Live commerce in retail includes capabilities to interact with remote customers through either one-to-one or one-to-many interactions in real time. Functionalities include interaction execution (for example, video calls, co-browsing, interactive chat) and performance data for optimizing live commerce experiences.
Integrations with back-end systems enable real-time product information and check-out. Deployment of live commerce takes place through front-end integration with customer touchpoints, including commerce platforms, mobile apps, online marketplaces and social networks. Live commerce can be conducted by store associates (one-to-one interactions), from a dark store or warehouse by the dedicated employees in that particular location (one-to-one and one to many), from anywhere in collaboration with influencers and key opinion leaders (one to many), and from anywhere, through virtual promoters.

Live Commerce in Retail

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Something is going to happen with cryptocurrency, so it's best to try to "get ahead" of the curve here. Don't need to run full steam ahead and try to pick "the right one", but certainly start now to learn about how cryptos will/can be used in your offerings. I'd do a pilot (much like Starbucks announced they're going to accept Bitcoin) and start learning what you'll need internally. A pilot would actually be a great way to engage with your customer base --- find out what they know as well as what they want. Get started! Every "new" technology has it's nay-sayers --- remember how some thought the internet was going to just a fad or that social media was a passing fancy? IMO the same applies here. There will be many changes and shakeouts, but getting started is a huge requirement.

Recently, I’ve seen a significant rise in the number of businesses leveraging outsourced talent to build platforms that support cryptocurrencies. As more businesses continue to give cryptocurrency strategic consideration, I expect to see an acceleration in the need for business leaders to seek outsourcing partners (whether in the US or abroad) with these kinds of groundbreaking skills.

I would definitely encourage IT leaders to learn about cryptocurrency technologies because the underlying concepts of distributed consensus, driven by incentives that the blockchain and particularly Bitcoin has brought to the forefront, are amazing.


Even established computer scientists who have worked for many years in distributed computing are totally amazed by the way in which distributed consensus and simple cryptography can enable a commerce system that is as powerful as Bitcoin.


That’s the technical part. In the real world you need to handle all the regulatory and compliance requirements and the need for no unlawful transactions. So the technological capabilities and the concepts that have been brought to the fore by Bitcoin is absolutely something that everybody should take note of. But the way that they’re played out, interestingly, may not even be in ecommerce, like the concepts of executable scripts in some of these cryptocurrencies can help in the creation of smart contracts, which has nothing to do with the currency at all. So the applications are numerous and is definitely something that I would encourage all IT executives and practitioners to study.

For retail and e-commerce they need to adopt cryptocurrencies and save the 3% they pay Visa/MC. For retailers who work on razor thin margins, this should be one of the easiest things to do. And if you don't want to deal with the cryptocurrency part, allow your payment processor to seamlessly convert it into fiat currency. Business leaders need to understand what it can do to their business. Their IT part will fall in place automatically when there is demand from business as their are platforms that can be adopted..

How should IT and business leaders in retail and eCommerce approach cryptocurrency?

What is your specific question? Are you considering accepting Crypto? Are you trying to tackle volatility? Do you have a payout structure? Are you international? Etc.

How should IT and business leaders in retail and eCommerce approach cryptocurrency?

I previously worked in the high tech retail space, and there are some interesting leaps to make when you get into agriculture from a technology perspective. I get a chance to take the most modern methods and technologies, such as digital marketplace platforms, and apply them to agriculture. That in itself is not such a big leap because we all know e-commerce systems and how they work over a number of years. But, when applying technology to agriculture, the complexities involved in capturing and verifying data at origin do get complicated. As adopters of technology, agricultural industry actors like farmers, processors, packers, and warehouse operators are not as ahead of the curve as consumers in other industries.

I previously worked in the high tech retail space, and there are some interesting leaps to make when you get into agriculture from a technology perspective. I get a chance to take the most modern methods and technologies, such as digital marketplace platforms, and apply them to agriculture. That in itself is not such a big leap because we all know e-commerce systems and how they work over a number of years. But, when applying technology to agriculture, the complexities involved in capturing and verifying data at origin do get complicated. As adopters of technology, agricultural industry actors like farmers, processors, packers, and warehouse operators are not as ahead of the curve as consumers in other industries.


What key learnings did you gain from switching industries?

Best Live Commerce in Retail Reviews 2024 | Gartner Peer Insights

Agora solved the reliability issues we had with our previous vendor. Support tickets reduced in number. Customers and our engineers enjoyed a better quality of experience. 

Agora Interactive Live Streaming

Agora

Innovative and forward thinking. Great team behind the product that are truly supporting your business.

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