In the evolving landscape of digital commerce, merchants look to technology vendors to drive innovation and improve operational efficiency. However, there’s often a disconnect between merchants and tech vendors, leading to suboptimal technology choices.
To bridge this gap, it’s crucial for vendors to understand merchant challenges and expectations. Fuse, the integration arm of the international digital commerce agency Tryzens, leverages insights from the Customer Success Team to shed light on how merchants choose technology vendors.
What prompts merchants to look for new technology?
Merchants must adapt their technology stack as the digital commerce landscape evolves. Whether driven by necessity or strategic analysis, adopting new technologies can be prompted by various factors:
1. Growth: Businesses that are in a period of continual expansion may outgrow their current technology, hindering further expansion. For instance, an increase in multichannel orders might prompt discussions about implementing an order management system (OMS).
2. Consolidation: Evolving businesses often accumulate disparate technologies. As merchants develop a cohesive and sustainable digital commerce strategy, they will often seek to consolidate services under one provider for greater efficiency while reducing costs.
3. Strategy: Technology decisions ideally align with broader business goals. For example, merchants may focus on retaining active customers by building an omnichannel loyalty program. Or driving new sales through a more robust customer relationship management platform.
Sometimes, merchants have the right technology but face upskilling challenges when key individuals leave the company. Vendors can address this by maintaining continuous engagement and communication, ensuring knowledge transfer and ongoing training.
What are the key considerations for implementing new tech?
When implementing new technology, merchants consider several key factors that shape their decision-making process. These include:
- Cost and time of implementation: Balancing investment and return is crucial. Integrations, plugins, and apps play a vital role, minimising time and cost pressures associated with implementation.
- Level of tech support: Tech support is essential for successful implementations and ongoing maintenance. Clear communication and dedicated support teams contribute to a smooth experience.
- Proof of success: Merchants research the technology landscape, seeking recommendations and success stories. Vendors should showcase case studies and communicate capabilities to build trust.
What are the differences in the buying behaviour of merchants?
Merchants navigate a vast array of technological choices based on business size, budget, and specific needs. Differentiating between small and medium-sized businesses (SMBs) and enterprises sheds light on their distinct buying behaviours.
An SMB, for example, will be constrained by smaller budgets and would look for out-of-the-box solutions that require minimal setup requirements. They are likely to look to platforms such as Shopify to fulfil their digital commerce needs.
Functionality such as payment gateways can be complex and time-consuming. Shopify’s baked-in Shopify Payments gateway removes that complexity and is ideal for SMB customers on a budget. There’s no wonder that 85% of Shopify Plus sites are powered by Shopify Payments.
An enterprise, alternatively, looks to align its in-store and online payment providers. Yet enterprise-level platforms don’t offer native gateway solutions. This makes integrations indispensable for seamless operations and functionality.
With larger budgets, the decision-making process is often based on the usability, challenges, and ROI of a platform, rather than cost. This often means enterprises using one platform for ecommerce, another for content management, and another for payments, one for product information management, etc. In this scenario, seamless integration is critical.
Technology vendors should understand these nuances to effectively position their solutions, cultivate stronger partnerships, and drive growth in the diverse landscape of digital commerce. If you seek strategic advice for connecting with the wider world of digital commerce, then connect with Fuse.