The recent closure of Stuttafords has raised the concern that more companies need to incorporate e-commerce into their business plans in order to keep up with the future, writes VINO GOVENDER, DFA, Executive: Product Innovation and Marketing.
The closure of the 159-year-old “Harrods of South Africa” department store, Stuttafords, has brought to the fore important questions about how industries need to develop stronger business plans and innovate in order to serve the tech-savvy customer. While many have simply pointed to the domestic economic slump as a contributor to the collapse of the Stuttafords business, an emerging conversation has been around the store’s failure to take advantage of future-proof digital business strategies to identify new growth opportunities and reach customers beyond their brick and mortar stores.
Constellation Research established that more than 50 percent of companies in the Fortune 500 list of 2000 did not make it to the 2015 Fortune 500 list. This serves as an indicator of what happens to ideas that do not adapt fast enough. Businesses of the future are those that embrace ‘innovative’ changes to remain competitive in today’s environment. E-commerce provides a key innovative shift, enabling businesses to convert insights into action and reach a wider customer base.
According to the Internet Access in SA 2017 report by World Wide Worx, the South African Internet user population passed the 20-million mark for the first time last year, and is expected to grow to at least 22.5-million in 2017. This will undoubtedly encourage improved e-commerce opportunities.
The global digital migration journey is inevitable and South African businesses need to leverage technology so that it can benefit as many of their customers as possible, as fast as possible. The truth is, businesses cannot afford to not invest in this digital future and risk being left behind. The looming increase in connectivity and connected devices promises benefits that will change the way in which many businesses operate, for the better. Through e-commerce, travel, tourism, agriculture, retail, and many other sectors will enter a digital space in which business models, offerings, and value chains are digitised, driving new revenue streams and substantive business outcomes.
Today, consumers are demanding innovation as they insist on a seamless, integrated multi-channel experience that enables them to shop from anywhere and at any time. Accordingly, businesses must press forward urgently and include digital initiatives such as e-commerce in their strategies. Digital tools and skills are becoming the very oxygen that will enable them to anticipate and respond rapidly to the expectations of tomorrow’s consumers.
For many businesses, embracing e-commerce will set them on a course for renewed growth and more predictable prosperity. By leveraging big data and applying the insights gained across the entire value chain, many businesses will open up opportunities to create personalised offers and provide bespoke services to many more customers. Considering the current economic outlook and tough growth challenges, with e-commerce, businesses can decrease the cost of managing their inventory of goods and automate inventory management using web-based management systems.
There are many more benefits that e-commerce gives businesses, including:
· Building brand advocacy and loyalty by personalising customer experience
· Creating markets for niche products
· Allowing for targeted communication
· Supplying considerable information through comprehensive descriptions of products
· Reducing the cost of maintaining and managing inventory
· Enabling deals and comparison shopping
· Automating core processes and analytics
E-commerce provides a favourable approach for businesses that are willing to tap into the future and serve the customer of the future. It also enables businesses to build agile enterprises with capabilities to react swiftly to market shifts and the evolving business landscape.
Dark Fibre Africa (DFA), through its open access fibre infrastructure deployment, continues to play a critical role in enabling service providers to deliver a range of high speed fixed and wireless internet access technologies and services to their consumer and business markets. SqwidNet, the Sigfox network operator in South Africa, wholly owned by DFA, is also responsible for deploying a national IoT network and enabling an ecosystem that aids the digital transformation journey of businesses which is enabled by IoT. DFA continues to contribute significantly towards the development of the digital economy in South Africa.
Welcome to world of 2099
The world of 2099 will be unrecognisable from the world of today, but it can be predicted, says one visionary. ARTHUR GOLDSTUCK met him in Singapore.
Futuristic structures tower over the landscape. Giant, alien-looking trees light up with dazzling colours amid the hundreds of plant species that grow up their trunks. Cosmetic stores sell their wares via public touch-screens, with products delivered instantly in drawers below the screens.
This is not a vision of the future. It is a sample of Singapore today. But it is also an inkling of the world we may all experience in the future.
Singapore was the venue, last week, of the World Cities Summit, where engineers, politicians, investors and visionaries rubbed shoulders as they talked about the strategies and policies that would enhance urban living in the future.
As part of the Summit, global payment technologies leader Mastercard hosted a small media briefing by one of Singapore’s leading thinkers about the future, Dr Damian Tan, managing director of Vickers Venture Partners. The company’s slogan “We invest in the extraordinary,” offers a small clue to Tan’s perspective.
“We look as far forward as 2099 because, as a venture capital firm, we invest in the long term,” he tells a group of journalists from Africa and the Middle East. “Companies explode in growth because there is value in the future. If there is no growth, they won’t explode.”
The big question that the Smart Cities Summit and Mastercard are trying to help answer is, what will cities look like in the year 2099? Tan can’t give an exact answer, but he offers a framework that helps one approach the question.
“If you want to look at 81 years into the future, and understand the change that will come, you need to double that amount and look into the past. That takes us to 1856. The difference between then and now is the difference you can expect between now and 2099.”
Click here or on the page link below to read on: Page 2: Soldiers and Health in 2099.
- Arthur Goldstuck is founder of World Wide Worx and editor-in-chief of Gadget.co.za. Follow him on Twitter on @art2gee and on YouTube
Street art goes electric
Kaspersky Lab and British street artist D*Face have unveiled the first-ever “art helmet” design at the Formula E finale for electric cars in New York.
The ‘Save The World’ helmets will be raced by DS Virgin Racing’s drivers, Sam Bird and Alex Lynn, as they traverse the New York street circuit during the final races of the Formula E season.
The announcement signals the first art helmet by a Formula E team, continuing the heritage of art in motorsport and the cybersecurity brand’s commitment to contemporary art, creativity and innovation. D*Face took inspiration from Kaspersky Lab’s tagline, “A Company To Save The World”, and hopes that his colourful work will inspire people to take positive action.
D*Face will announce his first-ever art car design with a custom-made livery for the DS Virgin Racing Team. Its design will be released at the “Art Goes Green” event after Saturday’s race. The helmets and art car are the latest installations in the “Save the World” collection, following a major permanent public mural that was installed in Brooklyn, New York, in May.
D*Face, whose real name is Dean Stockton, said: “It is exciting to work with Kaspersky Lab on this project and create art with a real message of hope for a better future. After all, this is our world and we need to look after it. It will take every one of us to make a real lasting, impactful change. I love the mentality of the DS Virgin Racing Team and that of Formula E by showcasing sport in a way that doesn’t harm the environment, but is still just as exhilarating and fun.
“It is time for us all to stand together and make a change… be that stopping data steals, climate change, plastic waste or using damaging fuels. I want everyone to make a pledge to do one thing that will help make a change.”
As a sponsor of DS Virgin Racing Team, Kaspersky Lab is responsible for protecting the team’s devices against cyber threats. The company sees the technical environment in the global sport of Formula E as the next frontier in furthering its research and development of new technologies to keep vehicles secure in the digital world.
Sylvain Filippi, Managing Director at DS Virgin Racing, said: “The whole team fully supports this great initiative and our thanks got to Kaspersky and D*Face for their collaboration. It’s an honour to have such an innovative artist bring his talents to bear in our team ahead of the season-finale; the car, drivers’ crash helmets and mural all look amazing.”
Aldo Fucelli Pessot del Bo, Head of Global Partnerships and Sponsorships at Kaspersky Lab added: “There is a need for innovation on a global scale, both in contemporary art and in the fast-growing sport of Formula E. Now, for the first time ever, Kaspersky Lab is proudly bringing together the two sectors in an effort to Save the World and unleash creativity, encourage freedom of expression and further innovation.”