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Gerry Szatvanyi Of OSF Digital On How To Use Digital Transformation To Take Your Company To The Next Level
To turn a call center into a profit driver, one effective strategy is to address the pain point of wait time when customers call in and offer a price to connect.
Today technology connects us in ways that weren’t available to previous generations. In the next years, further advancements will continue to impact the way we live and work. Organizations that want to keep up will recognize this crucial factor.
When a shopper clicks to buy their favorite brand of perfume, and sees that it is out of stock, what do they do? In this saturated e-commerce world, they may move on to another retailer. As soon as the consumer finds a place that has the perfume available, they check out. The first retailer misses a sale.
Phrases like “going digital” abound. As retailers strive to keep up with change, the efforts sometimes fall short. In the 2022 survey report, “Fashion in Focus: New Norms and Paradigm Shifts,” 28% of respondents stated they were behind target in their progress toward using digital tools to engage customers.
Head to Amazon. The web giant features long, descriptive names attached to the goods for sale. Shoppers put in the keywords to explain what they are looking for. The search drives results tailored to their preference.
With today’s tools, transactions can easily be tracked. However, accessing these records isn’t always clear cut. Furthermore, the right details which can impact the bottom line sometimes aren’t available. Data silos, isolated departments, and weak or nonexistent dashboards often lead to havoc.
Amid a shortage of workers, high inflation, and an uncertain global economy, retailers have tough choices ahead. Where can expenses be reduced? How can customer retention be improved? What culture should be established to attract workers?
Survival in today’s retail world means being agile at every point. Customers expect to be the center of all experiences. They’re looking for personalized treatment and immediate responses. Making the most of technology’s offerings can help meet these demands.
For retailers, the shift to digital implies an onboarding of technology tools. When looking, you’ll find there are many solutions available! Sifting through them requires time and effort.
Where do employees want to work? Increasingly, at home. Or while on the road. Or really, from anywhere they choose. Nearly all workers (98%) express an interest in remote work at some point in their career. Staff members cite flexibility, zero commute, and more time with their loved ones as some of the top perks associated with the remote work trend.
Where do customers go to share their experiences? If they loved a brand, how will they tell their friends about it? What channels can shoppers use to recommend a product to others?
Consumers no longer flock to the mall—but do they still shop? Yes indeed. In 2021, U.S. total retail sales reached $4.55 trillion. Add in global transactions, and it’s clear that the material vibe still thrives. Putting an item in a cart, getting an email confirmation of an order (or better yet, a delivery!) is part of the daily routine for many.
Pop quiz: Is switching from paper flyers to email marketing an example of digital transformation?
Answer: It depends. While the term “digital” evokes a flurry of paper shedding, a true transformation goes further.
Amid repercussions from the pandemic, an increase in mobile use, and the ease of online ordering, the way consumers shop is changing. The lines between in-store and digital transactions continue to blur.
From the panic of the pandemic to the roller coaster of recovery, disruptions have hit retailers in significant ways. New consumer buying patterns that began before COVID-19, such as a shift toward buying online, have intensified.
The next stage of ecommerce evolution has been building up for several years. As businesses look to keep up with omnichannel demands, they are likely reading more and more about “headless commerce” and its benefits.
In October 2022, Microsoft and Meta announced a partnership to deliver immersive experiences. The development solidifies the companies’ position on the Metaverse, which they tout as the future of both work and play.
Well-known retailers are closing doors and putting up “for sale” signs at an alarming rate. Office Depot sold off stores during the last year, as did Kohl’s, GNC, Macy’s, and Signet Jewelers. The list, which began before the pandemic, is expected to grow.
More than $1.65 billion in funding was raised for headless technologies during 2020 and 2021, as reported by Forbes. Retail giants like Amazon and Target have already embraced the trend.
The ongoing labor shortage has spurred multi-layered changes. Workers and organizations around the world are grappling with issues related to staffing, mindset, and growth. These complexities are significant for global companies that operate in numerous countries and continents.
Of the goods purchased in 2022, approximately 20% of sales will take place digitally, per data from Insider Intelligence. This figure is up from previous years and expected to further rise in the future.
From the panic of the pandemic to the roller coaster of recovery, disruptions have hit retailers in significant ways during the last years. New consumer buying patterns that began before Covid-19, such as a shift toward buying online, have intensified.
Suppose for a moment that you decide to start your workday off by checking on workers at a local branch of the retail chain you currently manage. You drive to the location, park, and walk through the sliding doors of a big box place
These discussions stem from two ongoing trends: digitization and digital transformation. Both serve a purpose and can have an impact on a company’s performance. While they are similar in a certain sense, they differ in key areas.
In 2022, every month, about 4 million workers in the U.S. are quitting their jobs. The trend is a facet of the Great Resignation, a phrase first coined in 2021 to describe the ongoing exodus of workers which originated during the onset of the pandemic.
In mid-2022, New York-based cosmetics brand Revlon raised a white flag, surrendering its 90-year lifespan to the courts and filing for bankruptcy. Its demise, should it be plotted on a graph, would join the ranks of other household-name retailers that have crumbled and disappeared from store shelves in recent years.
The rate of omnichannel adoption and digital transformation across the retail sector has remained high over the first half of 2022. However, new industry data shows that retailers and brands still have significant ground to cover to meet evolving customer expectations.
With the stakes so high, manufacturers need to embrace the adoption of digital transformation for revenue generation and business growth. That starts with understanding the importance of direct-to-consumer (DTC) commerce in a digital-centric market environment.
Whether it’s in-store, on a computer, or from a smartphone, customer experiences directly influence brand loyalty. Failing to align with that reality can directly impact a retailer’s bottom line, as nearly 75 percent of shoppers will abandon a brand after just three poor experiences.
As the pandemic continues to fuel the growth of digital commerce, further blurring channel lines, it’s more important than ever for retailers and brands to double down on responding to changing customer behaviors!
OSF Digital has extended its global footprint through the acquisition of Netnomics, a Germany-based CRM agency.
OSF Digital, a digital transformation services provider, has announced a $100 million Series C investment led by Sunstone Partners. Delta-v Capital and Salesforce Ventures also participated.
‘U.S. funds have been coming across the border aggressively in the last five years, which has helped fuel cohorts of investable companies,’ says a lead investor at Georgian, a Toronto-based VC firm
Over two years into the pandemic, beauty brands are continuing to ramp up their DTC sites and omnichannel capabilities, according to a new report.
In a digital-centric world, how customers interact and align with brands is far different — meaning CPG companies can no longer rely on retailers alone for sales and customer feedback.