During March 2020, one-quarter of UK businesses closed temporarily due to lockdown measures brought around by the Coronavirus. Many business owners were left to ponder ways to get business back on track.
The global pandemic has changed the way we live and conduct business. Governments worldwide still encourage working-from-home to help stop the spread of coronavirus. YouGov research even shows that 1 in 5 respondents believe that remote work increases productivity.
Unfortunately, not all industries are equipped to switch to a work-from-home operation so quickly, or at all. Customer-facing industries report far lower rates of remote work than web-enabled sectors.
- Food services: 10%
- Retail: 13.3%
- Financial services: 38%
- Information & communication: 53.3%
Forbes columnist, Andrew Filev, calls COVID 19: “A before and after moment in the history of the economy and the Digital Transformation”. Meaning that to survive in the post-pandemic economy, businesses will need to adapt or risk going bust.
What is Digital Transformation?
Digital transformation is “the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements” (Salesforce).
How can digital transformation rejuvenate your business after a crisis?
Before the global crisis, your business may have been planning some form of digital transformation. Sadly, you just weren’t fast enough. Or perhaps your brick-and-mortar store was your bread and butter, and the lockdown has forced you to close your doors and furlough staff.
Digital transformation can help you to:
- Start trading again
Shockingly, nearly half of all small businesses in the US don’t even have a website!
Taking steps to digitise your business can restart the generation of much-needed revenue. By creating a website, social media presence, and/or an online store for your products you will open your business up to new customers and ventures.
Attentive recorded a 20.3% boost in online sales in March 2020 with electronics, home furnishings, and pet supplies all seeing an increase in online sales.
Thanks to the on-demand economy and platforms like Shopify and Deliveroo, there’s never been an easier time to create a functional and profitable e-store for your business.
- Reconnect with your customers
In 1 week of March 2020, a staggering 62 million video conferencing app downloads took place. Digital software is enabling meetings, art classes, property tours, and even live music concerts to occur virtually.
Chatbots can be especially helpful to businesses operating with less staff than usual. AI-powered live chat allows you to answer your customer’s questions at any time of the day or night.
Research conducted by Fujitsu found that 68% of executives believe the future of business development will see humans and AI working collaboratively.
- Gather insightful customer data
Digital transformation brings with it the ability to track, analyse, and forecast the behaviour of your customers. This accountability enables more precise budgeting and personalised marketing activities.
As you diversify your business’s digital footprint, the amount of valuable data you record will increase. Used correctly, this data can improve your user experience, increase sales, and boost user retention.
Digital data sources include:
- website e-store traffic
- chatbot engagement
- video-conferencing attendance
- social media interaction
And your customers will thank you; 77% of consumers would rather choose, recommend, or pay more for brands that provide a personalised experience.
There are 6 factors that determine the success of digital transformation projects:
- Business Integration,
- Value from Data
Digital transformation requires you and your staff to onboard new tools and will likely increase your marketing stack. This can be overwhelming, but it doesn't have to be. To find out how Hurree can help you to integrate your digital tools and transform your customer experience, book a demo today.
If you’re struggling to become an omnichannel brand, why not book a demo of Hurree’s data unification and segmentation platform here or email any of your questions to me at firstname.lastname@example.org. It’s time to get your tools talking and we can help you do it!