By Pankaj Jathar
Ease of Doing Business for MSMEs: In today’s hyper-connected world, businesses are constantly searching for ways to optimise their operations, reduce costs, and increase profits. However, in the race to achieve these goals, companies can forget the most important factor driving business growth: the human connection. In the age of digitisation, big-box stores and quick deliveries, the need for human connection has never been greater. This is especially true in the world of e-commerce, where a majority of people spend a lot of their time online accessing products and services. The digital economy reduces human-to-human interactions further.
This is why companies could benefit from a business philosophy that places people at the centre of everything they do. This philosophy of “keeping commerce human,” emphasises the importance of building strong relationships with customers, valuing the human element of commerce, and supporting independent creators and small businesses.
Here are some key principles that can help guide in adopting this business philosophy:
Prioritise relationships over transactions: In the post-pandemic world, it is even more important to prioritise relationships over transactions. For e-commerce firms, this means focusing on building strong connections with customers, understanding their needs and preferences, and being able to adapt to them swiftly. Not only is it important for brands to build lasting relationships with buyers but it is equally important for them to enable buyers to build connections with the sellers they are purchasing from.
Also read: MSME registration crosses the 2 crore registration milestone on Udyam
Emphasise meaningful connections: Although disposable products and fast fashion dominate the market, we are witnessing a shift towards handcrafted, long-lasting and sustainable products. This means valuing products that have a story and a soul. Intentional shoppers are looking to project their personalities through their purchasing patterns and buy only what they identify with. They are looking to form connections with the products they buy as well as the person behind them. E-commerce marketplaces should equip buyers with the tools to enable them to make these connections.
Personalisation: As a result of emerging buyer trends, e-commerce is utilising artificial intelligence and machine learning to help personalise the search experience and enable buyers to browse, filter and find the item they desire. In addition to personalised experiences, there is also a growing preference for personalized products. While we continue to be a price-sensitive market, Indians are now looking for unique items that they won’t be able to find anywhere else, items that they can personalise or customise according to their preferences. Be it a baggage tag with their name on it or a specific piece of furniture that is made to fit a nook in their house, buyers want to share their personal requirements with sellers to get something specially made for them. As this need grows online marketplaces should have the ability to fulfill these requirements.
Celebrate diversity and inclusion: Keeping commerce human also means celebrating the diversity of our communities and embracing inclusion. This means supporting independent creators from diverse backgrounds and creating a marketplace that is accessible and welcoming to all. By doing so, companies can build stronger communities and create a more equitable economy.
Boost transparency and trust: To build strong relationships with customers, it’s essential to prioritise transparency and trust. This not only means providing clear and honest information about products, pricing, and shipping, but it also means providing details about the source of the products, information about the creators and maybe the impact it has on the environment. By prioritising transparency and trust, companies can build a loyal and engaged customer base.
Build a sense of community: Finally, at its core keeping commerce human means building a sense of community and belonging. This could be creating opportunities for sellers and buyers to connect with the company, whether it’s through social media, in-person events, or other channels. By building a sense of community, companies can create a deeper connection between customers and the brand, and foster a sense of belonging that extends beyond individual transactions.
In conclusion, keeping commerce human is not just a nice-to-have, but a necessary business philosophy that can drive success in the long term. By prioritising relationships over transactions, emphasising meaningful connections, providing personalisation, celebrating diversity and inclusion, prioritising transparency and trust, and building a sense of community, companies can create a more sustainable and equitable economy that puts people at the centre of everything they do.
Businesses that prioritise human connections will be the ones that succeed in the long run.
Pankaj Jathar is the Vice President and Country Head India at Etsy. Views expressed are the author’s own.