Reserve the top spot on your list of areas you need to prioritize in your next business plan for digital transformation. We provide nine statistics that show that you can elevate your marketing efforts to new levels by embracing digital transformation.
Are you up to speed with digital transformation? Is your marketing strategy based on a rock-solid foundation that devises digital solutions and meets your customers' needs in the buying process?
9 reasons to focus on digital transformation
IT executives expect 70 percent of their current business to come from digital solutions
- Improved operational efficiency and faster time to market
- Digitally mature companies are 26 percent more profitable than their less mature competitors
- Digital transformation and focus on the customer experience increases the company's customer satisfaction
- 76% of consumers expect companies to meet their expectations and needs in the buying situation
- 67% of consumers say that they are willing to pay more for a good shopping experience
- Companies with good omnichannel experiences retain an average of 89 percent of their customers
- Digital transformation helps improve your employees' expertise
- Poor online experiences make customers 88 percent less likely to return
With digital transformation, you incorporate digital solutions into your business with the goal of optimizing operational efficiency and delivering high-quality user experiences that match your customers' buying behavior in 2020.
Let the numbers speak for themselves. Here are nine statistical facts that highlight the importance of digital transformation and show you how to bring your marketing A game, bringing you up to speed with technology.
In 2020, IT executives expect 70 percent of their current business to come from digital solutions
IT leaders now understand that IT will remain relevant only if IT is innovative, and they are exploiting the wealth of data and capabilities within their organizations to become customer- and product-focused innovators.
According to IDG, research showed that IT executives in 2016 only saw 27 percent of their business at the time coming from digital solutions. Today, they indicate that 70 percent of their current business will come from digital solutions.
Improved efficiency and faster time to market
Business owners highlight the three top benefits of digital transformation as being improved operational efficiency, faster time to market, and the ability to meet the changing customer expectations
According to CorporateLeaders and PTC, business owners say that the greatest benefits of their digital transformation have been optimization of their operations, faster time to market, and faster ability to meet customer wishes and expectations.
Further down the list, we also find benefits such as reusability of product designs and reduction of product costs. These are benefits that are future-proof and ensure flexible, streamlined production and workflows.
Digitally mature companies are 26 percent more profitable than their less mature competitors
Whether you've jumped aboard the digitalization train or you're still figuring out what platform to hop on to, it turns out that the sooner you choose to implement digital solutions and use them as an integrated part of your business, the more profitable your business will be compared to your less digital competitors.
According to MIT, digitally mature companies are 26 percent more profitable and drive nine percent more revenue from their physical store than their less digitally mature competitors.
Increased customer satisfaction
Digital transformation and focus on the customer experience can increase the company's customer satisfaction by 20-30 percent.
According to McKinsey, digital transformation is all about seeing the change through a customer's eyes and putting yourself in the customer's shoes as you select and implement your digital solutions.
If successful, it can increase your company's customer satisfaction by 20-30 percent.
76% of consumers expect companies to meet their expectations and needs in the buying situation
Today's consumers are spoiled with personalized customer experiences, and they have high demands for companies to deliver experiences that match their exact needs.
Salesforce has conducted a survey with 6,700 consumers, with 76 percent of them responding that they expect companies to know and meet their needs and expectations in the shopping situation.
Today, customers are used to being spoiled with valuable, personalized customer experiences, and their demands for experiences that match their needs are sky high.
One of the ways that you can meet your customers' expectations is by using a product configurator that allows them to tailor their selected product based on colors, shapes and forms.
Sixty-seven percent of consumers say that they are willing to pay more for a good shopping experience
In the same Salesforce study, it turns out that it pays off to invest in digital transformation.
Sixty-seven percent of respondents stated that they are willing to pay more for a product if the buying experience is good.
Companies with good omnichannel experiences retain an average of 89 percent of their customers
If you're able to offer a consistent buying experience across your marketing channels, you've already come a long way with your digital presence.
It turns out that companies that create a coherent buying experience for their customers on their web, mobile and social media platforms, and in the physical store, are far more successful in retaining their customers.
According to Aberdeen Group Inc., companies with good omnichannel experiences are able to retain 89 percent of their customers, whereas companies with inconsistent cross-channel customer experiences only manage to retain 33 percent of their customers.
Fortunately, digitalization leads to obvious synergy benefits. For example, digital content in the form of 3D images can be redesigned to different cross-platform formats to create consistency in the overall marketing mix.
37% of businesses say that digital transformation has led to new job opportunities
As mentioned earlier, one of the main benefits of digital transformation is that you can optimize your operational efficiency with more automated digital workflows, saving you many valuable working hours. But that doesn't necessarily mean you have to dismiss employees.
Futurum has conducted a survey of more than 1,000 US and European companies. Here, 37 percent of them said that digital transformation has helped them create new jobs because digital transformation in many companies is opening up new growth opportunities that require talented employees.
Poor online experiences make customers 88% less likely to return
Slow loading images. Lack of information and product variations. Confusing checkout.
If you still haven't optimized your website to work impeccably, there is a high probability that you will miss out on customers.
Many. Many. Customers.
According to Adobe, customers who have had a bad experience with a company's website are 88 percent less likely to return. In other words, there is only a 12 percent chance of them returning to your website. And while you are reading this, they are probably on their way to your competitor's website, because they get a smooth, informative and easily digestible user experience there.
Ready, set, go!
If you want to optimize your workflows, keep up with competitors and provide your customers with an exceptional buying experience that will see you become their preferred supplier in the industry, digital transformation is the way to go.
Want to know more about how to boost your marketing efforts with digital transformation?