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Machines are going to level the e-commerce playing field, and allow almost any participant to compete smartly with the likes of Amazon and Alibaba, as well as enabling the likes of Walmart and eBay to win back hundreds of millions of dollars every month from Amazon.
A Glimpse Into The Future
The future of ecommerce is machines that will manage your platform and take autonomous actions, in real-time. These machines will manage all aspects of your business, from pricing and personalization to SEO and traffic optimization, all the way to the supply chain. We are looking at a super machine that will understand where the breakage or inefficiency in your online conversion funnel is – down to product level – and identify the root cause and specific action that needs to be taken, all in in real-time, thus driving a predictable conversion increase.
Why This Is Needed
One of the key factors that made mega players like Amazon and Alibaba so big, is that they offered the very best user experience. What allows them to keep their competitive advantage is their access to huge data sets and technologies. These help them to make real-time decisions and actions – like sourcing , dynamic pricing and personalization – in order to maximize conversion, and which essentially kills the competition. Machines, however, can provide the opportunity to win the customer journey on a product level, and can therefore change the way ecommerce is managed today.
Put simply, there are just too many decisions to be made. The future of ecommerce is all about acting in real-time to react to a myriad of internal and external signals. We have to be looking at everything from pricing, content, and search, to order management, stock availability, and merchandising. Everything that affects the conversion process on a platform, with dynamics that are based on internal and external signals. Only machines can do that effectively, efficiently, and at scale.
Machines are capable of monitoring millions of SKU’s across the entire market, and pinpoint the inefficiency (such as why customers are falling out the funnel at a particular point, or are not even in the funnel, having being missed completely) at any given time. Only machines can take a real-time action at product level, and predict the outcome. Machines have the capability to recreate this massive advantage, and finally level the playing field.
With traditional retailers struggling to stay in business and compete, diversified players such as Walmart and eBay are making a big effort to stay in the game. The timing could not be more perfect.
The quantum leaps made recently in technology, with the rise of big data, machine learning, and AI, makes this a possibility. Technology exists that works on a real-time stream of data coming from external sources, which computes information, understands it (for example, understanding that a conversion took place somewhere else, such as another platform), normalizes it (such as classifying products on different platforms into the same categories and models), and assesses demand, predicting the best action to take (generating the conversion insight).
ln incorporating external signals, like product-level demand and hot trends, this technology can know what action to take, on what product, and what the ROI will be.
About Market Beyond
Dealing with this complex world of centralized giants, tough competition, and millions of products and other parameters, means that you need a trusted partner who will ensure that you are leveraging the latest, most advanced technologies to stay ahead of the game. With advanced tools at your disposal, Market Beyond lets you leverage actionable, product-level insights so that you and your e-commerce team can act quickly and decisively.