Around 75% US retailers claimed that there was an urgent need for digital transformation, around four years ago. Even then it is believed that around 40% of U.S. retailers were using some kind of AI or digital-first strategy, while U.S. retail executives rated their AI knowledge at only 2.92 out of five.
There is an unexpected turning point in the retail industry. As we know that the economic downturn is a resaid there is a bittersweet opportunity for brands to re-evaluate the marketplace in branch off into new areas. From a technological and marketing perspective improving and moving legacy systems that are more Old school is a big step. Now is the time for entrepreneurs to execute the digital transformation journey but there is also a question if every business will be able to afford it?
It is also visible that digital transformation is a big topic to discuss. In fact, many consulting enterprises have digital transformation exercises that are vague and also ambitious. In layman‘s term we can understand digital transformation as the enterprises investment in new technologies in order for them to digitally compete with their competitors.
A real digital transformation is on hypothetical spectrum, with enterprises on different points of the digital journey. Some are stuck in the stone age, with others like Amazon clearly on the much more extreme progressive end. But it’s on this spectrum that the struggle between the haves and the have-nots is born.
So there is a current pressure advance, But there is also a financial truth in this economy where enterprises are understanding what they know it takes in terms of money and time to get to the next level. Ideally, if you invest enough money and do everything right that will accelerate your business in comparison to investing no money at all for new technologies.
If your business is struggling like many currently are, there is very little that you can do is to ensure or justify investing in the digital transformation journey. We can come up with smart digital transformation solutions in this present pandemic and innovate the business. You can start by making small changes in at a manageable pace. Enterprises should prioritise a single objective no matter how small because starting is the hardest part of the journey.
Take, for example, a enterprises that uses ancient on-premises software for offer management. What that really means is that it simply hasn’t kept up with the changing digital times — it isn’t web based, and probably has servers in its IT warehouse that are running software that has to be manually or batch updated. It’s not incredibly vigorous, it’s not updated consistently or maintained very frequently. And in many cases it was built for direct mail marketing and promotional activity because that was the big innovation about 20 years ago. It’s also incredibly expensive and doesn’t really do what modern marketers need.
If enterprises can take the chance to handle certain issues and recognise the evaluation of newest and the greatest technologies then they can join the fundamentally strong businesses that have the resources to invest in a lot of different strategies that will further them along the digital transformation journey. Digital transformation is very promising for many enterprises, but every enterprise cannot afford to invest in it. Hence, enterprises that understand doing nothing to transform their business into digital. Enterprise will be left behind in this digital race. Those enterprises which excellent balance sheets to invest in renovating several departments accelerate out of the pandemic much stronger. However, every enterprise can take a small step even if it differs from what the competition is taking.
Enterprises have to have a list of important initiatives. Some of these initiatives will have a return immediately and some will take some time. In digital transformation, there are basics that need to be organised. Over management is one of those with a lot of potential to create value across enterprises. A well-designed marketing plan that includes of a management can deliver high-quality returns with immensely reduced waste through excessive discounting in coupons. I will architect and marketing staff will ensure that proper elements in connected tissue to make overall investment more effective an overall health and achieving enterprises goals. While this can be very expensive to initiate the best solution possible here is that enterprises must choose a beginning point and just start the transformation process.