Unprecedented challenges and threats due to the global pandemic have compelled businesses to redefine and accelerate their digital transformation roadmaps. Led by a need for improved stakeholder experience (customers and associates) and operational efficiencies, security and adoption of new technologies are among the top objectives of the transformation programs.
But, digital transformation doesn’t come easy. Leaders must evolve into transformers of their organizations’ culture and strike the right balance between short-term improvements and long-term value. An integrated digital transformation plan should emerge with clear cross-functional ownership and provision for core features like security and infrastructure to ensure success.
As consumers continue to reshape their expectations,
enterprises must contend with a uniquely challenging landscape.
The consumer technology landscape is forever changing.
From Pinterest to TikTok, WeChat to Instagram, new experiences can rapidly gain consumer adoption and relevance.
From augmented reality to voice, smartwatches to chatbots, consumers are constantly embracing new interaction paradigms.
Commoditized convenience is eroding loyalty and margin.
Consumers expect convenience. If you can't deliver it, they'll go elsewhere - e.g. next day shipping becoming the new standard.
Walmart will reportedly lose USD 1 billion on eCommerce revenue of USD 21 billion this year as it faces challenges in its bid to complete against Amazon – from trouble integrating its DNVB acquisitions to impact on margin from its next-day delivery operations.
Consumers value experiences that are curated to fit their lives better.
They want to engage, be served, and transact at their time, their pace, their place. They have little patience, infinite choice and the freedom to swipe left at the slightest hint of friction.