Future Commerce
· with Boris Lokschin
· November 7, 2023
· 47 min
Summary
For ecommerce operators currently navigating increasingly commoditized online experiences, this episode of Decoded provides a crucial framework: understanding the distinction between high-commodity and high-complexity environments. It emphasizes that while many common online purchases have mature, standardized solutions, true competitive advantage and customer loyalty in specific verticals will come from embracing complexity and developer-led innovation to create differentiated digital experiences.
Key takeaways
Recognize that 'best practices' are often for high-commodity environments; high-complexity sectors require bespoke solutions, continuous testing, and iteration.
Identify product categories within your business that, despite seeming commoditized, possess inherent complexity (e.g., customizable goods, regulated products) where developer innovation can create significant differentiation.
Evaluate your vertical for opportunities to digitize traditionally offline, complex purchase paths (e.g., automotive, furniture, pharmaceuticals) by focusing on value-adds like convenience, efficiency, or unique customer experiences.
Consider how a shopper's identity dictates brand affinity; low-frequency, high-value purchases often align with personal identity, requiring a more branded and less commoditized online experience.
Explore subscription models or automated reordering for high-frequency, low-differentiation products to reduce customer friction and enhance loyalty, freeing up customers to focus on more complex, identity-driven purchases.
This season on "Decoded," presented by BigCommerce, we'll delve into the intricate processes behind successful brands. Discover how they conceptualize and debut new products, set their objectives, make pivotal decisions, and foster seamless collaboration across their teams to breathe life into a new product.
Our guest on our 5th episode of Decoded Season 2 is none other than Brian Schmitt. He is the Co-Founder at surefoot, which is a conversion rate optimization testing company. He has 20 years of experience in delivering optimization. And by his account, testing hasn't really changed all that much in these 20 years, and maybe the shopping cart and the nature of the shopping cart really haven't changed all that much either.
Frequently asked about this episode
What does this episode say about customer experience?
Recognize that 'best practices' are often for high-commodity environments; high-complexity sectors require bespoke solutions, continuous testing, and iteration.
What does this episode say about digital commerce strategy?
Identify product categories within your business that, despite seeming commoditized, possess inherent complexity (e.g., customizable goods, regulated products) where developer innovation can create significant differentiation.
What does this episode say about e-commerce innovation?
Evaluate your vertical for opportunities to digitize traditionally offline, complex purchase paths (e.g., automotive, furniture, pharmaceuticals) by focusing on value-adds like convenience, efficiency, or unique customer experiences.
What does this episode say about vertical-specific solutions?
Consider how a shopper's identity dictates brand affinity; low-frequency, high-value purchases often align with personal identity, requiring a more branded and less commoditized online experience.
What does this episode say about customer experience?
Explore subscription models or automated reordering for high-frequency, low-differentiation products to reduce customer friction and enhance loyalty, freeing up customers to focus on more complex, identity-driven purchases.
