Every business is unique, with different customers, goals, and priorities, but with digital transformation across all industries being driven by changing customer expectations and an appetite for frictionless online experiences, now more than ever, businesses will need to make their transformation strategy a priority to acquire and retain customers.
Many companies are already underway with this process, switching towards more agile and dynamic technologies. By 2023, predictions reveal that global spending on technology and services that will help facilitate the digital transition will reach $2.3 trillion, up from $290 billion in 2018.
In this blog, we discuss three ways businesses can embrace digital transformation practices to increase growth in an increasingly competitive eCommerce landscape.
Align your company culture with your digital transformation strategy
One often overlooked area when it comes to prioritizing digital transformation is the company culture. It can either act as a building block toward the transformation process or stop it from getting off the ground in the first place.
Your employees are your advocates. To ensure success, you should confirm that all employees understand the reasons behind the change and the new direction you're working towards, so you can collectively nurture digital innovation within your company.
One way you can do this is by asking your employees to spend time in your customers' shoes. This will provide valuable feedback on the overall user experience and enable your employees to understand the end goal. Additionally, give your employees clear expectations around their contribution toward company success and how they can work with other departments to drive this transition.
Early adoption of digital transformation, aligned with company culture, will help weave innovation into all company processes, roles, and resources to retain the competitive advantage, which is essential in today's rapidly evolving digital world.
Create frictionless experiences by blending payments and eCommerce
As of 2019, the global cart abandonment rate stood at 77.73%, especially on mobile devices, reaching an abandonment rate of 80.79%. Customers cited shipping fees, complicated checkout processes, and not trusting the website enough to give credit card information as the reasons for abandoning a purchase.
So, for most customer-facing businesses, digital transformation is about creating more intelligent and widely applicable tools that can be leveraged across a common platform to enhance the user experience and drive purchases.
80% of consumers believe the user experience is just as imperative as the product or service offered. Therefore, it's not surprising that businesses have already started blending shopping experiences with the checkout process to meet customers' needs for faster, smoother, and more interactive experiences.
Mobile wallets are a prime example of this. Apple Pay and Google Pay eliminate lengthy checkout times, reduce the number of steps to checkout, deliver enhanced security, and offer flexible payment options, all of which make mobile wallets an attractive payment method for buyers.
Embedding the payments process into applications and ensuring websites are optimized for all devices will bring better customer experiences and help reach the final step in the buyer's journey: the purchase. This form of digital transformation will become increasingly relevant as the technology involved in creating frictionless experiences continues to develop. So, if you aren't offering customers various payment options at checkout, you risk losing them to a competitor who does.
Create personalized loyalty campaigns by leveraging new data insights
In this hyper-competitive digital world, winning the loyalty of your consumers is essential. Of course, a seamless checkout process is a great place to start, but it won't exclusively win you custom. You must also leverage customer insights to create personalized loyalty campaigns focusing on customer-centricity to retain customers and convert new ones.
Today, over 66% of consumers expect companies to understand their unique needs and expectations, which often comes from successful data analysis. Banking providers around the globe have already adopted this technique. For example, The Bank of America is one of the largest financial institutions and offers a tiered-reward system depending on the amount of money spent or products used. This creates a sense of exclusivity that makes their customers feel important and encourages them to stay loyal to their bank.
Successful campaigns will leverage first-party insights, compared to broad brushstroke data (that's easy to gather but difficult to drive impact), from real-time and predictive analytics and cross-enterprise collaboration to deliver unique hyper-personalized experiences that focus on convenience while simultaneously aligning with (and exceeding) consumer expectations.
Growth means staying ahead of the digital curve
If effectively and quickly leveraged, your business's digital transformation should have a lasting impact on your brand, optimize your user experience, increase lead generation, boost profits, and amplify growth.
However, it can also prove challenging with various intricacies that must be addressed in order to move forward. But for companies that align digital transformation with UX, company culture, data-driven insights, and seamless integration across all devices, there really is the opportunity to optimize growth.
Yapstone's full-stack payments solution can connect your business with new markets while aligning with your digital transformation strategy. Get payments insights from payments experts and rely on Yapstone's extensive knowledge of local payments to reduce friction and capture market share in high-growth, complex markets across Latin America, APAC, and MENA. Learn more about how we can enhance your digital transformation by reaching out to us here.
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