In light of recent global events, digital commerce has become the main route to market. However, many businesses are accustomed to one technology stack that rules everything, an ecommerce platform that stays for four or five years.
Today this is not the case. There is a need for greater agility. Adopting the right technology has never been more vital. Businesses must now ask themselves these questions:
- What long-term goals is the business trying to achieve?
- What should we prioritize?
- Which business functions would benefit most from new technology?
- How can we apply technology to improve customer experience?
- How can commerce tech support the end-to-end processes in our business?
An explosion of technology
For many companies, the IT landscape can be bewildering. There is an infinite number of technology solutions for retail and ecommerce, an explosion in the number of providers, confusing jargon, innovation at breakneck speed, and questionable claims on what can be achieved.
Today, there are over 8,000 digital marketing tools alone in the global marketplace. One in five of the solutions weren’t there last year. Information overload is normal and with so much going on, navigating the commerce technology environment is daunting.
A lack of expertise
There is also often a lack of expertise and time to evaluate what’s out there. Knowing what your business needs right now and in the future can be a challenge. Many companies lack the internal skills necessary to make the most of their current technology stack, let alone invest in the future.
At the same time, businesses must be agile and decisive in a rapidly evolving and uncertain marketplace. Global events in recent times have made sure of that. There’s been a huge and fast flight to digital platforms. The need to adopt the right technology stack has never been greater as ecommerce becomes the main route to market.
Legacy challenges
Then there are challenges with legacy systems that businesses have had in place for years, as well as the technical debt that this accumulates over time. IT budgets can be spent just resolving these issues alone. At the same time, potential customers have moved on to a new social platform or shopping site to make their purchase. This requires new technology to exploit, and then the cycle continues.
Yet plowing money into a new tech stack, platforms, systems, solutions, and software is no guarantee of a return on investment or achieving new goals. It is no wonder that ‘tech anxiety’ is a real syndrome among buyers.
Looking to the future
Savvy brands are beginning to think again about how technology can remake their business right now with some quick-fix solutions, and how the right tools and a new approach can drive long-term growth for the future. Many companies are asking similar questions.
Yet many retailers admit they do not have the time or expertise to confidently assess the vast tranche of solutions on offer and make the right investments.
It’s certainly a daunting task. This is not the time to ‘wait and see,’ but to act. Recent events and the drive to digital means there’s added impetus to deploy a tech stack that makes a real difference to the bottom line.
