The world today is experiencing the growth of the digital economy
Today, people are spending more money online, which has shifted business emphasis to digital sources of revenue and digital channels. The growth of the digital economy has made people more familiar with digital products and services, which has driven companies to seek new competitive advantages in the digital space.
So what really is digital disruptions. Digital disruption is the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services. The major cause of digital disruption is the rapid advancement of technology and globalization, which allows new business models to be introduced at an ever-increasing rate and with rapidly declining costs. I mean a lot of businesses today are adopting virtual offices and cutting overhead costs thereby saving them more money.
Here are two examples of well-known companies who have adapted to the new digital economy:
Uber capitalizes on the widespread adoption of smartphones and utilizes a business model that allows them to maintain relatively low capital assets. Usually, a traditional taxi company must own and maintain vehicles, as well as contribute overhead to recruiting and managing employees; however, an e-business version would allow customers to schedule a taxi online and perhaps view past trips, but the essential experience would remain the same.
You see, Uber cements its place as a digital business because it is, at its core, a platform that majorly connects people and drivers at a massive scale through the internet, while creating an experience that improves on what was previously available to people.
Netflix is a good example of a company that switched from the usually manual way of renting physical movies to a full-blown digital business. Originally, Netflix used technology to manage an inventory system and mail people DVDs, providing an experience that was more convenient, but ultimately fairly similar to movie rental stores.
However, once it gave customers the option to stream video on demand, it disrupted itself and transformed the way that people view film and television media. The ability to consume movies and TV shows at any time or place is impossible without the widespread internet access that most consumers have today.
Are you struggling with the disruption today?
Technology has changed the world we live in. So, for a business who is into sales, it is not all about using credit cards or pos machines for sales to gain efficiency or eliminate redundancies, digital disruption focuses more on how technology allows companies to create new value and experiences that differentiate companies and give them a competitive edge over their peers.
To thrive in today’s world, your business has to be accessible online 24/7.
We can help you put automated processes in place for customer acquisition and engagement to avoid your customers patronizing your competitors, who have engaged digital tools to stay top of mind.
To get started, Contact us on WhatsApp today at +2348066538253