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Are there lessons to be learned from Thomas Cook’s demise?

September 25, 2019

Times are changing. Gone are the days when businesses could rely on tried and tested techniques and just watch the sales roll in.

Whilst it’s true that there are more opportunities than ever before in today’s digital world, the advent of online storefronts, marketplaces and online trading platforms can represent a poisoned chalice for those businesses ill-equipped to navigate the opportunities they present.

This week showed just that, with the demise of one of World’s oldest travel firms – Thomas Cook – who failed to adapt to changing consumer buying behaviours, most notably the demand for city breaks and the ability to book online. Whilst the package holiday is a product specific to the tourism market, the factors which determine the success of a business within this industry are not.

In an age of digital transformation, to be successful companies need to optimise their selling channels and streamline their supply chains, ultimately gearing their businesses to win customers in-store, online and across marketplaces, whilst eliminating inefficient processes, to keep up with both new competitors as well as the established players in the market.

The growth of innovative, highly streamlined businesses in a variety of industries such as Amazon, Aldi and ASOS puts further pressure on all members of the supply chain to be as efficient as possible to keep up.

With a broad set of unified commerce services and apps, one connection to TrueCommerce opens an infinite number of trading possibilities….Whether it’s a storefront where consumers can buy goods, an on-line platform where business customers can place orders, a marketplace that expands your consumer catchment, or trading partners that would like to trade electronically. TrueCommerce helps you do business in every direction.

If a lack of agility is holding you back from tapping into new customers, new channels and ultimately increased sales, contact TrueCommerce, or watch our Unified Commerce video to learn more.