B2B and B2B2X needs, creating digital infrastructure for all types of customer profiles and experiences. Not only do they provide a smooth and accessible experience for the customer, but businesses have been able to use the data provided by these digital marketplaces to meet customers' ever-changing needs.  Businesses will need to continue to find new ways to evolve to meet their customers' needs, and to find success in the ever evolving and changing world of technology.  Digital transformation will never end.

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