E-commerce: Local adaptation of global technology

Ever since the outbreak of Covid-19, people’s dependency on digital technologies has risen, leading to fundamental changes to both businesses and everyday life. In hindsight, it has become clear how the pandemic has acted as an accelerator in ushering in a new “digital revolution”, overseeing a rapid adoption of e-commerce, and leading to a fundamental change in the way businesses are conducted. Most retail owners now realise that adopting technology and staying on trend is a necessity to thrive in today’s ever-changing business world.

The e-commerce market has an advantage when it comes to the wide selection of payment methods because it increases the opportunities for sales globally and facilitates currency conversion in international markets. This also leads to a boost in cross–border e-commerce.

Adaptation of global technology trends to fit local e-commerce needs

The overall success in the field of e-commerce is predominantly dependent on new forms of global technologies. To date, successful online retailers have been capitalising on the leverage of customer data platforms to effectively present products, improve services and form better engagement with customers. In the gifting business, data science plays an important role in positioning the most popular and relevant products on top of the page, creating a more seamless shopping experience for customers.

Artificial intelligence is also one of the important features of digital transformation, catering to the need for an immersive, experiential and emotional gifts, rather than materialistic items.

Online retailers are also leveraging on the mega trends of smartphones and social networks. Integrating e-gifts/ e-gift cards, social networks and mobile devices has proven to be an optimal formula for boosting sales.

Influencer marketing is another big trend for e-commerce. It has become the modern version of word of mouth over the past few years. Meanwhile, some online retailers have even shifted towards “micro” influencers who tend to focus more on specific niches or categories, resulting in a more tailored, personal interactions with their audiences.

Aside from social influencers, an important aspect determining success for online retailers is the way they are portrayed in different markets and the socio-economic market situation of each country.

In some countries, it is predominantly the more affluent consumers who have access to online shopping, while in others, online shopping is the norm and therefore, a more mass-market approach is the way forward.

The tactics are many and there is no one size fits all approach to creating a successful e-commerce strategy adept for every market. But it is important to remain on top of the game by not only accepting that digital technologies are here to stay, but that we need to learn how to adapt and evolve along with them.

Read: Insights: Future of commerce in the metaverse era

Rajesh Kumar is the CEO – GCC and SEA at FNP