From Apple CEO Tim Cook’s Q2 earnings report, we find out that the company has circa 1 billion credit cards on file:
“iTunes software and services revenue continue to grow at a double-digit rate, thanks to an incredible ecosystem and our very large, loyal and engaged customer base. With its strong momentum in growing profitability, iTunes is a very important driver of our business not only here in the United States, but around the world. We now have an almost 800 million iTunes accounts, most of these with credit cards. This is a staggering number.”
Cook’s numbers tell us that with ecommerce, customer loyalty is absolutely crucial to growing the customer base.
Via Business Insider. Image: DigitalTrends.
When many people hear the word, “ecommerce” they naturally think retail. This makes sense as the vast majority of the most successful or at least, most thought-of companies, tend to be retailers. The two standouts in this regard are Amazon and Ebay, whilst not forgetting the bricks and mortar retailers that are now heavily investing in the space. People love Technology and Commerce, it’s not surprising to see most of the world’s ‘best brands’ are involved with either products, technology or a combination of the two.
However, every business leverages ecommerce/Internet technologies for at least a portion of their value chain. Whether it’s a bank offering credit cards, or an auto dealership booking service appointments, or a software company soliciting leads and prospects, or a restaurant displaying its menu, or a hair salon selling beauty products, or dentist booking appointments – they all need to leverage the web and mobile to attract, find, communicate, and service their customers. Indeed, many would argue that this ‘shaking up’ effect on traditional industries – like finance – will change the world for the better.
Whether the actual “commerce” transaction occurs on a digital device or with a sales rep or in a physical location is secondary and immaterial. What is material is that every business on the planet will need to invest in commerce-enablement technology to stay competitive.
Therefore, one of the greatest misconceptions needs to be addressed – if you’re in business, you’re going to have to be in ecommerce. What ways are you or your business invested for the future of commerce?