Digital Business: How to Compete and Remain Competitive?, digital transformation
In today’s world, digitalization is changing how we live, how we act and of course how we conduct business. Digitalization both brings its own new business models and changes the rules of traditional business. For example, the SaaS business (software as a service) now have a huge role in business, and also new platform-based businesses such as Airbnb and Uber have changed traditional business dynamics.
Ever-Increasing Competition in Digital Business
Digital transformation basically allows entrepreneurs to join in business world, without high entry barriers existed in the old days. Many small-scale businesses and even new entrepreneurs have the chance to become micro-multinational by courtesy of globalization and interconnection that Internet brings. Speaking of these dynamics, it also means that competition is now increasing and expanding to the whole world. How can firms remain competitive in digital business? There are 3 key points to consider when formulating your competitive strategy.
1. Data Processing
Digital transformation is mostly seen in e-commerce platforms of businesses. It is obvious that customer-centricity is the key point here. If your e-commerce platform is new, e-mail marketing helps you to build and attract audience through news and promotions. If you want to expand your business, As in Amazon example, e-commerce businesses can highly benefit from personalization. Identifying your customers, collecting information about their preferences, and offering them what they would want makes customers interested. In the long run, as an e-commerce business you can form strong relationships with your customers and increase sales with personalized offerings. Shortly, digital transformation helps you to collect and analyse data to increase sales and attract customers. You need to continuously try to process data to attract your customers and remain competitive.
2. Website and User Experience
After building your audience and collecting information, it comes to making your website perfect. Make sure that you are offering perfect user experience to increase conversion rates. Organizing your categories and making your website clear to understand helps you to address your visitors directly and take their attention. Whether you have an online store or a blog, you can heavily lie on images. Influential and relevant images both supports what you are telling and makes it catchy. Images also helps your SEO efforts, eventually leading to more visitors coming to your website.
3. Website Performance
Last but not least, speed is critical for website performance. In today’s digital and fast-moving world, competition actually could be measured even with seconds. Given our ever-decreasing attention span, you have very limited time to make your visitors interested. A downtime or any server issue would damage any effort you’ve made for your website. An important example for this is Amazon, considering its huge customer group worldwide, a latency of 0.1 second caused Amazon to lose $1.3 billion in a year.
Finally, to expand your digital business and stay competitive, you should focus on both data process and website performance. You can look for support for digital transformation or building your website from the very beginning. There are many tools for data processing to exploit available data and creating content when starting a digital business. For website performance issues, you can have a look at image4io. Image4io offers image optimization, Multi-CDN and storage. These can save your time if you are dealing with huge amounts of images, and also offers minimum low latency and no downtime via its Multi CDN architecture.