Are Brands Getting Too Late To Digitize?
Being a part of the digital transformation movement or as we call it ‘DX movement’ today makes it crucial for businesses to bring up the topic of efficiently sustaining their future. Companies are integrating brick and mortar installations in full effect of their digital strategy, organisational structure and resources. However, some brands decide to take a little longer and wait it out until the final need arises. This will further widen the gap between companies taking advantage of new technologies and those reluctant to move ahead.
Today we witness a plethora of sectors that are reaping the results. Any ecommerce platform will testify to the fact that their consumers are one of the principal reasons to embrace a digital outfit. There is a noticeable shift of business objectives from being able to produce mass quantity to being able to reach a mass audience in a cost-effective way. The longer that companies wait the harder and more expensive it will be for them to catch up. And many may not succeed because faster-moving companies have a significant advantage in positioning their digital offerings.
Is there such a thing as being late to the Digital bandwagon?
For years, businesses have been touting the rise of digital transformation. And the importance for all marketers to prepare for the influx of customers accessing their content from mobile devices is rising. Since the late 1990s and early 2000s, the fashion industry has faced structural changes such as being able to reach a mass audience without having to set up brick and mortar in expensive setups. This stems from different standpoints such as globalization (communication and connectivity), technology (e-commerce and digitization) and sustainability (in terms of the environment). Today, if a consumer wants to shop for a mobile phone, they can acquire it in a matter of mere hours. So, we as a digital ecosystem are significantly ahead as compared to the past.
Customers are offered a greater variety of products and can increasingly specify parameters of the items they wish to purchase. Another important trend to consider is the digital functionalization of the fashion industry, referred to as “wearables”.
The spread of the internet has enabled an incursion of the number of users that are online and using their mobile devices to transact. Today in 2017, the advent of digital payments has proven that even the poorest of populations can transact on a highly volatile system such as an app. This gives consumers the power to interact with any brand without having to suffer downtime losses such as visiting a distantly located store or limitation in variety. Textiles and garments are becoming the medium for collecting and analyzing data, for example in both the health and sports industries. In other words, digitization will lead to more cross-industry cooperation in the future.
How does time make an impact to the suitability of System integration?
o Product Development: Many corporates have reached advanced levels of product development and engineering. Having a digital design ensures that all your players are benefitting from optimized and customized experiences for customers and potential stakeholders. Starting with product research and concept development, they move through design and development, prototype and validation, to production, launch, operation, and finally, product retirement.
o Investment Opportunities: By the year 2016, a report by PwC had said that many companies are waiting to fuel digital strategies with major budgets. But this will further widen the gap between companies who have the advantage and those who are reluctant to take on the DX journey.
o Preparing internal framework: The biggest challenges stem from internal hindrances. It is important to keep the workforce skilled and updated on IT trends. The culture of the business must be able to adapt to a digital transformation.
Digital Transformation is on a constant growth curve. Despite DX being a process where the business needs to identify its assets, transfer them to intangible assets, create a digital framework and so on. It is more a phenomenon than a process. A process is defined as a series of steps. But on the other hand, a phenomenon is something that is observed to exist and take place. If we look around us, digital transformation is changing the very dynamics of marketing.
Digitally integrating a business late is not a big challenge as long as it is done right. In today’s world, we are witnessing digital as a disruption wherein mobility is ubiquitous, real-time insight is in demand and IT is creating specialised talent instead of destroying jobs (Automation replacing jobs). Further to that, IoT requires a digital strategy wherein the environment is conducive of innovation. Ultimately it all boils down to the question ‘how to take on the situation?’ Right now, marketers may not see how so many ripples are caused due to digitization. Once there is awareness, people will be vigilant, as they should be.
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