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Digital Transformation Can’t Wait

Forbes Communications Council

CMO, Digital Commerce at Ascential, working closely with global brands and their customers to create their perfect digital partnerships.

Brick-and-mortar stores used to be key for the retail industry. Storefronts with carefully displayed products would entice customers to come in and shop. But today, a large percentage of commerce happens through the digital space. These sales are expected to grow by 8.9% globally this year. Retailers reluctant to embrace this digital movement are missing out on potential sales.

Digital transformation is essential for retailers to fully take advantage of shifting consumer behaviors. By developing a strong digital strategy that embraces content creation and is fluid enough to change with consumer preferences, retailers can reach new customers and stay competitive in the new commerce landscape.

Future-Proofing Your Business

Doing business in the digital landscape allows you to appeal to Gen Z shoppers, who are growing in spending power. Younger generations spend time on social media, taking note of recommendations from influencers, watching product tutorials and shopping based on social media ads. In turn, this provides new opportunities for brands to reach them.

The appetite for online content has increased as people spend more time scrolling and browsing social media on their phones. For retailers, that means an opportunity to create purchasing opportunities directly on the platforms their customers are already using. Wherever there is content, there is an opportunity for commerce.

4 Pillars Of Digital Transformation

Developing a digital strategy doesn’t mean completely scrapping your current business model and starting over; it means building on what you’re doing and learning how to incorporate digital channels into your business. When deciding where to start, there are four key pillars to be effective:

1. People refers to the audience you want to attract and the team that must implement the transformation. People are critical in a digital transformation. Knowing your audience is critical to success. Having a team able to translate those insights and leverage the technology to drive results is where the rubber meets the road.

2. Data provides you with a real-time look at how effective your strategy is. Gone are the days when you would have to wait 30 days or more for a report that will likely be outdated by the time it crosses your desk. The wealth of data provided to you in the digital space means that it’s easier than ever to make adjustments and improve your marketing campaigns.

3. Technology means the platforms and tools you use to develop your strategy—things like social media channels, an e-commerce website, and measurement and tracking tools that your marketing team relies on to promote your products. Often, companies will balk at the initial investment of time and resources to build their technology stack, but the value it provides will more than make up for the cost in most cases.

4. Creativity is every brand’s secret weapon. Creativity provides an opportunity to differentiate yourself, drive higher levels of engagement, and ultimately create a space for your brand to really grow and thrive.

Any brand that successfully embraces these factors will be more agile and adaptable, making it easier to weather any headwinds—including economic slowdowns, emerging technology, new regulations or data privacy concerns.

Listening Is The First Step

Today’s consumers are more computer savvy, astute, social and engaged, but their core values differ from past generations. Being willing to listen to your customers is paramount in navigating a digital transformation.

For a business to adapt, it must understand the needs and expectations of the current market, including in the digital space. Find out what matters to consumers and appeal to their priorities. Listen to the data and customer feedback. Your consumers will tell you what they want.

Digital Transformation Helps Brands Remain Competitive

Everyone is a retailer today. To stay competitive, brands must be agile and consumer-obsessed, leveraging data and technology to anticipate the shifting behaviors of consumers.

Competing with brands like Amazon AMZN , which offer transparent pricing, free shipping and convenience, is challenging. As online retailers have emerged over the last decade, brands that sell similar products began to see slowed sales. The brands that found ways to transform and compete are the brands that continue to see success today.

Businesses that don’t adapt will fail. Consider Sears, Toys R Us and Circuit City as examples of companies that missed the boat. When it came time to embrace digital channels, they dragged their feet. Rather than notating a shift in consumer behavior and adapting their business models to meet customer needs, these brands remained stagnant. They failed to make the necessary changes to survive and thrive in the evolving climate.

Preparing For The Long Haul

Digital transformation is a marathon, not a sprint. Many of the benefits of digital transformation can be realized within one or two months, provided your team is on board and everyone has a clear plan. However, doing it well requires regular evaluations to make sure that you’re reaching the right people and that they’re taking the actions needed.

These incremental shifts and fine-tuning will ensure that your business adapts to the times and sets you up for success regardless of the challenges or disruptions you may face. Digital transformation is a journey that will continue evolving as consumers change and technology moves forward.


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