Embracing change: 6 tips from industry titans at Future Commerce Finland
Visionary thinkers, innovators and doers in the B2B and B2C market revealed why the world’s leading companies are ditching legacy commerce platforms in favour of modern composable ecommerce solutions that make it easier to develop, deploy, and scale.
The pandemic has changed how we shop in big and small ways - and innovative businesses have found new ways to stay on top. Consumers expect cohesive customer experiences both online and in-store, while B2B buyers want the same experiences they’re used to as individual shoppers. If there’s anything we’ve learnt from the last few years, it’s that change can happen instantly. According to Gartner, those that adapt by adopting composable commerce stand to outpace their competition by as much as 80%.
How do successful B2C and B2B companies embrace change? At Future Commerce Finland, an event organised by IONA in partnership with commercetools and Contentful, B2C and B2B titans like Alamy and Normet demystified the future of commerce and shared their insights on what businesses can do to stay ahead.
Six exclusive insights from B2B and B2C leaders:
1. Leading B2B companies are becoming more like B2C
Chelsea Warrington, Partner Manager at commercetools, believes “the adoption of digitalisation has become key to survival for B2C and B2B businesses alike.” Seventy-three per cent of B2B buyers now want B2C experiences, and “this is expected to grow as Millennials, Generation Z and other digital natives continue to dictate the future of business”. These buyers will quickly replace an existing B2B vendor with a competitor that offers more frictionless B2C-like capabilities - making it paramount for B2B companies to prioritise B2C-like experiences to survive.
2. Staying ahead of change requires platforms that offer agility
Legacy systems stifle growth. The continual customisation of these platforms consumes budgets, business hours and expertise to keep up with the ever-changing needs. Forward-thinking companies are looking towards flexible, fast and frictionless solutions - possibilities offered by modular-based and composable technology stacks. Composable commerce means creating a platform made from interchangeable building blocks. Companies that use composable solutions are better equipped to expand internationally, sell complex products and embrace changes in the market.
4. Make big changes in small increments
Suzie Leckie, Global Head of Product at Alamy, recommends avoiding “big-bang releases by rolling out to the smallest markets first”, then adding extra functionality and capabilities in increments. By gathering quality data during incremental roll-outs, brands can better understand user behaviour, address issues and make tweaks to improve the overall experience before scaling up. Suzie advocates for a modular, API-first approach as it enables companies to make big changes in smaller steps by allowing composable components to be added in/out as and when they are needed.
5. Deliver exceptional, not acceptable
Changes will always exist. To be a leader in a constantly changing environment, companies must launch fast, expand internationally, offer unique experiences and do it at scale - all while reducing the total cost of ownership. Legacy platforms require constant editing, upgrading and customising. By shifting to a MACH approach, companies benefit from lower maintenance costs, upgrades that don’t wreak havoc on operations, and greater flexibility within tech teams - meaning businesses can put their time, effort and money into the things needed to create exceptional experiences.
6. Successful transformation requires people, processes and technology
Leaders must first understand the change to lead and act accordingly. Jens Mattsson, Chief Business Officer at IONA, identifies higher inflation, modest 2023 growth predictions and evolving consumer expectations as some of the biggest changes influencing business today. According to Jens, top companies today “prioritise digitalisation cost-effectiveness, identify new opportunities through data-based business models and put technology at the core of their business”. He believes businesses need a commercial strategy that touches on people, processes and technology to thrive in times of change.
Conclusion
To thrive in a constantly changing environment, B2B and B2C leaders must prioritise solutions that make it easier to develop, deploy, and scale. Composable commerce solutions mean businesses can create platforms from interchangeable building blocks, giving them the flexibility to adapt and deliver exceptional experiences quickly and cost-effectively.