How to take your Business Online? Part I
Hey, do you want to expand or scale your business? Then do it by taking business online!
You may ask, what do you mean by taking business online?
Well, in a nutshell it is called Digital Transformation (DT) of your business!!
It’s not just selling your products on Amazon or Instagram.
Or just making a website for your business, but it is a lot more than you think.
Amazon started in year 1995, and started selling online back then!
Imagine you doing that just now.
I don’t mean to underestimate you, by implying that you are doing nothing by creating a website, actually you are doing great.
But I am trying to imply that being digital is so old, and actually you are underestimating the power of technology.
Technology has advanced a lot in past 20 years now.
It now just doesn’t provide a platform to sell something, but a whole bunch of packed super powers.
Super powers which can take your business goals, and way of doing business and way of running business to a whole new level!
You may be feeling demoralized, that you don’t have idea, money, or guide to do anything to take your Business online.
But don’t worry, that’s exactly what this learning series is for.
You’ll see how DT can change a fortune for your business.
You never know, you may even hit a JACKPOT!
In this part 1 of the blog series, I am going to tell you:
- Exactly what do you mean by Digital Transformation,
- Which parts of your business can gain advantage,
- Why has it become a necessity in today’s world
- Some examples
You are reading this on internet, I think that’s definitely a solid example of showing how things when digitally transformed can help a lot!
Let’s get started, and lets clear all your doubts and give you a good idea of how DT can be your super power!
What is Digital Transformation(DT)?
DT stands for Digital Transformation.
It means that you achieve some kind of business transformation with help of using digital tools and advance technology.
To help you with basic example, you are digitally transforming your business sales section by selling your product/service over the internet.
You may say, ah! You called me backward for this thing earlier, but nah! I didn’t call backward, I said you are doing great but you need to do more 😊
Nowadays, maintaining accounts and financials of retail stores has been made easy.
There are so many new applications in market, which help you maintain accounting books, you inventory, other financials, etc.
And if you are using any of them, great job again, you are actually now considering use of digital tools!
DT, is exactly similar as above and some more things, where you use digital tools to transform some of your old traditional way of doing business.
Doing business online, using digital marketing, using software to help with your business operations are exactly the parts where DT takes place.
Let’s see which sector of your business can be transformed next.
Business Sections that can gain advantage from Digital Transformation:
I am going to cover each sector in detail in following posts in the series, but let’s have an overlook now –
Normally, business I would say is divided into 4 parts where DT can happen –
- Customer Experience
- Internal Operations
1. Product/Service –
Product or service you offer, if not visioned digitally, may show some warning of stagnant growth.
Innovation is the core growth factor, isn’t it? and what can be better than digital innovation?
You may say your core product or service cannot be digitally transformed, but still there are some of strategies you could use to digitally transform your product/service –
– DT for co-creation, i.e., some co-product/co-service which can be digitally served in alignment of your core product/service. Might be a digital how-to course.
– Transform how you serve model of your product/service; you could use pay-per-use subscription model and use digital tools to serve it.
– You could use data from internet and apply predictive usage, to transform a feature of your service or part of your product.
Some examples/ideas –
Say you are photographer, you may use data to see ongoing trends, and provide that trendy photography in your package.
Or say, you are professional service provider like financial individual, you may search online for community trend, say millennial moving more towards stocks, and you may alter your service to provide connected stock guides or help with your core service.
Or you may have product, say a fashion product, you may have how-to digital guides, use trending things on your product using predictive usage.
Now that’s some good idea to take business online!!
This area also depends on how you use your customer experience data, and change product over time in iterations.
Let’s see, how can you achieve DT in your customer facing area.
2. Customer Experience –
Without customers, there is no business, so customers are the crux and core for any business.
What if customer needs are changing and your business is not evolving?
To explain, what if you are using JIO sim card, and there is no online recharge facility available for JIO? Will you continue to use it?
Your answer, may be the answer to how can you use DT in serving customers of your business!
Customer Experience is in fact the most beneficial area of your business from DT.
Today’s digital means and tools have exploited this area the most.
Digital Marketing, Omnichannel tools, Customer Insights are some the best transformation applied!
Digital Marketing has provided the next level marketing techniques, and you could see, it’s the new buzz in the market!
You use digital mediums to market your product.
Omnichannel means nothing, but how can a retail shop can provide all the means available to customers for buying product/service.
Customer Insights, where not only how you market or sell things to customers, but post-buying experience, is how business are winning the game of last man standing.
Today, digital tools have not only changed the way how customers buy things, but have also change the how customers get influence to take buying decisions.
And if your business is not part of using customer insights to let them buy or influence their decisions, then you are not using technology at its full strength.
3. Internal Operations –
Do you do workcation in your business?
While starting business, you may have thought to have freedom from job life somewhere, but now it seems you got captured by running your business?
This freedom can be sought, when you digitally transform your operations/process/way of working.
Some strategies which help you digitally transform operations are –
Customer centric and standard platforms, Agile methodologies of working, Anytime-Anywhere working model.
DT can actually make you achieve the dream workcation life 😊
4. Organisation –
These, is most advance transformation, where business are transforming digitally.
Transforming Organisation as a whole, and its activities digitally, surely helps you a lot.
The best example, I can provide in this COVID times, is how healthcare institutes around the world use technology to share, and research to manufacture vaccination.
Global network was created for same, where all small and big institutes helped in one way or other.
These are some of strategies to be used in DT of organisation –
Digital Collaboration and Innovation, Virtual workforce.
Having known about the sectors which can be transformed, one may ask, ok so what… why should I spend my resources on transforming? And that’s what exactly I am going to talk about next.
Why is Digital Transformation necessary?
It’s been a year of pandemic already, and another one going.
If you haven’t felt any disruptions in carrying out your business, then I must say, that you don’t need a transformation yet!
But, if you have felt, supply chain disruptions, rapidly changing customer expectations and their behaviour, pressure to use digital tools, then you must admit that your business is facing problems.
It’s time to create a plan with desired goal and requirements, and to execute that plan to digitally transform your Business.
If you still feel, that your business has problems, and put blame of no sales on the pandemic, then I must say you haven’t done any curious research that how technology is changing the times we carry out business.
And to support my opinion, I would just request you to visit Udemy website, and checkout for course, how to learn bike, its price and its enrolled students number.
You may be surprised, on how teaching a bike has been done digitally 😊
This is so true now, that for business to remain competitive it has to evolve.
Right now its digital evolution.
Some stats I would like to mention here, which would support the word “digital evolution” – [Source: Internet]
- 66% of global shoppers research products online.
- 8% of companies investing in digital technologies have seen a decrease in their operational costs [Source: Publications Office of the EU ]
- 90% of people say, they find about new product or brand on Internet.
- 35% of consumers prefer to receive coupons through digital medium.
Above facts shows how customer behaviour has changed, and I would say every human lifestyle is going through a digital transformation right now.
And for your business to have same transformation, start from changing your customers experience.
Just having social media page for just promoting product/sales is great for starting sales figures.
But to have loyal re-buyers and scale up, you need to catch up with digitally transforming human lifestyle.
If you are not collecting user data, not using data insights to provide more value to customers, than sooner or later you may give up your customer to your competitor.
And, if you are not changing customer experience, you won’t have good resales, resulting into no money to transform your operations and organisation, and eventually no money to transform your product/service.. resulting into no evolution and stagnant growth.
I hope these facts and opinions resemble some kind of necessity. At least start planning about Digital Transformation and taking your business online.
And If still you are not convinced then let’s catch up some benefits of DT in real world, and some real-world examples of businesses undergone DT next.
Benefits of Digital Transformation –
The most likely purpose can be survival.
Entrepreneurs, who have faced disruptions in these pandemic times, know how it’s going to be hard to survive in future. And that’s how digital transformation is going to help businesses to survive.
I would like to also showcase what benefits may come out by digitally transforming each area in business-
- Transforming customer exp – Customers are liking to be loyal to business who provide more than their product/service to them.
Changing pre-sales, sales and post-sales experience with providing the utmost value to customers is exactly how the scenario is changing.
And all these becomes hassle free, only when you are serving, marketing, selling, and connecting with customer through digital medium.
- More data-based insights – To change your customers exp, the most important thing, digital tools provide is collecting, storing and analyzing the data.
Today on a thorough digital model, you get all of data on a click of button.
And this data becomes so important to let you know, who can be your potential loyal customers, and where do you need to focus your resources more.
So that you target/re-target the exact person, to bring apt sales without wasting further resources on uninterested leads.
- Greater collaboration across departments – Marketing, Sales, Analysis, Conversion, Re-targeting, Innovation – If all of this is done single-handed by you, or if you have team of different members doing it, I would say using digital medium for all of these makes much sense.
Digital library of anything has more easy access and more features than your notebook or mind.
All of data can be connected and co-related if you have data in digital tools. It provides better analysis for what you need to change and what you don’t need to change.
- Improved agility and innovation – Did you read the above section, where I mentioned about how digital medium accelerated the finding of Covid-19 vaccine.
Today best of digital technology are allowing business to adopt to agile methods and improve their speed to market and adopt continuous improvement.
This allows faster adoption and innovation leading to pathway to improvement.
Some real-world examples –
Some of the companies have achieved great results by Digital Transformation. [Source – Internet]
- Kairali Auyurveda group – They have in-house ERP system. Also PMS sales and lead managing system is customized to their online marketing strategies.
- Haldiram’s Foods – They are now actively spending more on digital initiatives, such as online store. Also they have increased outreach on Google, Facebook, Twitter. A great advancement in taking business online.
- Anytime Fitness India – Their membership sale has gone up by 20% m-o-m, after starting to promote club culture online.
Today, as humans, you, me are having lifestyle shift towards digital paradigm, our behaviour is changing.
We care about added value and convenience while opting for some service or buying something.
This has led to digital evolution, and for businesses to stay competitive, they have to adapt to this digital shift!
Might be, we are starting out afresh, and don’t have much to spend on digital initiatives.
But there are tools out there, which can help you a lot at very low prices, which I am going to cover in next post of this blog series.
At least, I would suggest small business to adapt to digital means for changing customer experience.
Believe me, there is abundance of sales opportunity out there if you use digital means.
It’s not late, start creating a plan and execute it as soon as possible to take your business online.
For free consultation, book a date with us at On9ine.
I’ll be covering various growth drivers and strategies to implement DT, in next post.
Until then, start planning to go digital 😉
To your continued growth!!