7 Concepts to Speed up Your Digital Commerce
Speed has become a crucial success factor in digital commerce as markets are changing at an accelerated pace. But how do I get my digital business up to speed without sacrificing quality? This guide gives an overview of the latest trends and hacks around concepts that accelerate your business.
- How to foster efficient collaboration between business and IT departments
- The best way to establish a test & learn culture that enables speedy adaptation
- How to evaluate the potential and relevance of new technological developments
Why Speed is a Key Success Factor in Digital Commerce
Speed has become a crucial success factor in digital commerce as markets are changing at an accelerated pace. With the evolution of technology, the pressure to digitize is increasing, and so are customer expectations. To differentiate from your competitors and stay ahead of market developments, businesses need to be able to act and adapt fast, and to continuously test new ideas, features, touchpoints or entire business models to continuously improve their digital offering without lengthy detours. Ultimately, a shorter time-to-market, be it for a big launch of commerce software or smaller projects for specific features, leads to faster Return on Investment (ROI) and lower Total Cost of Ownership (TCO).
But the ability to react quickly to any circumstance is not easy for many companies. How to foster efficient collaboration with the IT department? What is the best way to establish a test and learn culture? How to evaluate the potential and relevance of new technological developments? The existing technology stack often stands in the way of more speed, because monolithic legacy systems are usually not designed for rapid adaptations, as they were developed several years ago for other market needs. The same applies to team structures, internal processes and mindsets of many companies, which also need to be optimized for the goal of fast, agile solutions in digital commerce.