Table of Contents
- Adapting to change
- eContent is paramount
- Retail Digital Media is a game changer
- Voice: the new operating system for a hands-free universe
The eBusiness Institute is fast emerging as a leading authority on how companies should adapt to remain or re-gain competitiveness in a rapidly changing world. eBusiness Institute’s CEO, Luigi Matrone, will be on a panel with global giants Amazon and PepsiCo at the OxfordSM ‘Business NOT as usual’ event in Amsterdam on 27 September 2018, to share his expertise on how businesses can succeed in an era of complex and rapid change.
We are living in a world of unprecedented change and the shift from an “analog” economy to a fully “digitized’ one is presenting businesses with huge challenges particularly when it comes to growth. As growth becomes more elusive, only those companies that are able and willing to adapt their business organization and leadership to the new digital reality will survive and thrive.
Traditionally, companies have been structured around the segregation of roles (marketing, sales, supply chain, R&D, etc.), known as the “siloed” approach. This is the single killer of any digital transformation plan. Companies need to simplify their organizational structures starting with the integration of their marketing and sales activities to drive business results online and offline.
Companies also need to adopt a common language. As surprising as it sounds, many organizations get lost in translation, literally. Companies need to create common glossaries so managers can actually understand each other. At eBI we have created an eBusiness glossary that is free to download and can be adopted today in your organization.
Given that in 2017 1.66 billion people worldwide are estimated to have purchased goods online and global eRetail sales are reported to have amounted to $2.3tn, the importance of having great e-Content cannot be overstated. A company must overcome the virtual world barrier and create an attractive and rewarding online shopping experience for consumers. This can be achieved by using VR, AR and hybrid experiences which are closing the gap between the real and virtual worlds.
Winning online involves so much more than simply listing products on a virtual shelf. Retail Digital Media (RDM) is a game-changer for all eCommerce players. It is digital advertising that targets the shopper at the moment when they are most receptive to a commercial message. RDM can therefore drive basket size and even drive offline sales for an overall higher ROI. The first brands to understand how to use RDM successfully will gain competitive advantage.
Voice is a channel and companies that embrace it now can create a significant competitive advantage. When Voice is combined effectively with AI it can provide a seamless and convenient experience for consumers. However, when Voice does not work well, consumers blame the product regardless of the root cause of the problem. Voice should therefore be considered as part of a company’s Content & Channel strategy, not in isolation. Consumer Experience must always come first. What is vital to understand is how Voice can help a brand to deliver an outstanding experience for the consumer.
This article is part of a series of articles in the run up to OxfordSM’s Business Not As Usual event https://bnau2018.oxfordsm.com in Amsterdam on September 27th, where I will be participating in the panel “Finding new engines of growth”.
At the eBusiness Institute we are helping clients leverage eBusiness to their competitive advantage. Contact us to assess, guide, discover and implement your digital transformation and become a future-ready business.
This post was originally published at Luigi Matrone website.