New and transformative technologies were rapidly entering in our workplace even before the pandemic, helping businesses to innovate and thrive in an increasingly digital world and fulfill the desired Objective. But then 2020 happened and everything had changes in business world and what was supposed to take years had to happen in only a few months or less. Digital Transformation suddenly became necessary for the businesses around the world. To stay in market all business had to join online space to be with their target audience and to do the business online only. Before we talk about how covid 19 affected the small businesses and forced them to make changes to business model. Let’ first know what is the Digital Transformation.
Why Digital Transformation?
The Covid-19 pandemic accelerated digital transformation in small businesses across the country, and it became table stakes for survival during this period. Businesses that successfully managed to digital transform also saw success afterwards as they began marketing towards new customers who were scared of infection or mutation from other countries hit hard by virus outbreaks like H1N3 (swine flu).
Small businesses are rising to the challenge and adopting a digital-first approach. They're making the leap into digitalization so they can respond more efficiently, adapt quickly when consumers demand change or new norms become popular in their industry (e.g., working from home), put data at work for performance improvement strategies like marketing campaigns that generate leads based on what customers want rather than where you've advertised before which should lead these companies becoming stronger as time goes by because it will make business resiliency much easier!
Now, Lets talks about some reasons why this is right time for Digital Transformation
- Consumer Behavior and Expectations are changing rapidly -The pandemic changed the way consumers shopped. Last year, U.S retail e-commerce sales grew more than 33% and reached $799 billion dollars in just one year! What's even MORE impressive? The rate at which people are shopping online has increased by 10 years over 90 days - this means that soon there will be an increasing number of shoppers who have been untouched by traditional brick-and -mortar stores for quite some time now because they do all their buying on sites like Amazon or Ebay instead (notably). Post-pandemic ecommerce is expected to remain at an elevated level as consumers continue adapting to the convenience of online shopping. To stay relevant, small businesses will need to make continuous adjustments in order to meet customers where they are by using technology like mobile apps for example to offer immediate service with one click purchasing options when needed most. The pandemic changed the way we live and do business, but it also highlighted a major issue with today's payment options. At one point in time consumers were unwilling to handle cash or credit cards because they worried that contactless-payment solutions would be too risky - which led them towards tap-and go alternatives like paying via phone app for phones equipped with NFC techs rather than tapping out an amount on your wallet. In a survey of 1,000 people from around the world, it was found that 85% expect digital options when shopping in-person. The top contactless option for consumers is using card or payment apps with 62%. Last but not least there's paying by mobile wallet at 37%. Small businesses are in the midst of building out a digital ecosystem to respond and evolve with consumer preferences. Digitizing back-office functions such as accounting, they can efficiently manage finances while responding quickly if anything changes - all these advancements make them even more competitive than before!
- New Working Norms -This year, we can expect to see a steady increase in the number of remote workers. By 2020 it is estimated that 78 million Americans will be working as mobile employees- nearly 50% more than now. This article discusses how changes resulting from pandemic driving us away from face-to face interactions might help with productivity and coordination difficulties during times like these; however there's another side effect: increased reliance on technology which may cause some problems down the line such as concerns over cybersecurity breaches or data leaks. The use of cloud technology in a business's infrastructure allows employees to access company data from anywhere. This leads to increased productivity, which keeps businesses running efficiently as they continue expanding their reach across all regions and geographies throughout the world! The latest research by Cisco found that 36% out 100 small-business owners plan on investing money into solutions like this one because it helps them stay up with changes happening within your organization while also making sure you never miss an important deadline or meeting again. Small businesses are adapting accounting functions to new working norms, using cloud-based applications that provide a robust toolkit for bookkeeping and finance. These apps help the business owner stay on top of their financials all in one place - providing them with increased efficiency as they work away from an office environment!
- Use of Data - Data is the new currency in digital transformation. It provides access to data and insights that help maximize business performance, including mining customers' buying habits for better products/services; boosting acquisition by understanding customer needs before they're even aware of it via analytical modeling techniques like predictive analytics or machine learning algorithms which automate processes throughout your company so you don't have time constraints holding things up anymore - just efficiency! The power of data and analytics will be the driving force behind future growth for small businesses. As reported by McKinsey, organizations can expect 15% to 20% higher revenue from their investments in those technologies paired with insights gained through this research.
- Build business resiliency - Digitalization is a powerful force in the world of business. Smaller, less established companies can use it to maintain stability and resilience as they navigate changing market conditions while larger competitors may need digital technology for success or failure because its so-called "uncertainty" provides them with an edge over others who do not have such resources available. The previously referenced Cisco small-business digital maturity study found that when it comes to recovery during and after a pandemic, mature businesses have the highest ratio of recovering. They're able to respond faster in changing market conditions while also growing revenue at higher rates than other stages on their journey through this new technology age we live in today. To stay competitive in this new digital economy, it is crucial that small businesses make a full-scale transformation into the world of modern technology. Digitizing nearly every aspect of your business will allow you to capitalize on ASC 842 opportunities and be more efficient than ever before.