What Is Digital Transformation?

• Reach Out to Consumers Directly

  The direct-to-consumer model is gaining popularity among ecommerce platforms. And despite setting back the business industry, Covid-19 is the clear reason why.

  
  Ever since customers gained the opportunity to shop online, purchasing has never been the same. As an ecommerce business, you can take this to your advantage and create an experience that tightly loops in your customers, distributors, and partners.

  
  This involves engaging with customers during their purchase cycle to know what they’re interested in and what they’re buying and offering payment guides for a smooth conversion.

  
  Moreover, a fully immersive ecommerce experience also includes a frictionless checkout process, eliminating the chance of losing a potential customer. As a result, you can digitize the entire shopping lifecycle and increase customer loyalty. :

• Offer a Subscription

  Gone are the days when only Disney+ and Netflix used subscription services. The current era is when you’ll see everything from safety razors to car washes and cosmetics being sold as a subscription. And it’s your ticket to transform your business operations, too.

  
  With a subscription-based business model, you can create a recurring revenue stream and increase customer retention. The best part? This model locks in the customer for a long time, meaning they’re bound to return to utilize or renew their service.

  
  

• Expand Globally

  While offering services to the locals is a good thing, globalizing your brand has its merits, too. For starters, you can expand your chances of gaining global recognition. Secondly, it means you can address customer demands in other areas:

  
  A word of caution: only go for this approach if you can master the following
  

  call payment method
  Local languages
  Regulatory requirements

• Streamline Your Financial Operations

  As the digital world progressed, businesses have realized that investing in multiple third-party tools for payment processing and revenue management is more costly than doing it independently.

  
  Even an internal system is too disjointed to keep customers in their happy place. But by streamlining your financial tasks like accounting, reconciliation, billing, invoicing, taxes, and reporting, you can keep your workforce engaged in core business areas. That’s why more and more businesses opt for a unified financial platform that provides complete visibility into customer behavior while improving workforce efficiency.

• Build a Marketplace

  Be it Facebook marketplace or Instagram, it’s where online shopping most happens. You can build your marketplace, too, to accelerate revenue growth and increase customer retention.
  
  When a marketplace creates value for a customer, they’re bound to spread the word, bringing in more traffic and, ultimately, sales. This digital transformation is giving traditional marketing and ecommerce websites a run for their money. Therefore, it’s time you build one.

• Bring Your Offline & Online Operations Together

  The ultimate aim for any business is to remove friction in a customer’s buying journey. That can’t happen when you treat customers differently based on whether they interacted with your business in person or online.

  
  The best way to deal with that is by offering the same results regardless of their choice. For example, an average customer would expect online rewards and discounts to be awarded when they step into a store.

  
  To create a unified approach, you can create a single platform that streamlines your online and offline operations while providing accurate customer insights.