Before we get into the role of artificial intelligence (AI) and where it is set to take digital commerce, I think we should begin by unpacking a definition of digital commerce – what does it mean? It can be defined as the process of selling and buying products and/or services using digital channels. It includes the people, processes and technologies necessary to execute the offering of product, promotions, pricing, analytics, customer acquisition plus retention, and customer experience at all touchpoints throughout the buying journey. This definition can be applied to all sectors of business irrelevant of area of operations, so it includes banking, retail, automotive, etc. Sector is irrelevant in a world of digital transformation at the speed of COVID – all businesses seek digital channels to market their goods. Today, digital channels have been expanded to relate to digital transformation that is inclusive of people, processes and technologies used throughout the customer buying excursion.
Commerce moved beyond brick-and-mortar stores, seized the online space, and is steadily crippling into mobile. Modern online shopping offers unparalleled flexibility of access and selection of available interfaces. You can shop away while on a bus. You can buy your next favorite gadget while relaxing on a lawn on a beautiful sunny day. That's why mobile commerce is such a fast-growing niche that caters specifically to smartphone users and their respective app ecosystems.
This means the intersection of IoT, point of sale, payments, analytics and loyalty, among others. In this article, you will hear a broad spectrum of my own interests and some predictions and insights on the future or retail, technology in 2017 and beyond. Since Star Cloud itself is in the business of IoT, and connecting the cloud, devices in the store (such as printers) with mobile and the consumers themselves, while empowering small businesses in the process, we realize that now more than ever, everything is connected. Amazon Go is remarkable as an example of the confluence of sensor data that will be possible in the future store. We believe analytics are a bit part of how retailers of the future will be able to leverage data in the brick-and-mortar shopping locations of the next decade.