With most millennials buying goods and services online, it is vital for companies to have a strong digital/online presence to reap the benefits of the evolving marketplace. Belynda Lee, COO of ASCIRA Global and an award-wining leadership trainer/speaker and bestselling author, suggests what steps companies should take to ensure a presence in the digital world.
Why a strong digital footprint is vital
Have you heard of this phrase, "If you are not online, you will soon be offline"? Look around you, is there one thing around you that is not connected digitally or cannot be found online? 2020 was an awakening year, it opened our eyes to the power of digital. Less and less people are going to physical stores to buy. At least 90 per cent of millennials are buying online. Gen Z are only computer savvy. Toddlers are given an Apple iPad as entertainment. Millennial consumers represent the highest spending generation of 2020 with a projection of over $1.4 trillion. Gen Z is not far behind; they are projected to be at $33 trillion in income by 2030, that is more than a quarter of all global income. If businesses are not seeing this trend and start building their platform online and have a strong digital footprint, they will become obsolete soon.
ASCIRA saw the trend and understood what it takes to make it in the new world. Our products are delivered online, our business model are purely direct sales and online marketing. We enroll home-based entrepreneurs to promote our products and in return compensate them generously for their efforts. It is just that simple.
Digital transformation can look very different from company to company, but it ultimately boils down to the cost. While it requires a significant amount of investment in terms of money, time and effort, it is necessary for most businesses to make the change sooner rather than later.
International Data Corporation predicts that the global spend of technologies and services for digital transformation will reach $2.3 trillion by 2023.
Digital transformation does require immense planning and hard work to make the new business successful. But, despite the costs involved, investing in digital transformation will pay dividends that ultimately exceed the original cost.
The short-term benefits for digital transformation are the quick accessibility to a digitalised business operation, Google drive, box, a cloud storage for all documentation storage, better customer experience and employee empowerment.
The long-term benefits for digital transformation are the accessibility to global expansion, easy delivery of a product or service, and increased profitability and agility of the business.
Improving digital literacy
a. Everyone expects on-demand – "How can we get it faster and faster and faster?" It is a common question asked by so many.
b. Companies need to provide the proper equipment for the employees to perform at their highest. At ASCIRA, staff are equipped with high-performance laptops so they can easily work from office or home.
c. Our customers are educated on our ticket system, which tracks their submissions and inquiries on a timely basis.
To conclude, the reason ASCIRA is successful is because we understand that ‘going digital’ is the only way to be feasible and sustainable.
Tips to go digital
1. Evaluate: What does it mean for your company to go digital?
2. Determine: What does your roadmap looks like?
3. Capability: What skillsets or resources do you have inhouse or outsource to support the change?
4. Analyse: Prepare a SWOT analysis to ensure this is the right direction for the company.
5. Go digital: Make sure you have all the buy-ins before you begin your digital transformation.