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Yates Jarvis of 2 Visions: Why Ecommerce Companies Are Doubling Down on Data
- 2 Visions, a strategy firm founded by Yates Jarvis, focuses on empowering ecommerce business through transformative strategies that boost both performance and organizational structure. Jarvis believes that performance and employee engagement are two essential facets for sustainable success in the competitive world of ecommerce. Currently, ecommerce businesses are doubling down on data as they try to gain an edge over their competitors to increase growth and enhance efficiency. Despite the growth lag of DTC’s market shares, by applying Artificial Intelligence (AI) to better serve customers in the CX and product development, there is a strong possibility of a complete next-level use of AI emerging in the coming years. Consumers have consolidated their search activities to marketplaces like Amazon and made significant subscriptions with brands, which has led to convenience expectations with order editing and shipping options.
- Ecommerce leaders face the challenge of organizational development capabilities; for instance, companies must hire resourceful, high-potential talent and develop them in-house via proprietary structures that bring out their best in product, marketing, service, and ecommerce. Personalization, particularly brands with 2-3 purchases per year, is essential in ecommerce, but personalization is often limited by the quality and depth of data and the organization's ability to hypothesize and apply tunings based on that data effectively. While social media and influencer marketing played a critical role in ecommerce sales, the approach to marketing brands has evolved over the years. Customer retention, on the other hand, is about providing customers value; optimizing, measuring, and improving value provided, customer understanding of value, and customer enjoyment of value are ways to better define retaining strategies.
- The future of ecommerce in the next 5 to 10 years will witness one major trend: AI advising during purchases rather than just assisting customers. AI will help in making an informed purchase decision, such as clothing best suited for a specific wardrobe or personal style. Ecommerce companies will build stronger teams, with a worldwide workforce and the necessary tools to unite all the players efficiently. Hence, the change ahead is exciting and will help companies prepare, adapt and fly.
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