New Commerce
The guiding philosophy of new commerce is to create value for all market participants - producers, sellers, intermediaries, and consumers. Customers and enterprises alike are looking to conserve their resources and do more with less. New commerce is emerging, seeking and creating opportunities in previously untapped areas by leveraging mobility, micro-sized interactions and ushering in inclusivity. It is all about redefining access, size and markets.
A 'micro' mindset is emerging where customers are unwilling to pay for a complete package if all they require is a fraction. Banks and financial institutions are now looking to cater to this emergence of micro-personalization.
According to a global research firm, 70% of people around the world will own a mobile phone by 2013. Mobility has created new business dynamics. Technology, devices and policies have come together to make everything, from capital to channels, more mobile. Besides improving enterprise productivity, efficiency and customer convenience, mobility is also turning out to be an information gateway with tremendous potential.
This shift to mobility is paving the way for inclusivity. Inclusivity isn't about including the customers from the bottom of pyramid into mainstream commerce. It is about reaching out to markets previously not accessed for want of supply chain feasibility or financial viability.
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