While some people may believe that technology firms are all concerned with microchips, software, and other hardcore tech stuff, many businesses that run the spectrum from baby food to pizza, educational, and retail are also tech firms.
How can this be? One simple reason is that these enterprises harness the power of technology in redefining their activities.
More than ever before, the COVID-19 pandemic has underscored the need for businesses to change and reinvent themselves. Now we see companies embracing technology, even going as far as adopting technology-powered business models, remote working to name a few.
So, how does this transformation play out? How are businesses adapting while remaining true to their brands? Consider the following and if these provide the clues you need to reposition your business, even better!
Apps & Online Shopping
2020 was a big year for online shopping especially as lockdowns, restricted mobility, and curfews made it difficult, if not impossible, for customers to access goods and other essential commodities in person.
For many companies, the pandemic only succeeded in speeding what has long been in motion while other astute retailers embarked on a mission to strengthen their online presence. With eCommerce projected to increase from 14.1% to 22% in 2023, it goes without saying that online shopping is becoming a new normal.
Although virtual stores may be where the action is at, that’s not to say that brick-and-mortar stores have been phased out. On the contrary, there’s still excitement around the in-store experience with business owners trying their hands at different methods to attract more customers.
Hence, what each company needs is to identify how to meet its customers’ desires at the right moment on their journey in their day, on their commute, or in their life. This, however, calls for strategic thinking and a good dose of creativity.
Data and Analytics
In this golden age of data and analytics, companies are empowered to make good decisions, implement the right strategies and be in a better position to use data to help their customers.
For instance, OZÉ, a Ghana-based startup uses technology to help small-time business owners record their sales, expenses, payables, and receivables.
OZÉ’s co-founders Meghan McCormick and Dave Emnett wanted to build a platform that focuses on aggregating data to provide SMEs with context-specific recommendations and reports that will enable them to make data-driven decisions, increasing their performance as well as their chance to access funding.
Here’s another example: For homebuyers, startups like MortagageMarket, a South African online marketplace for home loans, are changing the way people shop for homes and how they make purchasing decisions. The way they collate and process data is transforming the real estate sector and empowering consumers.
Enhanced customer experience
Also known as CX, customer experience is the overall impression customers have during their interaction with a business.
Understanding that a customer’s positive experience with a brand influences their purchasing decisions, companies are on a continuous hunt to find newer and better ways to engage and satisfy their customers, which in turn translates into better sales.
In recent times, businesses are deploying digital tools to create and personalize experiences not only to get their products and services out there but to meet the needs of their customers whoever and wherever they are.
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