How Digitalization has Forever Changed the Game for International Business
Advancements in technology have brought about countless changes to the way we live and interact with each other. The business world is no exception. In recent years, digitalization has had a profound impact on international business, transforming the way companies approach trade, commerce, and each other.
Here are some of the key ways that this constantly evolving digitalization is impacting the way companies do business.
Changes Digitization Brought with It:
The ease of communication through digital channels has revolutionized the way businesses interact. Digitalization has enabled virtual collaboration, which has made it easier for businesses to connect with suppliers, partners, and customers from around the world. With the use of video conferencing, instant messaging, and other digital communication tools, businesses can collaborate with people from different time zones and locations.
Social media serves as the perfect platform for companies to engage with their audience and promote their products, services and messages. In the span of three years, the worldwide proportion of customer interactions conducted digitally has skyrocketed, increasing from a mere 20% in June of 2017 to a staggering 60% by July of 2020, according to Statista.
The sheer amount of content being produced and distributed via social media and messaging apps is staggering. With 3.3 million Facebook posts made, and 2.4 million Google searches every minute, marketers face the challenge of standing out in a sea of information. As the amount of search and social media activity reaches new heights every minute, marketers are faced with the growing challenge of content shock. The overwhelming volume of information makes it harder for their content to stand out. To overcome this, companies are using creativity and high-quality content to make their mark.
Technology has given businesses access to an immense amount of data about their customers. It is crucial for companies to know how to use this data to their advantage. Harnessing the power of the data can help companies identify the customer channels that are most effective and create content that is focused on the customer.
Better Understanding of Customers
Digitalization has made it possible for businesses to collect and analyze vast amounts of data about their customers and operations. This data can be used to improve business operations, make better decisions, and create new products and services. By analyzing customer data, businesses can learn more about their potential customers and create highly personalized marketing messages. This data can be used to improve business operations, make better decisions, and create new products and services. This is particularly appealing to millennials, who value social connections and personalization.
Personalization proves to be a potent weapon in the marketing arsenal, as Adobe found that a staggering 85% of consumers are more inclined to purchase a product if the advertisement, they see is tailored to them and backed by social validation.
Adapt to Succeed
The advent of digitalization has completely transformed the way international businesses operate. Brands must adapt and evolve to remain relevant and stay ahead in the game. With technology constantly advancing, companies must be able to embrace change and harness the power of digitalization to reach their target audience and achieve success in the new normal.