Today let’s start off with what may be an uncomfortable question. How flexible is your long-term eCommerce strategy? In other words, have you created a system that is designed to adapt easily to an online multichannel marketplace where change is relentless, and the future can be unforgiving to those that fail to adjust quickly and efficiently? If you’re not sure, now is the time to take a quick inventory of areas to keep on your radar as you move forward, in addition, we’ll provide an opportunity for you to explore these subjects in greater detail.
With a current market size of $514 billion and an anticipated CAGR of 7.8 percent, U.S. eCommerce revenues are anticipated to exceed $740 billion by 2023. Given the size and growth of eCommerce, it’s no longer a question of whether your company will be selling products online. Instead, given how vital eCommerce is becoming to your company’s success, how will you manage your eCommerce business today and in the future? Specifically, how will you create a fulfillment system that minimizes your costs, meets your customer’s expectations, and easily scales to meet the needs of your growing eCommerce business?
Even companies with large warehouse operations need to take a close look at their current fulfillment model -- designed to manage and move products in bulk – and ask themselves if they have the warehouse space, technology, and labor to create an efficient, cost-effective eCommerce fulfillment solution that stores, picks, consolidates, and ships smaller, more frequent orders, quickly and accurately?
Bounce rate, abandoned carts, a lack of repeat customers—there's no shortage to the worries an e-commerce site has to deal with. It's easy to blame a broad, uncontrollable force like a sluggish economy, but sometimes it’s actually these sites themselves that are their own worst enemy. Ecommerce fulfillment can only accomplish so much in the drive to secure customer satisfaction—a streamlined warehouse can't compensate for a fundamentally broken shopping experience. Think you've got things handled? Take a glance at the three most common roadblocks to sales online.
In some business circles, B2B is shadowed with an unfair reputation as a bland, behind-the-scenes affair, an operation born strictly out of necessity and mostly above the volatile fluctuations that keep B2C on its toes. Ask the leaders involved in successful B2B implementation, however, and you'll get a very different story—one of spirited competition, innovative marketing and a delicate balance on the cutting edge of fulfillment. Where does your supply chain strategy fall? If you feel more like the former than the latter, it's time to stop dragging your feet and start guiding your B2B efforts to lasting victory.
How hard can eCommerce be? If you've been kicking back and assuming that your fulfillment center will do just fine as it is, you could be in for a rude awakening. With complications driven by ubiquitous omni-channel efforts and customer demands that are only increasing in complexity as time goes on, supply chain professionals have had their hands full keeping up. Make no mistake—the slow-but-steady flow of orders from eCommerce sources is poised to turn into a flood, and you've got some work to do if you don't want to drown in your own success.