We’re going to talk about the digital marketplace or e-commerce for those who are uninitiated.
Buying things has never been easier, but challenges still exist for those looking to enter the digital marketplace to take advantage of an industry that saw a GMV of US$10 billion in 2017. This is a 50 percent year-on-year growth of the Southeast Asian e-commerce market size.
Read more about the newly launched e-commerce service for sneakerheads in Malaysia.
Here are a few tips on how you can get a little bit of that pie even if you’re a small player in the battle between Lazada (Alibaba) and Amazon.
Understand and take advantage of individual habits
Use any data that you can get your hands on to understand your customer better. Then, tap into those insights to offer individual pricing or suggestions that help.
There are third-party services that can help improve customer experience.
Use chatbots for everything
Chatbots are now a thing people. We should definitely use them in a digital marketplace. Look for immediate feedback and utilise customised bots to encourage people to share and provide more information.
Use technology to enhance your business
Blockchain, crypto, AI… All of these have one thing in common, most of us have no way of utilising them effectively in business or real life.
There you have it, some simple things you can do to separate your e-commerce site from the pack. However, it is important to note that the digital marketplace is a competitive and dynamic place, so always be ready to adapt according to the consumer.
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