Institutions
Westpac Group defines its digital commerce through an online presence. It is worth noting that the Westpac Bank use various digital commerce models to meet the needs of the consumers. The bank has implemented storefront model where customers interact and male transactions and online payments. For example, the bank offers Electronic Bank Transfer as one of the services. The Westpac Global Currency Card is essentials in carrying out online shopping using foreign currencies. Also, Westpac uses the model top enhance online shopping among the customers. Portal Model is used by Westpac to provide information to the online customers. Visitors and customers have the opportunity to find information regarding Westpac banking services through their website (Westpac Banking Corporation 2017). The website offers information on the banking services, business activities, and other digital services offered by the bank. Also, the bank uses advertising model to inform the consumers. The website establishes free interactive services such as news. The customer can access media releases concerning the Westpac Bank. The customers have the opportunity to manage their finances easily and securely using their computers and phones.
The bank should focus on the business model employed in the organization. It is because the business model determines how the organization interact with customers. Westpac Bank in Australia would employ digital commerce strategy through the analysis of the global markets (Westpac Banking Corporation 2017). The bank has to employ internal expertise to manage the complexity of digital commerce. The digital consumers are looking for unique experience across digital platforms. The organization should employ digital commerce strategy that meets the expectations of the consumers. Some of the critical issues entail mapping the consumer’s expectation and designing the customer experience. Westpac has a platform to employ digital commerce strategy. The bank has an established website that customers can interact. Also, the back can employ the digital commerce strategy by differentiating itself in the digital market.
Reference List
Westpac Banking Corporation. 2017. Westpac - Personal, Business and Corporate Banking (ONLINE). Available at: https://www.westpac.com.au/. [Accessed 2 January 2017].
