5 Reasons Why Digitization Is Key In Business Transformation

Does my business need digitization? The short and simple answer is YES.  You do need to transform your business according to customer’s preferences and market trends. For that, you need to craft a professionally designed, well-researched, sales booster, and lead magnet business plan that helps you achieve desired goals in no time. 

These days, more and more business owners are digitizing their business because customer behavior changes over time. They are adopting modern technology to communicate with businesses in this digital age. 

Digitalization is not a bubble that bursts soon, but it is a trend that is transforming the way businesses are done. Multi-national companies like Volkswagen, Domino’s, and others have invested in digital tools to increase their revenue and brand awareness. 

As per the business report published by IDG’s research, you can notice more than 88% of enterprises have plans to adopt a digital strategy to expand their business, while the majority of them have already adopted a digital approach to skyrocket their sales. More and more businesses are going digital because it helps them thrive in the digital age and boost sales by 20% every year. 

In this fast-paced world, if your enterprise is not adopting digital solutions, then you are lagging somewhere and might lose a major chunk of revenue and customer base as well. 

5 Significant Reasons Digitization is Important for Your Business

People often wonder about this question: what should a traditional business have a strong online presence? With the advent of the Internet and modern technology solutions, so many businesses are going digital and selling their products while sitting at home. 

Digitization means you have to establish virtual connections with your customers using various channels such as Zoom, Facebook, Instagram, YouTube, and much more. You can use all these platforms or pick any one of them based on your customer demographics and your business’s nature. 

An analysis conducted by Deloitte’s in the United States revealed that digitally advanced businesses could:

1. Earn 2X profit every year

2. Experience business growth over the previous year

3. Create a solid customer base 

4. Build brand advocacy in the competitive market

In this article post, we have listed five reasons that will help you understand why digitization is necessary to transform your business in this digital time. Let’s begin. 

1. Consumer Behaviour Keeps Evolving

Today, people value time over anything else; brands are taking advantage of this and investing in digital solutions where consumers can interact with them and access their products and services on-the-go. Furthermore, due to the lack of timings and hectic schedules, people these days are looking for quick solutions, whether they want to pay bills, order food or grocery, or call a handyman. 

This is why businesses are trying to fulfill consumers’ needs and offer them smart solutions that consume less time and add value to their lives. Generation C (Connected) usually prefers to interact with companies via smartphones and don’t want to spend time and effort getting things done. 

If they want to book an airline ticket, they will open a website of a particular company; if they want to order food or make a table reservation, they will open an app or website, probably this is why more and more food business owners opting for online ordering system for restaurants as it enables their customers to order food online and opens the door for revenue generation. 

Along with the app and website, consumers also want round the clock support from brands. Consumers’ preferences are changing by the second, and implementing digital solutions will only help you collaborate with them in real-time. By adopting digital solutions, you can deliver products or services that appeal to their taste. 

2. Digitization Improves Customer Service

Today’s consumer is more concerned about after-sales services than product or service offered to them; hence, customer service plays a critical role in increasing customer retention ratio. No doubt, you can hire customer service agents to respond to their queries, but they can not be available round the clock to assist your customers. 

Here digitalization comes to the rescue, as per the above figure, more than 75% of consumers appreciate fast response time and investing in digital tools only can give desired results.  It enables business owners to respond to their customers irrespective of time and geolocation limit. Via, digital transformation process, you can have a remote customer agent to attend to customers 24/7. (source)

Implementing chatbots is a good option as they are more effective than human customer assistants and help consumers redirect to the right department. Chatbots make overall customer service fast, effective, smooth, and foster customer loyalty. 

3. Digitization Makes Your Business More Accessible 

Earlier, consumers used to visit a store during stipulated hours. On the other hand, businesses also had limited channels to market and promote their business. But with the advancement in technology, everything is changing. If you digitize your business, consumers can access your website, app, social media channels whenever they want. 

Today, more than 63% of people use the company’s official website or app to make a purchase. The main reason to shift your business online is customers can find everything about your business, i.e., who you are, what products and services you sell, customer’s reviews about your products, and how they should contact you. 

Hence, digitization makes all these things easy and let your business available 24*7, resulting; customers can stay connected with you all the time. 

4. The Internet is Made for Business 

The world is going digital, so people’s preferences are. Businesses are taking advantage of the Internet and expanding their business reach without any geolocation limit. The beauty of digitization is that your customers can reach out to you with a single click. Moreover, brands can guide and resolve customer’s issues with the help of digital tools. 

From placing an order to comparing prices to making an instant payment to track the order status, consumers can monitor all the activities and stay connected with the consumer. With the help of the Internet, you can drive more traffic and revenue for your business, resulting in maximize profitability and making a solid customer base. 

5. Digitization is an Important Part of Online Presence

Transforming your conventional business through digital channels is not that much hard as it seems. Today, consumers demand a strong online presence, and digitalization offers businesses to do the same. You can promote your business on various platforms, social media, and whatnot. 

A website or app solution is a robust solution where you can engage with your customers in a most personalized way. By doing so, you can gather valuable customer data that help you understand your customers, their preferences, and expectations. 

It’s High Time to Move Forward

So, undoubtedly, digital transformation is the most sustainable way to succeed in your business today, tomorrow, and in the coming years. Your business should be agile to adapt to ongoing market trends and customer’s preferences; we hope that this post will help you achieve success in the new digital age. 

Watch this space for updates in the Technology category on Running Wolf’s Rant.