How to Elevate your Digital Business in a World of Flux
Is it just me or is there a new buzzword every year? I remember when AI (Artificial Intelligence) and ML (Machine Learning) were the “it” buzzwords of the time. Fast forward to 2022, the new buzzwords seem to be Metaverse and Blockchain. If this has taught us anything, it’s that our world is in a constant state of flux.
Today, businesses need to be agile and adapt to always changing technology trends to stay relevant and deliver iconic customer experiences. Below are a few tips on how to elevate your digital transformation in this world of constant flux.
Creating Iconic Phygital Experiences
eCommerce has evolved significantly over the years - now it’s not just a nice capability, but it's an essential strategy that keeps your business alive. Consumers are shopping on the web, through social media, and on eCommerce sites at an accelerated rate, and they expect their digital experiences to align with their brick-and-mortar shopping experiences.
The concept of Phygital emerged during the past couple years. According to Forbes, phygital is “the combination of physical and digital for enhanced experiences.” Consumers now want a seamless, digital-first experience across every channel. In response, businesses have slowly started to evolve their tech stack to include analytics and advanced technologies like AI and ML.
This concept is even more relevant because of the recent buzz about new technologies like the Metaverse. The Metaverse is ultimately meant to be a fully immersive, AI-based world that seamlessly blends with our everyday world. Now the question becomes: how long do businesses have to complete their digital transformation strategy before the Metaverse becomes our reality?
Agility in an Era of Digital Evolution
Strategic businesses have learned to be agile in this world of digital evolution. I remember a few years ago everyone was talking about digital transformation, but I really think it’s become more of a digital evolution. To excite and engage consumers in ways we never thought possible, constant innovation now plays a key role for technology companies.
Let’s take the Metaverse - never in my lifetime did I think we would imagine a completely virtual world. Although there is still a lot to work through, companies like Meta have started prototypes for virtual worlds. In these worlds people have already started spending real money to purchase things like property and land.
I recently came across an article where luxury brands like Balenciaga and Gucci launched digital-only products that consumers can only use on their avatars in the virtual world. These luxury brands have shown their ability to move at the speed of culture and future-proof their brand. They have innovated new ways to reach their audiences based on where consumers are shopping instead of just maintaining an in-store experience.
Whose Digital Innovation Strategy is Future-Ready?
If we’ve learned anything over the past decade, it’s that these digital trends will keep coming faster than ever. As a society, we are constantly innovating and looking to the future.
Brands who keep up with these trends will stay relevant and keep their competitive advantage. Some brands are progressing faster than others, but only time will show whose digital transformation strategy helped them come out ahead.