Innovation and ever-evolving consumer behaviours shaped this sector and now technology-led platforms are allowing both David and Golliath to thrive…
Historically, Goliaths succeeded online because they could implement enterprise-grade platforms to drive exceptional customer experience. As platforms like Shopify emerged, Davids have caught up: they can get up and running quickly. Smaller brands are able to transact well online. They’ve accessed and used thousands of developers’ efforts, meaning the pace of development has increased at a fraction of the cost. 
But larger businesses still have bigger budgets and in the current climate there is a trend towards using more composable tech stacks with other vendors onboarded to do the majority of the development work.
Goliaths are often tied into legacy platforms or have embedded ways of working, making it hard to adapt. Davids are invariably more agile, quick and flexible. They react to the fast pace of customers and changing economic climates, letting them stay ahead in many ways.
But is this all a good thing?
It’s great to have SaaS platforms giving the Davids the ability to compete but this comes with a risk of stifling innovation. Rather than thinking about the best possible customer experience, brands use more out-of-the-box technology.
There’s a danger you make the customer fit the platform, rather than being customer-centric.
Of course, I welcome competition enabling the Davids to take on and in some cases surpass the Goliaths. But there is always a trade off between budget and reality. At the moment, it’s easy to have a brand ticking 80% of the boxes using SaaS / composable tech stacks – but should we be settling for 80%? It is time to take stock and think about addressing this and balance out the landscape.
Any eCommerce strategy should be part of a two-to-five year investment cycle. Decision-makers must make sure the budget and timeline support achieving their goals. This approach helps align to the business’ visions and growth expectations.
Our team advises and leads this way of working. IDHL, and the digital agency industry as a whole, builds in the time to be reactive to changes introduced, to benefit both brands and customers. Being agile, whether that’s a David or a Goliath brand, ultimately drives innovation and reacts to technical developments along the way.
So, how can eCommerce experts help brands of all sizes drive growth?
Build a custom, solid roadmap that includes platforms and solutions which fit every stage of a brand’s anticipated growth
Be ambitious yet realistic, remembering that the more a brand encourages and enriches its online community the more it thrives
Make use of customer insights and performance tracking to inform decisions. Data drives everything we do at IDHL, it’s a powerful way of both planning and demonstrating the way forward for clients
Look for ways in which platforms can optimise Total Experience (TX), from personalisation engines that recommend products based on customer behaviour to responsive designs across all platforms
Integrate omnichannel strategies to make sure that the chosen merchant platform is working hard
Adopting a strategic approach for any size of retail brands with a strong online presence, is key to embedding the right online merchant services. This, in turn, supports operational efficiency, enhances customer satisfaction and ultimately drives sales growth.
Security and personalisation are essential and fall into data-driven decisions made as the landscape inevitably changes. Working with a specialist digital marketing agency such as IDHL helps identify the best way for both Davids and Goliaths to perform at their best. Click here to find out more.