How COVID-19 forces businesses to change their strategies and go online

The Covid-19 pandemic has affected all the spheres of our lives and evoked a substantial transformation of many branches of businesses necessary for their survival. It has also changed the behavior of consumers, and all industries had to notice and follow that fact.

New patterns in customers' behavior

 

  • Market uncertainty and consumer price sensitivity

New circumstances are increasingly putting pressure on consumer behavior. The consumer’s perception of prices and the value of goods, which have become the primary factors determining a choice, is being transformed.

 

  • Convenience and accessibility as the foundation of consumers’ experience

Consumers have become more demanding and are increasingly focusing on consumer experiences, which are directly dependent on the current situation in the world and the development of technologies. Technologies and great service are the drivers of a good user experience and the more advanced these two factors are the more requiring users we get.

 

  • Mandatory online presence

If a business wants to be successful, it has to be on the Internet. All the users tend to buy goods on the Internet, and if a company or business wants to survive, it has to arrange its presence in the digital market.

 

  • New priorities

Consumers are increasingly focusing on health, environmental, and sustainability issues, pushing manufacturers and retailers to take action to care for consumer welfare and the environment.

How have the statistics of online purchases changed?

As far as technologies are constantly developing, which increases their usage in different spheres and industries. Especially, it is significant in the retail business because online sales became a real relief for those people who don’t have time and don’t like shopping. Companies that have provided a good and reliable service and a fast delivery of goods are on the top now. Moreover, with the spreading of Covid-19 and obligations to stay home, such businesses as food delivery, online shopping, and so on became vital for people. And that caused a real explosion in the market and as a consequence led to the burst of online purchases. In the graphics below, you can see the growth of online shopping during the last several years.

Where to start the digitalization of your business?

The first thing you need to figure out before you start digitizing your business is the strategy for its development for the next 3 years. That will give you the vector of movement and a clear understanding of what you need. The next thing crucial thing is the understanding of a user. Users pay you money, and they will use your digital solutions. So, you have to think and provide the best and the most comfortable digital product you can. Simplicity and comfort are powerful drivers for any digital product, and you definitely have to use them to get an advantage.

There are several ways to achieve it.

The first one is to create your own department and develop everything in-house. The second is to trust professionals like us and develop everything faster, better, and with higher quality.

The decision is always up to you.

Recommendation:”Healthcare app development costs“.

 

Why should you embrace digital business transformation?

  • Increased productivity

Business digitization allows you to better evaluate all production processes, carefully analyze each step and accurately identify problems, inconsistencies, and problems. Digitization enables businesses to be more efficient. According to the study “Walking the Digital Rope” published by Fujitsu, companies that have switched to digitalization have improved their efficiency by 39%.

  • Reduce operating costs

Digitizing your business reduces operating costs by up to 20% and increases efficiency. It also enables efficient cost management, which means better control over production and sales processes. Digitization also enables companies to create new business models and revenue streams.

  • Improve your customer experience

Another benefit of business digitization is that it helps to improve the quality of customer service and improve communication with them. Digitization creates a deeper connection with customers and potential buyers and creates added value for them. It also allows for new sales channels such as e-commerce or social media. For example, a developed simple website allows your company to be on the market 24 hours a day, 7 days a week.

  • Facilitate the integration of internal processes

Digitization allows you to systematize your business and develop it with wider steps. Technologies acquire a fundamental role in decision-making and related tasks. Furthermore, the developed custom functionality and systems just for your business allow putting small tasks on rails and integrate complex processes and decisions into business much faster and effectively.

  • Discover new market opportunities

The digitizing of business also allows you to enter new markets. Before the advent of technology, distance was a barrier to business internationalization and didn’t allow attracting new clients everywhere. Now, when almost every single person has access to the Internet, it is literary opened to your product. You can reach new customers across the world with a good digitalized business and products. That, in turn, provides great market opportunities for growth and fast development and takes huge advantages over the rivals.

 

 

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CEO Rivo Agency
Nick Lischenko
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