With the strong growth of eCommerce during the pandemic, many new eStores have emerged, and well-known offline businesses have gone to digital channels. Yet building an online store is not enough. Experience digital business professionals reckon that further investment should reflect a strategic approach, growth plans, and capacity to improve the mindset.
We had an excellent chance to discuss the future of eCommerce with fellow professionals in Verslo Zinios, a Lithuanian business daily. Since the original article was in Lithuanian, we provided an executive summary in English.
Invertus is consulting businesses, finding together what technology solutions they need to create value for their customers, assembling productive components that we don't necessarily create.
Jurgis Gylys, an expert in digital commerce and head of Invertus digital consultancy and products, says that business wins when it can be one step ahead of the present and in a way to see the future. Now it seems that as the online shopping wave recedes, competition in cyberspace remains enormous, and winners are those who best meet customers’ expectations. Nevertheless, with rare exceptions, leaders continue to invest in eCommerce.
Digital business investment depends on their strategic approach, and many major market players plan for further growth and do not reduce Investment. So what do market leaders say about investing in e-commerce?
Juras Vezelis, Director @ Sportland LT: “The process of investing in e-commerce is continuing and is likely to continue for a long time, as we opened our eStore only at the end of 2020. We invest continuously, and the investments are not small because we want the site to meet the highest customer expectations. It is difficult to say what would have happened if the decision to sell online had been taken earlier. However, one can assume that the company would now have a larger market share.”
Raimondas Zilenas, Marketplace Manager @ Pigu.lt: “As your business grows, the complexity of the number of vendors, services, and products you create needs to grow together with the eCommerce platform or even faster. As the number of partners increases, new services, products, and functionalities arise.”
Tadas Cetkauskas, Business Development Manager @ NFQ technologies: “Basic technologies have already been developed, so today Investment is directed not so much towards developing these technologies as towards new forms and channels of sales. Retailers start investing in the collection, storage, and specialized spaces for highly accurate raw data analytics.”
Jurgis Gylys, CPO/CQO @ Invertus: “Investment in eCommerce does not lead to the disappearance of physical shops, as the modern consumer needs to be able to shop through different channels. Physical stores also act as marketing tools, allowing you to measure and see what you might buy in an e-shop. Invertus is consulting businesses, finding together what technology solutions they need to create value for their customers, assembling productive components that we don’t necessarily create. Our goal is to integrate and crystallize solutions so that they can get the data they need from ERP to work in a high-quality way when data travels from an eStore to ERP, no more copying, just efficient business.”