Do you run a business? Are you ready for the digital future?

Is your business ready for digital future - Silver Magazine

There’s a lot more to digitising your business than having your emails on your phone, or firing up the card reader for payments. Is your business ready for a digital future?

The rise of the internet in recent decades has pushed businesses to make huge changes. In a study on digital transformation, experts believe that companies should integrate digital transformation practices into their strategies. Not only to survive, but also thrive in today’s competitive environments.

By doing so, they can respond to new opportunities and work to become resilient against risks. Not only that, gain a competitive advantage over their peers in the industry. Additionally, digitalisation can lead to improvements in productivity, and reduce costs by automating some business processes. Ultimately, businesses can become more successful by exploring what new technologies have to offer.

So what do we mean by digitalisation?

Let’s look at your customer service first

As more people are switching to online shopping and services, you must also improve your online customer experience to promote repeat purchases and customer loyalty. The short of it is that without your customers, your business wouldn’t be able to succeed.

According to one study on the state of digital transformation, respondents claimed that boosting customer experience and engagement remains the top goal of businesses.

To achieve this, you can use digital tools, like Google Analytics and Sprout Social, that can provide consumers insights by gathering and analysing customer behaviour data. Using these technologies, you can learn more about what your consumers want. And how they want it delivered to them. Although this may require you to invest in technological software, it’s worth it because it enables you to make data-driven decisions to elevate the customer experience. Plus, as time goes by, these tools collect and process more information to provide you with timely insights.

Offer digital payment options

Because online shopping is currently in-demand, digital payment methods are necessary for an effortless online transaction. And even if people are not buying online, more consumers now prefer cashless transactions, with over 70% of consumers in the UK saying they prefer cashless payment methods. So, if you want to keep satisfied customers, you should invest in digital payment services. This doesn’t only apply to large-sized companies as merchant services for small businesses also need to adopt digitised payment systems if they want to remain competitive in the market.

Today, different payment processes are available apart from traditional countertop card machines. One of them is the Pay By Link method, where customers can pay online through a secure link that is individually sent by email by the vendor. This can help you reduce time chasing unpaid transactions, and the unique links let you keep track of each payment request for documentation.

Other processes are also popular today, such as online bank transfers and digital wallets. Digital payment options can put you at an advantage over your competitors long-term because they’re safer and more convenient for you and your customers.

Adopt a digital-first leadership mindset

Lastly, it’s also crucial to adopt the right digital-first leadership mindset. Even if you have the best tools necessary to digitise your business, you won’t be able to successfully utilise them if you’re not prioritising their use. Nor will it be easy if you’re notr familiar with them yourself. Knowing and understanding how these technologies can help your business will guide you in assessing which to use or discard. This will eventually enable you to utilise these tools to anticipate opportunities and threats and increase business productivity to improve performance.

Moreover, being a digital-first business may attract more investment opportunities for new businesses since more partners and organisations are looking to fund businesses that are primed to thrive in today’s digital landscape. Adopting a digital-first mindset means being open to new ideas and exploring growth opportunities, ready for any challenge.

 

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