You’ve definitely heard the phrase personalized customer experience thrown around a lot. Like all other areas in business and finance, banks try to use the latest technologies to understand what every client wants and how it can best be tailored and offered to them. There are numerous tools a bank could use to draw new clients, like artificial intelligence (AI), machine learning, digital banking, virtual advisors, mobile apps, platforms, and so on.

The digital world is transforming all areas of human life, and the financial service industry is no exception. Digital transformation drives these changes and creates new interactions between clients and financial institutions, constantly making things easier and more efficient. 

Understanding Digital Transformation in Financial Services

The way the financial service industry works requires diverse processes. Still, digital transformation, by definition, means creating a single digital ecosystem across all the departments that make up your financial service. It would help to have a comprehensive plan to transform all your processes into digital ones. Only by doing so will you be able to make a realistic long-term plan for your business in today’s competitive world. 

It’s simply impossible to exaggerate the importance and necessity of digitizing all parts of one’s business. One study conducted in 2020 shows that 62% of companies have reported that they plan on prioritizing their digital transformation. Once you have assigned enough investment to this crucial project, you must find the right people to help you. It’s a very technical journey; only a team of experts can provide you with a digital road map.

Current Digital Transformation Initiatives

It is usually suggested that 2018 was the year that witnessed a huge change in how things are done in the financial service industry. That was when cloud computing became the norm, and analytics revolutionized how customer data was used. The digital economy also made it possible to reach out to new markets. The financial service had to take a more proactive approach and use new technologies to attract a more tech-savvy customer base.

A personalized customer experience is at the center of all technological changes in the financial service industry. So let’s review some of the current digital transformation initiatives.

Another state-of-the-art technology used by the financial industry is blockchain. It enables secure payments, identity management, smart contracts, etc. In the face of all these changes, it’s hard to imagine how a bank can survive in this competitive market unless they use things like data analytics or automation to bring about efficiency to their business.

Digital Transactions

This is probably the most important step taken from a paper transaction to a digital one. It is also a widespread expectation from a financial service company to provide a fast and secure digital transaction option. Paperless transactions are efficient and convenient both for the provider and the service user. However, more important is the capability of digital transactions to create a more personalized customer experience. 

Workflow Automation

Another part of digital transformation that a financial service company cannot do without is workflow automation. The system consisting of human employees should be replaced by software robots as much as possible. The new system will take care of repetitive and boring office tasks. It is far less likely to make errors and saves a lot of money in the long run. An example could be coding invoices and sending them off for approval, all done automatically and according to the preferences and regulations of your company.  

Artificial Intelligence

This section of your digital transformation is where you can really create an edge over your rivals. Figures show that 85% of financial institutions already use AI, meaning you need to adopt the latest technologies to outdo them. 

It’s also interesting to know that the average financial institution heavily invested in AI recovered much faster after the pandemic. AI, machine learning, and data analytics could come in handy in many areas of your business, including automated fraud detection, credit risk analysis, personalized recommendation engines, and so on. Through data analytics, you can identify patterns and predict an unfavorable situation that is otherwise unpredictable. Therefore, thanks to the AI system, taking the necessary steps to neutralize a coming crisis is possible. There is simply no doubt that embracing AI into your business is one of the most necessary investments your company is in great need of/

The Cloud

Many might be surprised to learn that the number of brick-and-mortar banks has dropped during the last decade, all due to Online and mobile banking. This trend gained momentum during the pandemic. Some of the new services available include payment processing, alternative lending, automated investing, and wealth management services. One thing that is in common between the top fintech organizations is that they all operate on the cloud. Cloud providers can offer fast and highly secure services for your data. Banks and insurance companies are among the top customers of the cloud. Computing and restoring hardware are costly to buy or maintain. Still, you can spend this money on your other priorities thanks to cloud-based solutions. 

Digital Transformation Examples in Finance

Now let’s review a few real-life examples of financial companies that tried digital transformation. 

DBS Bank

DBS is unique because it was the first bank that established a digital-only bank. The Singaporean bank started its project with three goals in mind:

1. A comprehensive approach to digitization
2. A way the customer journey can be guided to meet the bank’s objectives
3. Transform the company’s culture to perform like a startup

One of the very first steps was to make digital platforms. They knew the speed of banking processes was key to their success. To expand their services in India, they offered a mobile-only option that turned out to be a success. 

ING Banking Group

ING banking group implemented digital transformation back in June 2015. They were looking for ways to adapt to a shift in customer behavior. Their answer was an Omnichannel environment that welcomed the customer journey. By launching DevOps and IT delivery services, they dominated the Dutch mobile bank environment. 

The banking group also offered extensive training courses for their employees to ensure they were equipped with the knowledge and skills required for a digital banking system. ING finally found success through an increase in engagement, quick response to market and demand, and offering a much more convenient customer experience. 

Customer-Centric Digital Solutions

Anybody engaged with the banking industry, financial services, or fintech firms knows that customer expectations have never been higher. With all the offers bombarding people every day, it’s not easy to keep one’s clients satisfied. Therefore, it is absolutely crucial to invest in technologies that help understand what every single individual wants and how they want it. Your company needs an effective strategy to constantly reevaluate your customers’ data. Such data is gathered through different channels, such as the sales cycle, onboarding, customer service inquiries, etc. Ideally, your relationship with your customer must be a partnership, with their needs and desires taking center stage. 

Let’s review a more non-AI approach before we discuss data analytics. A common method of analyzing data is categorization by demographics. The next step is to create detailed individual customer profiles. Your financial advisors could ask questions and categorize the customers accordingly. For example: Is your customer insecure or confident about financial matters? Do they prefer the in-person approach or a banking app? Were they ever engaged with any type of institution similar to yours? How did it work out? And any other questions about their history and latest activities. 

Now it goes without saying that a company equipped with only human financial advisors making cannot compete with robo-advisors and chatbots in some regards. Your AI-enabled chatbots should be able to handle most inquiries and only leave a few complex inquiries for your human advisors. That will save you a lot of money and makes your service more convenient and satisfying for the customers. But there are more efficient efficiencies that a traditional approach can bring about. Keep reading, and you will see what we mean. After the data is gathered, you must restore such data on a customer relationship management (CRM) system and create profiles. Your customers have access to their profiles and can update them. 

After you get your hands on all the data you can get from your customers, whether through their profiles or a third party, you need to analyze what the data means and how it can be used. Now this is where you cannot go far without the help of AI. All the data gathered over time will be of little use if it cannot result in identifying behavioral patterns and building predictive models. Now this is a very broad and complex part of running a financial service, but let’s review some of the ways an AI system can create a more customer-centric service.

Identify customers that might churn

By processing data and identifying patterns, an AI system can help you determine if and when, and why an unsatisfied customer may churn. A quality AI system can also suggest the necessary actions you should take before you lose your customer. Even if you cannot improve your customer’s experience and they ultimately leave, this data will be useful for your AI system to improve its suggestions for the next cases.

Intelligent chatbots

Your AI-driven chatbots can gather information on which parts of your service your customers complain about and what they prefer to be offered instead. This means you won’t have to waste resources and time to try to succeed by trial and error. Your AI will show you the shortcut to success.

You have probably heard about conversational AI before. Another magical thing about intelligent chatbots is that they can understand how customers feel about a single aspect of your service and adapt their language accordingly. Such chatbots are simply different from older versions which only worked like unemotional robots.

Personalized recommendations

Just think about how millions endorse the service they receive through Netflix and Spotify. What did they get right? Many things are for sure, but making hyper-personalized recommendations is certainly among their top secrets to success. Show every potential customer what they want and how they wish to see it, and they will come on board. If you could hack into their deep desires, only possible through AI, the sky is the limit for your business.

Convenient customer journey

Ever wondered why Apple and Amazon are among the richest companies in the world? Amazon is known for demanding the least possible customer efforts to provide its services, and Apple manufactures the most user-friendly products of its kind. They make life easier for their customers, and the customers make up for it by paying them colossally. 

This part of facilitating your customer’s experience is also related to how user-friendly your website and payment systems are. Another big part is to develop an app that reduces customer effort as much as possible. 

Let’s go back to the topic of intelligent chatbots for a second. What if your chatbot can make things easier for your customer by assisting them in selecting services, making payments, requesting information, making suggestions, filing complaints, and so on without visiting a website or downloading yet another app? You could use your intelligent chatbots on popular platforms like WhatsApp, Facebook Messenger, and Instagram to reap the benefits. To enjoy the full benefits of chatbots, you could make them voice-enabled to boost a more convenient customer journey.

Overcoming Challenges and Ensuring Security

So far, it is obvious that the impact of Digital Transformation on Financial Institutions is tremendous. But is there a catch? There are quite a few challenges when it comes to digital transformation. The biggest concern for a financial organization is security. It is possible that extending technologies into more areas of your business may expose you to more cybersecurity risks. That is why taking strict security measures should be one of the vital steps in your digital transformation journey. Digid’s cybersecurity services are a great way to ensure your financial service business from malicious attacks and leaks.

Your company needs highly skilled CISOs to safeguard you and your customers. Cyber security is irreplaceable when it comes to building trust and solidifying your position in the market. Invest in this area as much as you can, and you will reap the rewards in the long run. 

The Future of Digital Transformation in Financial Services

The financial service industry has been one of the sectors most affected by digital transformation, and the reason is obvious. Digital transformation has repeatedly proved that it is unmatched in reducing costs and increasing efficiency. While banking apps and implementing artificial intelligence in customer service haven’t been around for long, we already see parts of the financial sector adopting blockchain technologies and digital wallets. Things are moving at the speed of light, and nobody quite knows what’s coming next. But one thing we know for sure is that these changes will not reverse, and the digital transformation will only get more prevalent and complex. And if financial service owners are still hesitant about implementing digital transformation, tomorrow could be a little too late. So, reach out today and discuss your path to digital transformation and growth with Digid.

Commonly mistaken for Digitization or digitization, Digital Transformation is one of those concepts that often has different meanings to different people. While going paperless or using technology to create digital sales streams are parts of “going digital,” digital transformation is much more than just that. By simple definition, digital transformation is the process of reevaluation and reinvention of traditional business operations using technology. It’s the means to enhance organizational operation, communication, and customer engagement by going digital.

Many companies in different industries benefit from digital transformation, and we have already discussed digitization in financial services and the retail industry in other articles. It allows them to automate operations, modernize processes, and increase workflow efficiency while boosting profits. Digital transformation allows businesses to go beyond their traditional methods and use innovative, new methods to connect with prospects. But how exactly does it affect the education sector?

The Need for Digital Transformation in Education

Gen Z grew up with technology, but Generation Alpha is the first generation born and raised in a completely digital world. While millennials were pencils and notebooks students, going to school with laptops, iPads, and smartphones is the new normal for Gen Z and Gen Alpha. There is a huge difference in the educational experience between these generations. Now, think about it, are our old, traditional education methods applicable to the digital generations?

Every industry or sector is advised to go through digital transformation, if simply for the incredible benefits it offers. But in sectors like education, the transformation is not about getting more; it’s a matter of survival. When the COVID-19 pandemic started, the very first places shut down were the schools and educational centers. The education disruption done by the pandemic clearly revealed that schools need to create an immediate and effective bond between technology and human resources. The act resulted in 1.5 billion students continuing their studies through online education. That certainly is the highlight of the education sector going through digital transformation. 

Digital transformation in the education sector is all about creating efficient and effective processes for both students and teachers. The education sector can benefit from digital transformation by improving students’ learning experience far more efficiently than traditional methods. 

Impact of Digital Transformation on Learning Experiences

Online education is, in fact, not the only way digital transformation affects learning experiences. The digital transformation in the education sector can positively affect both teachers and students by creating accessibility for everyone, personalizing learning experiences, increasing engagement, improving safety, and giving insights into students’ performances.

• Education for Everyone

Online education does not just date back to the pandemic. Probably known as the very first steps in the educational digital transformation, technology allowed students around the world access to learning materials and resources. Anyone from anywhere can use technology to join an online course or training program. All they need is a device and a stable internet connection. Imagine how many disabled or unprivileged students can take advantage of this digital transformation.

Considering other new improvements in devices and software used in digital education, like text-to-speech and speech-to-text, there are no barriers anymore for students with disabilities either. 

• Personalized Learning 

No two students learn the same way. The problem with traditional education methods is to expect a classroom of 20 students to act, learn, and deliver results at the same time, with the same quality. Digital educational tools are now creating an environment for students to learn new material at their own pace and by their personal preferences and skill sets.

In fact, technology is helping educators create specialized learning experience platforms to give students the freedom to combine learning materials with different resources and personalize their learning experience.

• Engagement

We have seen how technology has affected the new generations’ engagement with social media. How can educators direct or use that engagement in education experiences? Teachers can use technologies like smart whiteboards, tables, projectors, chatbots, etc., to increase students’ engagement with learning new material. 

Teachers can also benefit from learning platforms to create and manage groups. These groups will increase engagement between students and create a more interactive way for them to effectively exchange information, get involved in discussions, and answer questions. 

• Safety and Protection

Unfortunately, recent violent acts against the school system, e.g., the mass school shootings, have created a somewhat unsafe learning environment for both students and educators. Digital transformation can help in this area too. Schools can use IoT-enabled sensors, CCTV systems, IP cameras, and AI (Artificial Intelligence) to maintain safety and ensure the well-being of students and teachers are not at risk.

Face recognition tools can also help track school facilities and detect suspicious individuals or activities. Technology also provides social distancing control systems and thermal screening to prevent any contagion of COVID-19 and similar diseases.

• Student Performance

Students and educators are not the only people involved in the digital transformation of the Education sector. Parents have a crucial effect on children’s learning experience and performance. Digital transformation allows parents to have a more efficient way to track their children’s learning progress. Tools are at work here to create an automation system that can regularly notify parents of student progresses and attendance reports.

Although this is pretty impressive, it’s not all. By having information on student performance, technology can create big data and give out insights. This data is extremely valuable as it helps students understand their strengths, weaknesses, and preferences. This can help parents and educators in giving career guides. The same tools can provide information on which potential occupations are suitable for the student based on skill sets, interests, and capabilities.

Key Technologies Driving Digital Transformation in Education

By now, you’re probably wondering what these technologies enhancing the education experience are. Let’s have a look at these key technologies, bringing lessons to life.

Artificial Inteligence 

According to Business Insider, HolonIQ estimates that education-focused AI will expand to a $6 billion market by 2025. AI has been affecting our lives in multiple aspects, but what’s really interesting about it is its effect on the education experience. Since the introduction of AI tutoring projects like Third Space Learning, students have been working with adaptive learning software and gamification techniques.

What AI is achieving in this field is helping students through the promotion of personalized learning. AI also has the capability to assist students in understanding the topics they struggle with and mastering them.

Not only students but teachers can benefit from using AI. It can greatly help automate grading progresses for multiple-choice and fill-in-the-blank tests. This creates the opportunity for teachers to focus on personal interactions with students. 

Chatbots

Again with the help of AI, chatbots have proven to come in handy in the education sector. These go-to tools have all members of the education sector engaged, from students to teachers and even the administrative staff. 

Chatbots are performing a wide range of tasks in the education sector. They are a great source of Q&A for students, educators, and counselors. Many global universities are now using chatbots to help potential students through their administration process. What would take many back-and-forth emailing between students and schools can now be done in a matter of minutes through a chatbot Q&A session.

AR/VR 

Augmented and virtual realities are by far the most useful tools in the education sector. Due to the outstanding immersive experiences they can create, they are valuable additions to the educational digital transformation. These experiences project the ability to present information and the potential to extend access to educational opportunities in advanced ways.

Students can use AR/VR to interact with virtual objects and environments as well as with other students. In fact, companies like HoloAnatomy are helping medical students better understand human biology through AR experiences. Another example of AR/VR assistance in education is creating a virtual environment where students can learn about historical world events. 

Blockchain

Although highly associated with cryptocurrency, blockchain is a new technology not only used for transactions but also shows a huge potential for educational digital transformation. Blockchain provides secure connection and data storage. Students can use it to safely store and verify their credentials online. This opens up the opportunity for sharing data in the education sector.

The kinds of data that can be stored in the blockchain are grades, attendance, exams, results, and completed courses. Once uploaded, these data will be immune to any kind of tampering and harm. Blockchain also helps with automating processes. Teachers and educators can organize their workflows by using blockchain-powered smart contracts. Simply put, they can record lesions in a blockchain, create assignments for students, specify parameters, and let smart contracts verify task completion, allowing students to proceed to the next assignment.

Internet of Things

IoT devices greatly help maintain safety and security on campuses and schools. They can also be used to access and manage information across the school. Smart thermostats are also used in classrooms to regulate the temperature. Smart sensors are another form of IoT device that can track student attendance and performance. These sensors can also be helpful in increasing student engagement. 

IoT devices like smartwatches are also used for tracking student health and metrics like blood oxygen level and even depression. They do so by alerting educators, administrators, or parents if they pick up any abnormalities and change in condition.

Challenges and Considerations in Implementing Digital Transformation

While a lot has already been done, digital transformation in education has a long way to go. Yes, there are positive impacts and benefits, but there are also challenges and considerations in implementing educational digital transformation. It’s highly critical to be aware of these challenges in order to make the most of digital transformation. These challenges are:

1. Not Having a digitization Strategy

One of the most important factors of any procedure is the strategy. With digitization, education centers like schools normally do not put enough effort is creating an education digitization strategy. It’s simply because they either do not have the time or the right resources and knowledge to incorporate technology. Not having a strategy results in not having a clear vision of what needs to be done, changed, or implemented.

2. Not Having Up-to-Date Systems

Another issue is that while they are introduced to the technology, many schools and universities do not have the right technology to transform their learning systems. Some education centers still do not have computers or internet connection, while some are using outdated E-learning portals. 

3. Experiencing System Breakdowns

There are many reasons why education centers go through system breakdowns. Glitches, lags, and breaches can happen due to hacker attacks or technical malfunctions. This issue often leads to data loss and, in more severe cases, data leaks which are simply unacceptable for institutions. The problem with system breakdowns is not enough knowledge of cybersecurity in education centers. 

Success Stories and Best Practices

Australia’s Monash University is among the education centers that successfully manage digital transformation. How the university managed digitization? In 2016, Monash accomplished digital transformation by gathering a team of BPOs (Business Process Owners) and assigning each the supervision of one module of digital transformation. These BPOs were also in charge of providing an internal system to advocate for digital transformation, and answer raised questions.

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Along the process, they studied the effects of their decisions on students in particular and the university as a whole. This allowed them to monitor the changes and create a seamless transformation for everyone involved.  

Monash also found faults in its research management system. The system was mostly paper-based and distributed across schools and departments. They also noticed that face-to-face training sessions were rarely attended. The university then chose a Research Information Management System and stored all the distributed research data into one single platform. This way, it was more efficient for stakeholders to create reports, perform assessments, manage researcher profiles, etc. Monash was also aiming to use this solution to improve decision-making and research. 

Revolutionalizing the Way We Learn

In today’s digital world, education centers understand the need to go beyond the education system they know and are used to in order to keep up with the new generations. Digital transformation in the education center is not just about the students. It’s about enhancing the learning experience for contributors as a collective.

Educational digital transformation can be done using different technologies and tools that target various aspects, from learning experience to security. Sure, digital transformation has its positive impacts, but there are areas where education centers face challenges while going through the transformation. Digid is among the first Canadian digital transformation and adoption advisors to have tackled digital transformation in education. Read more about how we have helped educators go digital in our case study on STEMMinds.

Digital Transformation in the Retail Industry — Embracing the Future of Shopping

It is by no means an exaggeration that digital transformation is a necessity rather than just a method of running one’s business. One cannot expect to stay in the fierce competition for long if they are reluctant to use the latest technologies to update one’s business. From marketing to delivery to customer support and so on, you need to be as efficient and quick as you can be. Global investment in digital transformation is estimated to stand at $6.8 trillion in 2023. So why would companies spend so much on digital transformation? Read this article to learn the answer. But first, let’s take a step back and start with what we mean by digital transformation.

What Exactly Does Digital Transformation Mean?

Digital transformation could mean different things for different business owners, depending on the type of business and the most vital features of that business that need to be transformed. A few examples help clarify the topic. If your company wants to boost the customer experience, AI or cloud computing might be the answer. Machine learning could help restructure your supply chain. Today’s technologies can make a difference by helping you easily predict your next month’s demand. Simply put, you will stay at the top of your game if you choose the right people for your digital transformation.

Two concepts that can help you understand digital transformation are digitization and digitalization. Digitization is very simple. We’ve all done it before. It means you convert analog data into digital. That happens when you scan a picture or document and store it on your laptop. However, if digital technologies lead to changes in business processes, that is called digitalization. This could mean a platform to optimize the launching of your new product. Such efforts are sure to cause improvement on every level and, of course, a much higher annual income for the company and everyone involved.

The Changing Retail Landscape

Retailers are sure to benefit from a quality digital transformation. Think of all the new ways your customers can learn about your company, contact you, and make a purchase. These things can happen through your website, social media page, phone app, or chatbot. If you haven’t done that already, it’s time you start using a subscription-based business model.

One of the first benefits you gain is a better understanding your customer’s needs and preferences. Digital feedback is much easier to pile up, organize and turn into useful information once you use the right AI tool. Then you will know what demographics are a better target for your marketing campaigns. Other beneficial consequences are an increase in your customers’ engagement and, ultimately, getting a higher number of loyal customers. A further step can be to use Conversational AI to automate online customer interactions, but more on that later. All right, so more customers and more revenue. What else can I expect from digital transformation?

Digital transformation can revolutionize the performance of your workforce as well. A quality CRM system can assist your employees to perform more quickly and efficiently. Your CRM will easily provide your employees with customer details, sales, customer behavior, and more. Use Big data analytics and instruct the relevant department based on the results in real time. If done properly, digital transformation can lead to better internal operations. This means making use of data-driven decision-making, optimized workflows, and a more efficient supply chain. With the help of an Enterprise Resource Planning (ERP) system, the above processes are much easier than one may think. 

You must transform your mentality along with your business, and always remember that almost any manual task slows down your business. Now let’s review some of the paths to digital transformation.

Key Technologies Driving Digital Transformation in Retail

E-commerce Platforms

While keeping your brick-and-mortar store, you can significantly benefit from creating an online shop. How necessary is that shouldn’t need much persuasion? Remember the situation during the pandemic? [Did you know that 79% of companies increased their investment in digital transformation during the pandemic?] And everything is moving online anyway. However, without a good platform, you may find managing your online business harder than it initially appears. Create a user-friendly website, handle online payments, manage stocks, etc. We’re talking about a long list of things here. 

Hopefully, eCommerce platforms will make it easy to bring all those tasks together and make them manageable and affordable. This way, in case of any failure in the whole process, you could quickly address it. The time saved by using an eCommerce platform can be spent on other tasks, like improving your marketing campaigns or adding new products to your supply chain. 

Mobile apps

Mobile apps are one of the latest trends in changing the retail business landscape. Consumers are hooked to their smartphones, and the right app can help them search for your products, get rewards points, learn about deals and offers, and make easy transactions. Statistics show that 63% of smartphone users have reported they are more likely to buy products recommended through apps. Other figures suggest that over 50% of installed shopping applications are used at least once a week. Retailers who take advantage of such opportunities will stay caught up.

Artificial Intelligence (AI) and Machine Learning

This is probably the most complex but also important part of your digital transformation. Without the power of a quality AI tool, you may struggle to reach your potential customers. There is no denying that business insights provided by AI and machine learning are unmatched. Take marketing strategies as an example. Marketing strategies are best devised when they are driven by AI analytics of customer data. AI is key when it comes to making the right choices in personalized recommendations. Digid’s nextgen automation solutions make your workflows even smarter and faster by integrating ChatGPT into the mix.

Your pricing strategies are another area that can significantly benefit from artificial intelligence and machine learning. Not to mention all the money you can save by using AI to automate demand forecasting and supply chain management. We should add to that something which could often go unnoticed: how AI is the perfect tool to detect fraud and prevent unnecessary losses in retail.

The vast benefits of AI and machine learning should not come as a surprise to anybody. In 2022, 35% of US retailers said they were using artificial intelligence to run their business businesses.

Internet of Things (IoT)

Using the Internet of Things (IoT) in retail business is called “smart retailing.” With IoT, your business can track and manage the location, condition, and movement of your assets and inventory at any place in the world at any time. This can prove a game changer for your retail business. By connecting your staff, systems, and devices, you can stay assured that everything is under your control. Optimize your inventory management and supply chain operations once and for all.

To sum up the main applications of IoT in your retail business, remember that data collection and sharing need to be as fast as possible. Second is that this process needs to be automated for the best result. That means you can monitor and manage each and every part of your business as it is happening.

Enhancing the Customer Experience

Digital transformation makes the customer experience a personal and unique journey. Your services and offers should be adapted to meet the preferences of every single customer. You must tune in to their mindset at any given time and accommodate their desires in the style which they prefer. Figures indicate that 35% of retail business owners think that digital transformation has helped fulfill their customers’ expectations. It’s well known Amazon has often been praised for its innovation and success in revolutionizing customer experience. 

So what are some of the most common ways digital transformation can lead to a better customer experience? Digital transformation can create a seamless omnichannel that bridge the gap between online and offline shopping. Another important factor is how modern AI systems perform personalization and targeted marketing based on customer preferences and behavior.

Digital transformation will lead to a more quick and more convenient experience through features such as one-click ordering and same-day delivery. Other helpful services include chatbots, virtual assistants, and social media engagement.

Optimizing Operations and Supply Chain

Many companies underperform when it comes to using the full potential of digital transformation to change supply chain performance. One study found that the average supply chain has a digitization level of 43%. Interestingly figures show that companies that invest substantially in digitalization can add an extra 3.2% to their annual revenue! Let’s review some of the ways operations are optimized. 

New technologies enable your business to streamline its inventory management, saving a lot of time and money. You can also increase efficiency by predicting the demand using data analytics. As mentioned before, IoT will enable you to enhance your supply chain visibility and efficiency through real-time tracking and automation.

Other benefits include optimization of pricing and promotional strategies based on market trends and customer insights. Even your order fulfillment and logistics can be optimized by using robotics and automation. All these types of optimizations mean more efficiency and, naturally, higher annual revenue.

Overcoming Challenges and Considerations

There is no doubt that digital transformation brings extraordinary results for any retail business, but implementing it is by no means without a challenge. In this section, we will review some of the possible difficulties you may encounter during different stages of digital transformation. 

Siloed Decision-making

Sometimes, different departments inside a company make disconnected decisions and need a unified vision. In cases like this, your workforce may need some training and time before they learn how to adapt to a more unified and digitalized environment. 

Legacy Systems

Companies may face a little resistance to implementing more modern and robust platforms. But they need to leave behind their comfort zone to have a chance to stay in the game. Legacy systems are usually too slow and inflexible and result in hindering your competitiveness. They are also more risky in the face of security breaches. 

Security Risks

A common mistake in going digital is to rush things. This can give a company huge problems, as making quick decisions on which digital solutions to adopt can cause security risks. It is going to require time and a team of experts to make sure which platforms and tools are least vulnerable to cybersecurity risks.

Digital Skills

Digital transformation could mean that almost everyone within your company needs to have some level of digital knowledge and skill. Even your non-technical workforce needs to adapt to the new digital workflow. This probably means you need to recruit competent experts to work in areas like digital marketing, analytics, cloud, cybersecurity, and so on. Your non-technical workforce may only need a few limited training sessions to adapt to the new digital environment. 

Success Stories

IKEA 

The number 1 furniture industry in the world, IKEA was around long before e-Commerce platforms, but once they prioritized digital over their offline stores, their sales tripled in a short time! Without going digital, IKEA probably couldn’t have stayed on the top for so long.

Starbucks

Regarding food-and-drinks retail, there may be no digital transformation success story better than that of Starbucks. The company launched its mobile application at a very early stage back in 2009, and it soon proved to be a huge success in attracting more customers and building strong brand loyalty. Earning loyalty points within the app was a great innovation by Starbucks that certainly paid off. Today more than 12 million people in the US alone use this app. 

H&M

H&M is a Swedish clothes brand that has recently tried interesting experiments with mobile technologies and virtual shopping. One example of the above is called the “Perfect Fit app.” The app enables customers to make their own digital avatars with the selfies they took. Then they can try new clothes on the avatar, and the avatar size is surprisingly accurate! The app can also use algorithms to find similar clothes for you.

Conclusion

The digital world is only going to get bigger and more sophisticated, and those who resist it will most likely regret their choice. Our best suggestion is to get a team of experts in digital transformation and let them guide you through the changes your company needs. They can create a digital roadmap so your business can grow much faster. Remember that every cent you spend on technology infrastructure will come back to you manyfold in the future. So don’t hesitate to take the digital step before it is too late. Your business is begging you to embrace this crucial change now.

Introduction:

In this guide, we will delve into the top website builders suitable for retailers. We will examine the essential features and advantages of each platform, user-friendliness, and personalization options. Regardless of whether you run a small business or a large corporation, selecting the appropriate website builder is vital for establishing an efficient online presence and drawing in customers.

The Significance of a Reliable Website Builder for Retailers

In the modern digital era, a well-crafted and functional website is indispensable for retailers to thrive in the competitive landscape. An effective website builder not only assists in creating an aesthetically pleasing online store but also enhances customer interaction, conversion rates, and overall success.

Top Website Builders for Retailers

In the rapidly evolving world of ecommerce, choosing the right platform for your online store is crucial for success. With numerous options available, it’s essential to find the one that best suits your business needs and goals. In this article, we will introduce eight popular ecommerce platforms – Shopify, BigCommerce, WooCommerce, Wix, Squarespace, Weebly, Magento, and PrestaShop – each offering unique features and capabilities to cater to a wide range of retail businesses. Read on to discover the strengths and weaknesses of each platform and find the ideal solution for your online store.

Shopify:

Shopify is a leading ecommerce platform that enables retailers to create and manage online stores with ease. It offers a range of customizable templates, robust inventory management, and seamless payment processing, making it an ideal choice for businesses of all sizes looking to establish or expand their online presence.

BigCommerce:

BigCommerce is a powerful ecommerce solution that provides retailers with a comprehensive set of tools to create, manage, and grow their online store. It boasts a wide variety of customizable themes, advanced SEO features, and numerous payment options, catering to the needs of both small businesses and large enterprises.

WooCommerce:

WooCommerce is a popular, open-source ecommerce plugin for WordPress that allows retailers to transform their website into a fully functional online store. With its extensive range of plugins and themes, WooCommerce offers a highly customizable solution for businesses looking to sell products online while maintaining control over their website’s design and functionality.

Wix:

Wix is a user-friendly website builder that offers an ecommerce solution for retailers looking to create an online store. With its intuitive drag-and-drop interface, a vast selection of design templates, and numerous features for managing products and payments, Wix is a solid option for small businesses seeking a straightforward approach to building their online presence.

Squarespace:

Squarespace is a website builder known for its sleek, professional templates and user-friendly interface. In addition to its website building capabilities, Squarespace offers an ecommerce solution that allows retailers to create visually stunning online stores with robust product management, payment processing, and SEO features.

Weebly:

Weebly is an easy-to-use website builder that includes ecommerce functionality for retailers looking to establish an online store. With its drag-and-drop editor, customizable templates, and integrated shopping cart, Weebly provides a simple yet effective solution for small businesses seeking to sell products online.

Magento:

Magento is an open-source ecommerce platform that offers a highly flexible, scalable solution for retailers looking to build a robust online store. With its advanced features, extensive customization options, and powerful inventory management tools, Magento is an ideal choice for large enterprises and businesses with complex ecommerce needs.

PrestaShop:

PrestaShop is an open-source ecommerce platform that provides retailers with a customizable, feature-rich solution for creating and managing online stores. With its wide range of themes, modules, and integrations, PrestaShop caters to businesses of all sizes seeking a flexible, scalable ecommerce solution.

Pros and Cons of Each Website Builder

In this section, we will provide an in-depth analysis of the pros and cons of each website builder, considering factors such as ease of use, pricing, customization options, design templates, payment options, SEO features, mobile responsiveness, and customer support. This comprehensive overview will help you make an informed decision when selecting a website builder for your retail business.

Shopify:

Pros:

• User-friendly interface, suitable for beginners and experts alike
• Comprehensive inventory management system for easy product organization
• Wide range of payment gateways, accommodating various payment methods
• Abandoned cart recovery feature to capture lost sales
• 24/7 customer support through phone, chat, and email

Cons:

• Transaction fees apply if using third-party payment gateways
• Limited number of free design templates compared to other platforms
• Add-ons and advanced features may increase costs

BigCommerce:

Pros:

• No transaction fees when using any payment gateway
• Built-in SEO features for improved search engine rankings
• Scalable platform, suitable for businesses of all sizes
• Abandoned cart recovery feature included
• Multiple sales channels integration (e.g., Amazon, eBay, and Facebook)

Cons:

• Limited number of free design templates
• Higher pricing plans may not be suitable for smaller businesses
• Some features may require additional coding knowledge

WooCommerce:

Pros:

• Complete control over design and functionality with WordPress
• Large plugin ecosystem for added features and functionality
• Suitable for businesses with a limited budget, as the plugin is free
• Integration with various payment gateways

Cons:

• Setup may be more complex, requiring WordPress knowledge
• Additional costs for paid plugins, themes, and hosting
• Limited customer support options compared to other platforms

Wix:

Pros:

• Intuitive drag-and-drop interface for easy website building
• Extensive design template library for various industries
• In-built marketing tools for email campaigns and social media promotion
• Affordable pricing plans for small businesses

Cons:

• Limited customization capabilities compared to open-source platforms
• Not as SEO-friendly as some competitors
• eCommerce features may be limited for larger businesses

Squarespace:

Pros:

• High-quality design templates for a professional look
• Easy-to-use interface for creating and managing an online store
• Built-in SEO tools for better search engine visibility
• Integration with popular payment gateways

Cons:

• Limited extensibility and customization compared to open-source platforms
• No app store for additional features and functionality
• eCommerce plans may be pricier than other website builders

Weebly:

Pros:

• Simple drag-and-drop interface for easy website building
• Integration with Square for payment processing
• In-built SEO tools to improve search engine visibility
• Affordable eCommerce plans for small businesses

Cons:

• Limited customization options compared to open-source platforms
• Fewer design templates than some competitors
• No abandoned cart recovery feature

Magento:

Pros:

• Highly customizable and scalable platform for growing businesses
• Extensive range of features and functionality
• Large community and marketplace for plugins and extensions
• Integration with multiple payment gateways and shipping carriers

Cons:

• Requires significant technical knowledge and expertise
• High costs for hosting, development, and maintenance
• Limited customer support options compared to other platforms

PrestaShop:

Pros:

• Open-source platform for extensive customization
• Large number of themes and modules for added functionality
• Integration with popular payment gateways and shipping carriers
• Scalable solution for businesses of all sizes

Cons:

• Requires technical expertise for setup and maintenance
• Additional costs for hosting, paid modules, and themes
• Limited customer support options compared to other platforms

Conclusion

In conclusion, selecting the right website builder for your retail business is crucial for establishing a successful online presence and driving sales. Each platform offers unique features and benefits that cater to different needs and budgets. By carefully considering the pros and cons of each option, you can make an informed decision and choose the best website builder for your specific requirements.

In addition to these options, consider partnering with Digid, a trusted digital advisor with expertise in website builders and e-commerce solutions. By choosing Digid as your advisor, you’ll benefit from expert guidance, tailored recommendations, and ongoing support that can significantly impact the success of your online business. Don’t hesitate; take the next step in your e-commerce journey with confidence by reaching out to Digid today. Click here to get started with Digid and unlock the full potential of your retail business online.

Introduction:

For small and medium-sized businesses (SMEs) to remain competitive in today’s digital landscape, AI solutions are becoming more and more crucial. These solutions enable firms to concentrate on expansion and innovation by automating repetitive jobs, streamlining procedures, and increasing overall productivity. We’ll talk about the best 14 AI tools for SMEs in this blog article to help them become more productive.

You may like: 16 Essential Software Tools to Digitize Your Business

List Of AI tools for SMEs

• Timely: This AI-powered time-tracking solution automates manual recording for numerous clients and projects, resulting in a considerable decrease in administrative workload and an increase in billing accuracy.
• Sage AP Automation: Sage AP Automation connects purchase and payment workflows to streamline the accounts payable process, making it simpler for teams to work together and maintain organization.
• GetYooz: GetYooz is an AI application that automates accounts payable and optimizes invoice processing, saving SMEs’ financial workflows time and money.
• Bold360: This AI-powered customer support and engagement platform enables SMEs to offer individualized, on-demand assistance to consumers, boosting happiness and loyalty.
• The AI scheduling assistant X.ai simplifies the process of setting up meetings and appointments, giving SMEs more time to concentrate on more crucial activities.
• Intraspexion: Intraspexion employs artificial intelligence to assist SMEs in identifying potential legal hazards in their business, allowing them to take proactive measures to fix problems and reduce liability.
• Tamr: Tamr supports SMEs with data unification and mastery, assuring accurate, consistent, and current data for better decision-making.
• Jasper: A copywriting tool powered by AI, Jasper assists SMEs in producing engaging content for their advertising campaigns, social media, and other platforms.
• ChatGPT: ChatGPT automates customer support using natural language processing, enabling SMEs to offer effective, round-the-clock assistance without the need for a sizable support staff.
• Beatbot: Beatbot is an artificial intelligence (AI) platform that generates original music without the need for music production expertise, allowing SMEs to make interesting audio content for their marketing initiatives.
• Beautiful.ai: This AI-powered presentation tool saves SMEs time and effort by creating visually beautiful slides automatically based on material and editable templates.
• Grammarly: Grammarly makes use of AI to enhance grammar, clarity, and engagement in business writing while also detecting plagiarism to help SMEs maintain a professional image and stay out of trouble.
• Dumme: With the help of Dumme, an AI technology, SMEs can reuse their existing content and attract new audiences by creating short, interesting films from larger podcasts or movies.

Conclusion:

SMEs may increase productivity, save time, and accomplish their business objectives by utilizing AI solutions. The fourteen AI technologies covered in this blog article can assist SMEs in automating a range of business processes, from customer service and content production to time monitoring and accounts payable. Embrace AI’s potential to grow your business.

In today’s fast-paced digital landscape, using the right software tools is critical for keeping your business running smoothly. Embracing technology and digitizing your business can save time, reduce costs, and increase overall efficiency. In this blog post, we will explore 16 essential software tools that can help digitize your business across communication, customer service, and documentation.

Communication and Collaboration

• Slack: This platform helps teams collaborate and communicate in real-time. With channels, direct messages, and integration with various apps, Slack makes communication seamless and efficient.
• Google Workspace: This suite of productivity and collaboration tools includes Gmail, Docs, Sheets, and more, helping teams stay connected and collaborate efficiently.
• ChatGPT: This AI language model-based chatbot can automate customer support, lead generation, and more, saving time and resources for your business.
• Zoom: This video conferencing platform enables remote teams to collaborate and communicate effectively through high-quality video meetings, screen sharing, and group messaging.
• Microsoft Teams: This platform offers chat, video conferencing, and file-sharing capabilities, allowing teams to stay connected and work together seamlessly.
• Trello: A project management tool that lets teams collaborate and organize tasks using boards, lists, and cards, making it easy to visualize progress and manage workflows.
• Asana: A project management platform for tracking and managing tasks, projects, and workflows, keeping teams organized and focused on achieving their goals.
• Monday.com: A team management tool that allows teams to collaborate, manage projects, and track progress through customizable boards and workflows.

Customer Service and Support

• Zendesk: This customer service platform manages customer interactions across multiple channels, providing a centralized hub for support and ensuring efficient customer service.
• HubSpot Service Hub: The platform offers ticketing, customer feedback, and knowledge base management, streamlining customer support processes and improving customer satisfaction.

Documentation and Productivity

• Notion: A productivity tool that combines note-taking, project management, and task lists, enabling teams to stay organized and on track with their projects.
• SignNow: This digital signature tool allows businesses to sign, send, and manage documents electronically, speeding up the document workflow and reducing paper usage.
• Waybook: A knowledge management platform that helps businesses document and share important information, improving internal communication and knowledge sharing.
• Scribe: This transcription and translation service helps businesses transcribe audio and video recordings, making content more accessible and useful.
• Document360: A knowledge base software that enables businesses to create and manage documentation for their products and services, streamlining support and onboarding processes.

Conclusion These 16 essential software tools can help your business become more digitized, efficient, and productive. By leveraging these tools, you can streamline communication, improve customer service, and enhance documentation processes. Take the time to explore each tool and find the ones that best fit your business needs. Embrace digitization, and watch your business thrive.