Disruptive technology is transforming how we find, buy, and consume all forms of content. It has forged new business models and destroyed existing ones. Nowhere is this more apparent than in the music industry, where revenues for recorded songs tumbled from over $14 billion in 1990 to less than $7 billion in 2010. Now, these forces are poised to transform every other vertical. Recent history has shown us that only companies that are truly prepared to be digital disruptors themselves will thrive in this environment.
Three things you need to know
Digital commerce everywhere means catering to consumers who live in a connected world of heightened expectations. To satisfy and delight them, digital goods and content cannot simply be sold; they must be delivered in ways that are elegant, frictionless, and relevant to the individual. In order to do this, businesses must internalize the three key principles that differentiate digital commerce from all other types of online retail:
It's about the product experienceIf traditional ecommerce is about pushing consumers through a funnel, digital commerce is about getting them to stick around and chat. The dynamic nature of virtual goods means that the most disruptive and compelling digital commerce destinations are not just places to find and buy things, but also to own, consume, and enjoy them–across every touchpoint, everywhere.
It's about new business modelsDigital technology has all but eliminated the incremental costs of distribution, and consumers instinctively understand this. In compensation, they are demanding new forms of purchasing and ownership that complement their consumption patterns and provide better value. To be competitive, digital commerce practitioners must move beyond perpetual licenses to transformative modes of monetization that range from rentals and subscriptions to micropayments and freemium purchases.
It's about owning the conversationWhen customers engage in a digital commerce experience, they invite it deeply into their lives. Today's most successful software, gaming, publishing, media, and information enterprises offer such complete experiences that consumers happily return day after day, month after month, to discover, purchase, and consume more. As they do so, they provide these companies with an incredible wealth of data and analytics that allow for unprecedented forms of merchandising and offer management. Successful digital commerce companies recognize the importance of owning and monetizing these digital conversations.
We can help
At Elastic Path, everything we do is driven by this vision of digital commerce. We know from experience that strategies and solutions rooted in these ideals help companies sell more digital goods and content, which, in turn, allows them to benefit from the forces of digital disruption. Are you ready to transform your business?
Below is a selection of our digital commerce resources.
Digital disruptors like Apple, and Netflix have discovered that consumers are willing to pay for content when the user experience is right, but many traditional media firms haven't been able to initiate the metamorphosis required to appease this digital appetite. Watch this webinar featuring Forrester Research Inc. Senior Analyst Peter Sheldon as he discusses why media firms need to invest in their underlying commerce technology to ensure they can effectively manage customer entitlements, flexible subscription models and custom content bundles in the quest to stay relevant and competitive.
The Elastic Path Digital Commerce Engine is a powerful, flexible software platform leveraging patent-pending technology that enables enterprises to manage and sell digital goods and content across every connected device and consumer touchpoint.
The Elastic Path Elastic Path Cortex is a unique software solution using patent-pending technology that allows enterprises to quickly and cost-effectively bring the advanced capabilities of the Digital Commerce Engine to any customer experience, on any device or platform.
Now that consumers have embraced a variety of digital platforms, from tablets to phones to game consoles, they have signaled their readiness to adopt new, disruptive product experiences - content companies are in the perfect position to ride this wave of disruption first. Pre-register to learn how market leaders are building better product experiences, forging stronger relationships with consumers, and doing all of this faster than ever before.
This document is intended to provide your team with a basic introduction to the architecture, components, and deployment of the Elastic Path Digital Commerce Engine.
Watch this on-demand webinar featuring special guest Peter Sheldon, senior analyst at Forrester Research Inc., as we uncover new ownership and delivery models surfacing today, and discuss what to consider when evaluating digital commerce solutions. All registrants will also receive a complimentary copy of the newly released Forrester Research report, "Market Overview: Digital Commerce Solutions 2011"
Market Overview: Digital Commerce Solutions 2011.
Today's digitally connected consumer wants instant access anywhere, anytime, to digital goods and content across all of their devices. Register for your complimentary copy of this Forrester Research report to learn more about virtual ownership models and digital ecommerce solutions in the market today.
This report offers insights into consumer attitudes and behaviors towards digital goods this holiday season, and provides a number of recommendations to help maximize visibility through online search and social networks, working towards developing a single view of the customer across all channels , and expanding gifting and payment options.
This post is contributed by David Chiu, Ecommerce Industry Strategist with Elastic Path. David has 15 years of ecommerce experience under his belt, with a rich background in information architecture and design, online positioning …
How can newspapers, magazines and other paid content providers sell their wares to consumers used to paying little or nothing for content? …
US game sales total approximately $16 billion, with unit sales of digitally distributed titles now surpassing physical purchases, according to The NPD Group. Following similar trends in the music and movie industries, game …