To stay competitive in the retail industry, retailers must be able to quickly innovate and adapt to changing consumer habits and preferences. One way retailers achieve this is through composable commerce, which enables them to quickly create new customer experiences by assembling discrete components into custom workflows. This article will explore composable commerce and some of the benefits it offers retailers. We will also discuss how some leading retailers use composable commerce to stay ahead of the curve.
What is composable commerce?
Composable commerce is a new approach to eCommerce that enables businesses to quickly create custom customer experiences by assembling discrete components into unique workflows. This contrasts with traditional eCommerce platforms, which are typically monolithic and inflexible, making it difficult and time-consuming to make even minor changes to the customer experience.
With composable commerce, retailers can easily add, remove, or rearrange components as needed to create the optimal customer experience for their business. It could include anything from adding a new payment method to changing the product page’s layout. And because each component is independent, it can be updated or replaced without affecting the other components.
This modular approach has many advantages for retailers, who often look for ways to respond quickly to changing customer needs and preferences. Composable commerce can help them do this by allowing them to rapidly create or adapt existing customer experiences without having to start from scratch each time.
In addition, composable commerce can also make it easier for retailers to personalize the customer experience. By assembling customized components to specific customer segments, retailers can create unique experiences that are more likely to convert. For example, a retailer selling luxury products may want to create a different experience for high-end customers than they would for budget-conscious shoppers.
Benefits of composable commerce
There are many benefits that composable commerce offers retailers, including:
The main benefit of composable commerce is that it enables retailers to quickly create or adapt customer experiences without starting from scratch each time. It is possible because each component is independent and can be added, removed, or rearranged.
In addition, composable commerce can also make it easier for retailers to personalize the customer experience. By assembling customized components to specific customer segments, retailers can create unique experiences that are more likely to convert.
Another benefit of composable commerce is that it can help reduce IT costs. Because each component is independent, it can be updated or replaced without affecting the other components. It makes it easier for businesses to keep their eCommerce platform up-to-date without incurring the high costs associated with traditional, monolithic platforms.
Composable commerce delivers better web performance. Web performance is a measure of how quickly web pages load and how responsive they are to user input. In the context of eCommerce, web performance is particularly important because it can have a direct impact on conversion rates.
A study by Amazon found that every 100 millisecond delay in page loading time resulted in a 1% decrease in sales. Similarly, Google has found that a slow mobile site can cause users to abandon the site altogether. There are a number of factors that contribute to web performance, including server response time, page size, and image optimization. By focusing on improving web performance, eCommerce businesses can improve conversion rates and customer satisfaction.
Finally, composable commerce can also improve scalability. Because each component can be added or removed as needed, businesses can quickly scale their eCommerce platform up or down to meet changing demands.
How retailers are using composable commerce
Leading retailers are already beginning to use composable commerce to stay ahead of the curve. For example, Burberry has used composable commerce to create a personalized customer experience that includes features such as in-store digital displays showing real-time inventory levels and ordering out-of-stock items online.
Another example is Bonobos, which used composable commerce to launch a new loyalty program in just six weeks. The program, which is called Bonobos Insider, offers members exclusive discounts and early access to new products.
In both cases, composable commerce allowed these retailers to quickly create or adapt customer experiences without starting from scratch. It enabled them to stay ahead of the competition and better meet the needs of their customers.
The risks of not using composable commerce
As the retail landscape becomes increasingly competitive, those who don’t embrace composable commerce will be disadvantaged. Retailers who continue to use traditional, monolithic eCommerce platforms will find it challenging to keep up with the pace of change and will likely be forced to rely on third-party vendors to change their platforms. It can result in high costs and delays in getting new features or updates live.
In addition, traditional eCommerce platforms often need to be more flexible and easier to customize. Businesses need help to create unique customer experiences tailored to their specific needs. As a result, they may end up creating generic experiences that are less likely to convert.
The future of composable commerce
As retail continues to evolve, composable commerce is likely to become even more critical. Retailers that can create or adapt customer experiences quickly will be better positioned to succeed in an increasingly competitive market.
So far, composable commerce has primarily been used by larger retailers with the resources to invest in new technologies. But as the benefits of composable commerce become more widely known, this technology will likely be adopted by smaller retailers as well.
In the future, composable commerce is also likely to become more data-driven. By integrating data from multiple sources, retailers can create even more personalized customer experiences.
The possibilities for how retailers can use composable commerce to innovate and create unique customer experiences are endless. As the retail landscape continues to change, composable commerce is likely to play an increasingly important role in the success of businesses of all sizes.