A global pandemic has changed the way businesses operate. It has forced most enterprises to reimagine their operations. To function in this uncertain world, organizations need to be agile and ready to tackle evolving trends. The primary need for this transformation results from the rapid evolution of consumer behavior.
Since the lockdown began in March 2020, organizations have seen a spike in consumers preferring the online ecosystem. Take, for example, the Nielsen report which found that the largest consumer goods companies in India have seen online sales contributions double. Other reports show that consumers are moving to online channels for all their needs, from apparel and household goods to entertainment and education. Adopting an e-commerce strategy is now an essential reality for millions of businesses that may never have considered digitization prior to the pandemic.
Moreover, most consumers say that they will continue with online purchases even after brick-and-mortar stores open up. This means that for e-commerce companies that want to remain relevant after the pandemic blows over, a digital game plan is inevitable.
Step-By-Step Digital Transformation Playbook
In business, as in sports, having a detailed strategy can pay off. Think of planning your digital transformation journey like a football world cup game: unless you have a specific game plan, strong players, maneuvers for every player, and a specific offensive and defensive strategy for different situations, your chances at winning are slim.
Here is how you can devise a digital “playbook” for your business:
Evaluate the Playing Field
A robust e-commerce strategy requires a business to address all aspects of a digital channel for optimal customer engagement. From omnichannel experiences and virtual customer support, to secure payment mechanisms and dealing with compliance and frauds, everything needs to be considered.
Start with a baseline – realistically evaluate your strengths and weaknesses. A business with its head in the game knows that a happy customer is a win. Analyze customer data and responses to understand your position before you dive headfirst into the game.
Work on Your Key Players
If satisfied customers are your winning goal, business processes are your players. To win the e-commerce battle, your key players have to be strong: your product, your internal processes to create and deliver that product, the customer experience, and finally, compliance with the law.
Digitization will have to find a footing in every aspect of your business.
- Augmented reality, virtual reality, and mixed reality solutions can help bridge the experience gap with online purchases.
- Automation of delivery processes, customer mapping, and marketplaces can solve delivery complications.
- Omnichannel engagement, specialized customer interaction management, and a tech-based first-call approach can elevate customer experiences.
However, ensure the transition happens fulfills all regulatory requirements. Even here, adopting the digital approach of online compliance monitoring and tools can save you from making irreparable errors.
Have Multiple Strategies
An uncertain playing field means that you have to be prepared for diverse scenarios to play out. While you may start out with an offensive strategy, you also need a defensive fallback. According to Harvard Business Review, in business, offensive strategies are externally-focused while defensive strategies look at internal efficiencies.
For instance, as part of your digital tactic, you could offer customers new payment options, such as e-wallets and government-approved Unified Payments Interface in addition to debit and credit card payments. However, increased online transactions mean that you will also need to improve your chargeback mechanisms and online frauds to reduce losses.
Be Willing to Improvise
Sometimes, despite your best plans, reality plays out differently. This is why although a thorough step-by-step approach is essential, flexibility is just as important.
No one knows for certain how things might turn around once the pandemic eases. While online sales and digital customer support will survive the test of time, some customers may move back to physical channels. This will need a balanced online and offline management strategy, the nuances of which can only be put in place once the situation presents itself. The best maneuvers leave a little room for improvisation.
The Winning Hand
Behind every win is a dependable coach. While internal support is crucial, a reliable tech partner can give you clarity and leave you with more time and resources to focus on your core business. Allsec’s digital business services, complete with technological excellence and pointed customer, compliance, and risk management strategies can deliver the best results at low costs.
Creating a digital playbook gives your business as well as employees clarity on how to navigate a changing world. Having a step-by-step plan for scalable processes can reduce training time for employees, minimizes errors, lowers costs, and sets you up for success.
Allsec delivers robust Digital Services and strategies, coupled with the right blend of industry-leading and human intervention for growth focussed businesses. Reach out to us for more information.