Businesses such as Tesla, Netflix, and Amazon deservedly call themselves, “digital” as they employ a significant number of digital services in their business models. But under the umbrella of “digitalization”, the Internet of Things, blockchain, automation, and a host of other technologies, (which are all great tech taken separately), growing a company now is less about the evolutionary development of classic business models. Today’s digital transformation revolutionizes the initial approach to building a business, taking into account the context of “digital erosion” and an uncertain economic environment. We’ll also take a look at how these last two factors can affect many businesses that are simply evolving without a future plan for growth.
Retail trends in omnichannel and personalization emerged in 2020, and due to our “new reality” they have evolved much faster than one might expect. The kind of progress in marketing that usually takes five or six years - was made in just five to six months. Obviously, these “trends” will remain relevant and will influence marketing strategy in 2022 and beyond. Let's take a closer look with First Line Software’s retail practice team at what’s changed and what it all means…
With social distancing in full swing, there's increased demand for digital solutions that reduce or eliminate human touch, forcing some retailers to accelerate their plans to provide options for contactless payments and self-service checkout. As retailers prepare for store re-openings, many have announced the availability of touchless payments, including department store retail chain Kohl's department store, whose customers will have the option to pay for purchases through its app.
As the COVID-19 crisis challenges businesses and society worldwide, technology is playing a more important role than ever. Technology enables businesses to be more resilient through remote workspaces, automatic backups, and data access. Companies with business continuity plans are the ones that will come through an epidemic the strongest, with minimal impact. Moreover, accelerating business transformation efforts can help strengthen a company’s position in its market once the pandemic passes.
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