According to eMarketer, the ecommerce industry is a trillion-dollar market, proving the unrelenting power of the internet in modern business. Whether a business owner is running an ecommerce shop, financial firm or a non-profit organization, it is essential to have a digital presence to flourish in any industry.
With companies emerging every day, combined with the rapid development of technologies, apps and social media networks, it is imperative businesses adapt to the changes or fear being left in the shadow of their competitors – and that is where digital business transformation comes in. Digital transformation is not a new service, but it has never been more vital than ever in today’s fast-paced marketplace.
Take Macy’s, Best Buy, Sears and J C Penney as the perfect example because, according to Forbes, the instore retail giants have each lost $10 million of their market value, whilst the ecommerce website Amazon has created a $300 billion market value in the same time. This is not a coincidence.
The Digital Transformation Process
A digital transformation takes place over time, from creating a fully-responsive website that reflects a brand and services, to the development of a social media strategy to ensure a company stands apart from their rivals for all the right reasons. However, digital transformation is about more than simply updating systems or developing campaigns. It is the creation of a new company culture that moves along with technology and consumption to stay one step ahead of trends or, at the very least, at the same pace – rather than being left behind so a competitor can gain an advantage.
Many companies may fear changing the company they have helped to mould, or could simply be afraid of failure, but with a clear strategy, hard work and a company mindset, a digital transformation can run a lot smoother than you think, and it could help boost customer engagement, productivity and ROI.
For a company to succeed, both the board and the executive management team must be on the same wavelength, or the strategy will be over before it has even begun. The transformation will only occur when each essential party is committed to a new digital era, and they also must reinvest their attention, time and capital into catapulting a business into the future. Unfortunately, this can sometimes be easier said than done, as many people within an established organization maybe happy to continue with the status quo, hoping for a brighter tomorrow, but will only realise their mistake when it is too late. However, hope will not boost a bottom-line, grow a customer base or allow a company to compete alongside new forward-thinking businesses. Ignorance can be bliss until the problem can no longer be ignored – and a fearful board or management member might simply need some digital education to embrace a new company mindset.
No business should struggle to survive; it should strive to thrive, which is why it is worthwhile turning to a digital business transformation service to succeed in the digital economy, digitalize company operations and revolutionize the customer experience to boost an organization’s reputation and profit margin.
