Investor, Sales and Marketing Pioneer, Author, Technology Champion, Philanthropist, Leadership Mentor
It is the age of digital disruption-the era of ever-more distributed decision makers with shifting market dynamics influenced by autonomous business models. It’s time of change for companies to transform the way they interact with their customers.
Multichannel and omnichannel strategy integrated with autonomous digital experiences have empowered chaotic transitions in the digital space. This has urged the need to alter existing business models to live up to technology driven customer expectations. No matter B2B sales, B2C retail or public & financial services- the digital technology is changing fast the way how customers are shopping online. Industrial automation featuring smart machines and robotic applications have led disruption felt everywhere in terms of consumers, markets and brands.
Today, in both sectors-enterprises-B2B & B2C, retail or public-customers are open to research, test, verify right from home without stepping away from their computing system. It is still a half-empty business phenomenon for enterprises to establish a digital presence and capitalize on new marketing strategies across all channels. The convergence of bricks (physical store) and clicks (online store) have re-invented customer experiences inclining for more customer-focussed purchases.
About 75% of high-end shoppers make an initial online research at the cost of store visits even before purchasing from the physical store. This implies tighter consumer engagements and expectations beyond a VIP treatment in-store. So the premium of future will be to maximize pleasure & sheer excitement by dint of technology defining brand value, whatsoever the channel of contact!
Can you think of these examples?
Uber’s taxi app– This world’s largest taxi sharing app Service owns no taxis but managed to disrupt the taxi sector by setting up taxi operations in more than 329 cities in 59 countries thereby, creating 300 new jobs to local employees by end of 2015 in US. Uber is all set to establish a new record of generating an estimate of US$10bn in revenues by spiking in new app subscribers rapidly since last year. The catch- with just a shared app, the driver now controls to choose how, when, where & with whom to navigate the city at a low license fee.
Amazon 3 D printing Delivery trucks– This online retail giant has recently created touch buttons to reorder customizable 3D printed products and deliver right at the retailers’ doorstep. These products are manufactured on the fly via 3D manufacturing on demand that will increase customization. In addition, fast one hour delivery in person is bridging the time delays between shipping & order placed, delivering items at doorsteps within minutes!
Whatsapp messaging– Over 900 million users for whatsapp is shrinking the revenues for telecom operators by disrupting multiple business revenue streams within the digital sphere. The future update-Well capturing the mobile payment market share & generating revenues via voice calling in near future!
A challenge for enterprises
For companies who are turning a deaf ear to global demographic shifts, global consumer needs-their shopping patterns, purchasing style, shifting choices, behaviour etc. are missing out important opportunities. But all is not lost. Digitization is ever increasing and will continue to change shape. Brands have the potential to reshape business markets even within the competitive landscape and chaotic order of digital turmoil. As a first step to beat this chaos, organizations not only need to deeply understand the mechanics of disruption but also to figure out the changing nature of business transformation. No wonder, brands need to go beyond home grown tools to leverage a game changing customer experiences. To start with, let’s peek into the best reviving strategies how brands can go about it.
Identify where you are vulnerable- Disruptions are expected! To identify your vulnerability & new threats, study your competitors’ business strengths, reconsider and revise your strategy to spot opportunities or any broken connection that might disrupt your business stand in the list of your competitors. Identify what needs to be monitored or which partnerships need to be capitalized on as well as digital initiatives to be launched. For instance, Spotify launched free mobile services identifying the crisis in its business model to stave off competition.
Improvising business model strength over competitors- Gaining a relative advantage over competitors is every brand’s dream. To spot your eyes on the main game without being distracted by any new shiny object, brands need to find out which technology or business model is adopted by the competitor to leverage their performance in market.
The approach is- let the disrupter disrupt the industry; but let’s keep a close eye on improvising our business core model effectiveness that can lead to a new innovation. For example Apple’s new products speaks more of innovation and consistency, interpreting their core strength “innovation” as a successful strategy model emulated by other brands.
Expand digital capabilities– Making customer transaction life cycle flexible and smooth doubles up the pleasure of consumer shopping. Whichever channel the customer is comfortable in interacting with you, it is important to increase the channels effectiveness while shortening the delivery cycle of the product. Just as in the case of “Amazon Prime Air” service that delivers goods ordered at customer door-step within 30 minutes!