Go digital or go out of business!

Go digital or go out of business!

To keep your business relevant in the current times ‘going digital’ has become a necessity. However, it must be backed by a proper digital strategy.

Digital Penetration:-

Online users in India will be crossing 65 crores by 2020  . India has already overtaken United States in Internet user base.Source: Bain & Google Analysis Report 2016

Indian Govt’s Digital India campaign, (that is the creation of digital infrastructure, delivering services online and digital literacy) is another shot in the arm necessitating the need to strategize digitally.

Digital Disruption-

Digital is disrupting the traditional sectors and businesses which are oblivious to the need to  form a solid digital marketing strategy have been started washing out. Thus a profound digital strategy is indispensable for survival in today’s times irrespective of the size of your business, because any business that does not adopt to the new era of marketing and communications (both internal & external) is in danger of losing out.

With the advent of digital technologies, your business competitors are not necessarily from the same industry you are, an innocuous looking sector may turn up as your strongest competitor. Kodak never dreamt that they will go out of business because of telephones. Established watch manufacturing companies like Rado, Tag Heuer etc. are facing biggest threat by companies like Apple, Samsung etc.  who were not into manufacturing of watches just 5 years ago.

Digital Influence is changing consumer behavior:-

Digital influence is increasing everyday and is affecting consumer behaviour. Many studies indicate that consumers now rely more on what they have learned and researched from the internet and social media before they make any final purchasing decision, 80% of consumers’ spending decision is influenced by mobile marketing and social media marketing.

The traditional decision making processes of an individual have been skewed dramatically towards digital. Irrespective of your product category, your customers are getting influenced by digital chatter and your presence in that chatter is need of the hour.

Digital Natives:-

In India, within few months, people who are born in internet era will be eligible to vote. These ‘millennials’ or people who are experiencing digital technologies since birth have already become the new consumers and their buying patterns and decision making processes have started challenging the traditional business strategies.

Business leaders who are delaying the process of incorporating digital strategy may soon find their businesses out of sync with the current world.

Digital is Now:-

A study by a technology company, Google, and a consultancy firm, Bain and Company, has estimated that online sales in FMCG categories, such as male grooming, beauty, food and beverages, and infant care would reach Rs 30,000 crore by 2020. Other sectors like education, retail, manufacturing are also witnessing huge rise in the online sales.

Going Digital provides the small and medium enterprises the chance to compete with global giants and attract their share of targeted customers. Small companies now have the resources to establish grand scale sales and marketing processes that were previously available only to large companies.

 Digital is proving to be a rocket fuel for survival and exponential growth for small and medium enterprises giving them a better chance to expand their workforce and business in this age of digital revolution.

Digital is happening right now and it is upto the companies whether they want to be a follower and risk losing out by digital disruption or be a market leader. Proactive or reactive? Choice is yours! 

Related: What does going digital really mean?