Transformation of 2D marketplaces

Abstract

Chief Marketing Officers across industries are facing increased pressure for brand differentiation and business growth.

Marketers are exploring innovative digital business initiatives and more effective marketing strategies.
Uncertain times like the pandemic have significantly altered many businesses across industries.
With commutations curtailed and confinement to homes, consumers are forced to shop differently. A survey by Engine found that average spend online has increased by 10-30%.
Source: https://enginegroup.com/us/stay-informed/covid-19-consumer/

Hence, there is a necessity to shift the focus towards digital channels for new businesses and laggards.
Early adopters of digital transformation are reaping benefits through significant acceleration of their businesses powered by remote sales and services. They are already considering the next level of maturity in their digital transformation journey.

Consumers are expecting the culmination of convenience and personalized services with a human touch.

While e-commerce consumers enjoy the convenience of online shopping, there are still a few consumer needs that need to be addressed to ensure a complete and gratifying shopping experience.

For example:

1. Tangible (touch and feel) experience of products
2. Holistic view and evaluation of products
3. Live interactions with associates for product-related queries
4. Product fitment in spaces (washing machines, fridge, etc.)

Similarly, on the banking side, customers enjoy the flexibility and convenience that digital banking provides. However, there are a few un-met needs.

1. Physical interaction with tellers and agents
2. Emotional connections
3. Personalized and contextual services

50% of consumers are likely to open their next account with a new bank rather than their existing bank.
Source: https://www.pwc.com/us/en/industries/financial-services/library/digital-banking-consumer-survey.html

Key challenges faced by retailers, e-tailers, and banks

Retailers

1. Reduced footfall
2. Reduced product showcases
3. Customer acquisition and engagement
4. Reduced sales

Banks

1. Reduced footfall
2. Customer acquisition and engagement
3. Reduced sales
4. Losing consumers to competitors Retailers,

E-Tailers

1. High return of products
2. Retention of consumers on webpages
3. Virtual product trial and fitment
4. Losing consumers to competitors

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