How to Talk About Commerce in 2024

April 19, 2024

How to Talk About Commerce in 2024

The commerce landscape is evolving at a breakneck pace, with brands and retailers constantly seeking ways to win market share and connect with consumers more effectively. As we look toward 2024, the conversation around commerce is centered on achieving true unification, both internally and externally.


The Reality of Unified Commerce


Like omnichannel and multi-channel commerce before it, the concept of “unified commerce” is an emerging concept in the retail industry, signaling a future model that blends online and in-store experiences seamlessly. However, Steve Sivitter, CEO of 1WorldSync, believes that this “unified” approach is not just a future aspiration but the reality of today’s shopping experience.

“Shoppers are already expecting unified commerce via their in-store and online behaviors. The integration of digital touchpoints and services into physical retail is a testament to the natural evolution of consumer purchasing behavior. Features like click-and-collect, recurring reservations, digital coupons, and 2D barcodes are becoming commonplace, highlighting the blend of online and offline interactions that define modern shopping,” said Sivitter. “It’s clear that commerce is already unified and it’s the job of the brand and retailer to continue this evolution to meet the dynamic needs of consumers.”


Bridging the Internal Gaps


Despite the progress in integrating digital and physical retail, a significant challenge remains: not all brands or retailers have achieved internal “unification.” There are still gaps between different teams within organizations, such as digital and brick-and-mortar teams. These silos can lead to inconsistencies in the use of product content and availability of information across various stages of the buyer’s journey.

Steve emphasizes that the next step in creating a truly “unified commerce” experience is bridging these internal gaps. When teams are aligned, consumers can access consistent, accurate information whenever and wherever they need it, significantly influencing their purchase decisions.


The State of Commerce: Insights from the Consumer Product Content Benchmark Report


The importance of this unified approach is further underscored by the findings of 1WorldSync’s Consumer Product Content Benchmark Report:


virtually all shoppers research product content before going to brick-and-mortar stores.

87% of shoppers use their smartphones to research products while shopping in-store

91% of shoppers search multiple items before making a significant purchase

61% of shoppers conduct product research online before shopping in-store


These statistics highlight the interconnectedness of online and offline shopping experiences and the critical role of consistent, accurate product information in influencing purchase decisions.


Looking Ahead: The Future of Commerce


As we look toward the future, it’s clear that the conversation around commerce in 2024 and beyond will be centered on achieving true unification, both internally and externally.

Internally, that means everyone from the master data and category managers, to marketing and e-commerce leaders view product content orchestration as an essential cross-functional operation.
Externally, brands, retailers and their solution partners must work to ensure product content is transparent, accurate and accessible, wherever it resides – in-store or online.

It’s not just about adopting new technologies but about fostering a culture of collaboration and consistency that resonates with the modern consumer.
Unified commerce shouldn’t be viewed as a distant goal but as the present-day standard. Brands and retailers need to focus on internal collaboration and consistency to offer a genuinely unified commerce experience. By prioritizing internal unity and embracing the integrated nature of today’s shopping experiences, brands and retailers can stay ahead in the competitive landscape and meet the ever-changing demands of consumers.

1WorldSync is at the forefront of this evolution, helping companies navigate the complexities of modern commerce and ensuring that they are equipped to meet the demands of the 21st-century shopper. Reach out to our team to learn how we can help you unify your strategy today.