Digital transformation is surging even with the restrictions caused by the pandemic over the past few months. Nevertheless, strategic investments in digital technologies have aided companies to remain operational and continue to grow and adapt to customer demands.
Digital transform means beyond the technology central to your production environment. It includes when you embrace tools that can optimize the supply chain, beginning with component and material sourcing to delivery to customers. In addition, taking a cloud-native approach makes your business leverage newer and more effective opportunities such as e-commerce. Besides, e-commerce means more than consumer goods.
This article takes an insight into the world of e-commerce and how digital transformation can play an integral aspect and discusses other examples of how digital transformation in other businesses has been achieved.
What is Digital Transformation in E-commerce?
Digital transformation in e-commerce is the IT modernization, including cloud computing, digital optimization, and the introduction of newer and more effective digital business approaches or models that can enhance e-commerce.
One of the biggest industries out there is e-commerce. The future of e-commerce could be lethal in digital transformation since everyone is looking up to it to redefine how customers are being served post-pandemic. Following technological trends like AI, digital awareness, and machine learning, e-commerce is becoming an industry with a massive makeover. However, the pandemic does not look like it slowed things since many companies responded faster and effectively by going virtual.
Why Digital Transformation is Key to Progressive E-commerce
Your business can develop effective strategies when you adopt digital business models coupled with automated processes that smartly cut costs and bring to the table what your competitors are not thinking about.
Experts believe more brands would be shifting to virtualization to ensure exciting deliveries and innovate customer experiences. For instance, VR (Virtual Reality) stations can monitor furniture arrangement to tell the feel and look of a site.
Adobe Digital claims that 5G will enhance global mobile e-commerce revenue by $12 (£ 8.8) billion by 2021. The idea is that not only will 5G ensure faster online shopping to make a more convenient shopping experience by facilitating instant purchases, but businesses will also be able to leverage it for creating an excellent customer experience.
Online shoppers, subscribers, and internet users are booming in this decade. In addition, the number of millennial shoppers is increasing, and they would be expecting convenient and faster modes of delivery and payments. With 5G, e-commerce can resolve these demands and get more customers conveniently engaged.
Going virtual means more data, and your manufacturing company will expect to prioritize customer privacy and security. This means that businesses should have additional options for selecting data protection methodologies and tools and developing security policies. E-commerce will also be seeing more emphasis on enhancing customer transparency and privacy for better CX. You want to keep the customers coming back when they are assured of their data safety.
Planning the Business Using Analytics
More companies are working on actionable analytics to create cost-effective plans, effective strategies, and designing better marketing techniques. Amazon, for instance, is a giant e-commerce company believed in winning its current position in the e-commerce industry following its strategic data-based agendas. Nevertheless, where there is a lacking in-house skill and traditional IT, such success can be impeded.
When you use analytics, your business managers will concentrate on trends to manage disruptions to the supply chain. Besides, more manufacturers are shifting to cloud models to provide better e-commerce solutions that can help them create informative insights and evaluate important analytics.
Digital Transformation Stories You Can Build on
In partnership with Tech London Advocates, Contino has collated a list of businesses that are digitally innovating with the aid of innovative ideas from visionary individuals. The report emanates from conversations with 20 leading personalities from various businesses industries. You can click here for more information on the report.
Delooze pioneered a gradual shift from a digital process that increased the in-house capability of Nationwide, thereby cutting off the company’s dependence on third parties. As a result, nationwide could develop the much-needed skills and invest in gaining the experience to assist the company in building and managing their core technology without third-party interference. Today, they’ve been able to modernize legacy, move to the cloud and get rid of complexities.
Wahl could think of creating central data for streamlined management in AXA Insurance. But, instead, she employed Artificial Intelligence to reduce process times, which would normally take weeks, into a few hours in one day. Her innovativeness also included using natural language processing to develop chatbots, which increased the company’s conversion rates by over 10%.
Bailey at 02 faced a contractor-heavy and demanding project. She resolved the problem by separating business and IT units. She also set up an ambitious operating model to in-source digital capability and align IT with business outcomes.
Zissis managed his team at JLL to design a peerless digital capability that develops data for iterating on data-driven products alongside intelligent strategies for managing the company’s products and services, making them digitally inclined today.