On March 2, 2021, I was asked to sit on a panel for one of the best Retail and Technology events on the planet – DX3. In light of the global COVID pandemic, it was their first virtual edition. The panel’s topic was Ecommerce, Now and Always, which discussed how the pandemic has changed the Ecommerce, Digital, and Retail landscape. Below is a transcribed version of my answers to some of the moderator’s questions.
How has e-commerce changed over the past year?
Well, everyone is talking about it. Those who didn’t believe in it are now leading the charge. Less selling is needed when talking about Digital. Investments are being made. Talent is being brought in. For those leaders and companies who were trying to delay their entrance or launch into Digital, they are now trying to figure out a way to leapfrog their competitors. I’ve been in Retail for almost 12 years. I’ve always been in a Digital capacity. And I remember the discussions about social media’s impact, the importance of reviews, and email as the best Marketing channel. And it was always like “Johnny, we know…. But we’re going to keep investing in TV, flyers, and billboards, all the things that got us here in the past.” And I kept thinking 5% market share today is going to be 15% next year, and 50% in a few years. And that’s exactly what was going to happen. But COVID made us all fast forward at least 3 years in our planning. I truly believe those that are the most nimble and best at adapting to this wave, will be the ones to win. Not necessarily the biggest or ones with the most cash.
What are we expecting in the future?
A built-in excuse many companies had for not embracing Digital sooner, was legacy ERP systems, or just legacy technology in general. Well, those same leaders of those same companies now have to step up to the plate and swing for the fences. They need to build a future proof tech stack as much as possible, or at least ones that are adaptable. I once had a large email provider quote for $30k implementation fee for an abandoned cart program. We obviously changed providers after that insane quote. But today, especially if you are using Shopify, you can turn on cart emails instantly, with a number of providers of your choosing. Technology today is setup to help the users and business leaders drive business, rather than constantly worrying about things breaking, or trouble implementing different technologies together.
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