Venture out for retail e commerce innovation with EarlyBirds - Kalkine Media

Highlights

• EarlyBirds has enabled innovators, early adopters, and subject matter experts (SMEs) with a dynamic open innovation ecosystem platform.
• For businesses involved in retail e-commerce but facing obstacles in racing through the digital market, the EarlyBirds innovation map may offer significant help.
• With the dynamic EarlyBirds innovation map, organisations can create their e-commerce capability strategic roadmap and resolve business and operational issues.

With an open innovation ecosystem platform, EarlyBirds has imparted innovators, early adopters, and subject matter experts (SMEs) with a medium to meet, connect and collaborate to pioneer channels for technology advancement and adoption in an organisation.

EarlyBirds has been working out on ways leading to retail e-commerce innovation, including capability mapping. The platform is open to welcome new businesses onboard on its B2B system as early adopters through its website. A bigwig, a start-up or scale-up organisations, any firm can join EarlyBirds.

Metrics relating global retail e-commerce sector

As per EarlyBirds’ latest release, worldwide sales for the global retail e-commerce space was recorded at 5.2 trillion US dollars in 2021, marking a steady surge in the sales value. The same is expected to touch US$8.1 trillion by 2026.

Data source: Company update; Image source: © Rastudio | Megapixl.com, © 2023 Krish Capital Pty. Ltd.

Establishing position in the digital market

The changing times have left no choice for traditional retailers but to opt for e-commerce and expand their presence in the digital market. However, the journey of building a company’s e-commerce capabilities is accompanied with numerous business and technical challenges.

McKinsey has highlighted in its study the growth trend in the direct-to-consumer (D2C) market and the massive impediments encountered by businesses while directly dealing with consumers. There are countless firms which have accomplished their prime goals and marked success in their D2C businesses. This necessitates an integral step of altering brand strategy and innovation following the real-time consumer insights.

To bring business goals to fruition in the digital space, there are a number of solutions available today that can help businesses scale up their D2C capabilities such as employing ready-to-use platforms, marketplaces, and software as a service (SaaS). Such solutions help companies find an easy access to the online channel. Chatbots, smart search, ERP solutions, robotics, analytics, big data, blockchain and customer retention are some of the core innovative technologies for e-commerce.

According to a recent report by Morgan Stanley, global e-commerce stocks have risen in value drastically during the early days of the Covid-19 pandemic but have been on a downtrend since. But key trends still indicate that e-commerce can recover and grow. Luckily, a number of improvements, such as in digital payments, capabilities for fulfillment, and the supply chain, are enhancing the customer experience, which stimulates online purchases. Initiatives to increase connectivity to boost Internet use have also been important drivers of retail e-commerce particularly in younger target audience and spend more time online compared to their counterparts in developed countries.

Be an early adopter with EarlyBirds

For businesses involved in retail e-commerce but facing obstacles in racing through the digital market, the EarlyBirds innovation map may offer significant help. EarlyBirds offers apt measures to help businesses take advantage of the core themes and sub-themes to develop and enhance their enterprise solutions.

With the dynamic EarlyBirds innovation map, organisations can create their e-commerce capability strategic roadmap and resolve business and operational issues. These maps are modified and adjusted regularly to fork out latest technologies, determining the gaps for research and development, identifying partnerships, and more.

The open innovation ecosystem designed by EarlyBirds allows organisations to connect and pace up innovation. With improved speed, culture, and capacity offered by EarlyBirds’ Explorer and Challenger programs, firms can overcome business challenges.

Data source: Company update; Image source: © 2023 Krish Capital Pty. Ltd.

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