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Any business or organization, to succeed requires being innovative in its processes, thoughts and ideas in this age of highly technological business environment. Innovation is the process with which something new can be presented for the process, product, services etc. Digital innovation is an entire process of transforming an organization’s existing value chains with digital equivalents. It includes looking at operations, sales, marketing, distribution, services; resources etc. there are several companies that deal with the selling of goods and services through the company’s corporate website. The websites of such organizations work like an online selling portal where services are also sold. It is seen that the buying trends of 18-30 years old consumers, about 25% of buyers in that age group of having moved to online shopping and prefer buying goods and services over the web than the retail stores. The percentage of such buyers has increased drastically and by a very high percentage in the recent times. A recent B2B procurement study has established statistics that millennials – representing age 18-35 shop for goods online after thorough research and will do so using mobile and tablets. The established buyers – age group 36-45, have 68% of them buying goods online and 63% use mobile or tablets to buy these goods and services. This analysis shows that the users of age group 18-30 do shop online but now prefer shopping using mobile phones and tablets as this age group is more “tech-savvy” and have easier access to technology. This age group also adapts to technology faster. We also see that the age group of 36-45 years is moving towards online purchase using mobile devices and tablets.
Digital Innovation and Trends in online shopping
In this age, digital innovation is at its peak. Customers’ world over is now more demanding and are attracted to organizations which have more personalized services which are tailored for individual usability and utility. There are several organizations that want to expand their business geographically in the coming years and increase their revenues by a good percentage every year. When companies are having decreasing sales each year, it is important for them to innovate and get themselves to adopt the current digital trends by which not only the 18-30-year-old buyer bracket volumes increase, but the potential to sell further to other age groups and other geographical areas will need to improve.
As a part of digital innovation, organizations should think of developing an application to sell its business on the mobile platform, where the young age group of 18-30 will be able to make purchases of products and service in a mobile manner. This strategy helps to connect better with the younger age group. This might seem expensive initially but becomes extremely beneficial in the long run and reap business for the company.
Trends that organizations should adopt to sell their products better are:
- The right speed of Information Technology – companies and organizations should think of moving ahead by leaving behind traditional single speed delivery models. The right speed IT implies that IT departments need to be more organized should interact and deliver value to the business. The right speed of Information Technology has the ability to convert simple models and philosophical discussions into concrete value.
- Adopting to mobile technology application building – The future of buying power relies on the mobile applications. Organizations that wish to increase their sales should work towards adapting mobile technology in a fast track manner.
- Connecting individuals through the Internet of Things – Internet of things has very high potential. It implies a connection between homes, workplace and connected people. Internet of things has many implications for business. It helps in solving the business problems. It can be used to understand how to get close to the customer.
- Revamping the important IT systems – Digital innovation leads through the core business applications of the organization. That is why organizations technologies should develop strategies to redo their core systems by modernizing them. The core system should be made more agile and responsive. Having these in the core system provide a strong foundation for processes on which growth agendas can be built. For this, the technology should be modernized.
- Having in place new flexible platforms – It is futuristically possible that IT will not require any support and will not have any technical limitations on performance, capacity etc. Companies should think of working with new architecture and advanced tools to work better. The advance in technology gives it an opportunity to reinvent itself and manage better the life cycle of the IT department. By using autonomic platforms in IT, the technology department can remove waste and focus on strategic pillars of business performance.
- Being able to measure the impact of digital innovation using modern tools – organizations should invest in good resources, platform and processes that can generate useful data for business. Some companies are adopting new management models and innovative delivery methods to enable repeatable results. If data is managed well, it can provide a competitive advantage by providing better delivery models.
The Value Proposition in online selling
By applying the digital innovation strategies and have innovated technology such as a mobile application developed for sales, an organization will not only be able to improve its current sales but will also be able to secure its future customers. By strategizing IT modules and IT department, organizations will be well prepared for the expansion that they plan to do geographically as the IT modules will be more advanced and will be universally available over the cloud. This will result in more buying options for the individuals wherein they will be easily able to shop using a mobile application. This ease in shopping will only increase the sales of the companies both product wise and services wise. Add to this some very good functionalities to the software and the mobile app, and the sales will further increase by leaps and bounds and result in high profitability for the organization.
In a nutshell, digital innovation is the need of the hour, especially for organizations that are looking to boost sales and climb up the ladder. Hence companies should work towards building innovative technologies such as a mobile app to improve sales and they should focus on core IT technologies.