A digital-first strategy

In today’s increasingly digital world, digitalisation is crucial for the survival of any business. The onset of the Covid-19 pandemic has resulted in a seismic shift in consumer expectations and behaviours. Homebound during the pandemic in 2020, customers abandoned deeply entrenched shopping habits and migrated online in droves.

E-commerce sales in Singapore have skyrocketed since then, and show no signs of stopping: they are projected to reach US$14 billion (S$19.6 billion) by 2027. These figures reflect a trend fueled by innovation: the rise of the digital-first customer.

Does your company want to capitalise on this emerging trend? Your company needs to adopt a digital-first strategy. Gone are the days where a website and social media (such as Facebook or Instagram) are mere “add-ons” to your retail business. A digital-first strategy goes much further than just having a complementary online brand presence—it requires a fundamental mindset shift. At the heart of this strategy lies the keen awareness that the first connection your customers have with your brand is via a digital channel.

In order to attract these digital-first customers, your company must build a seamless omnichannel experience which is both reliable and user-friendly. Different channels by which your customers interact with your brand must be integrated in such a way as to provide a cohesive customer experience. Also, it would be good for your company to consider creating an app as part of your digital-first strategy. Apps are a fantastic gateway to acquire new digitally native customers—and to maintain contact with existing ones.

By utilising technology to deliver a holistic customer experience tailored to their needs, your company can attract and retain the most loyal customers. Studies show that companies which provide a seamless omnichannel experience retain nearly 90% of customers on average. Therefore, adopting a digital-first strategy will allow your company to maintain its competitive advantage in the saturated market.

Big data

Another trend fueled by innovation is the rise of big data, which is the practice of utilising a huge collection of data to make intelligent business decisions. Contributing at least S$1 billion each year, the data analytics industry is central to Singapore’s economy.

You may wonder: How is big data distinct from traditional data analytics? Big data is a collection of datasets whose size outstrips the ability of traditional database software tools to capture, manage and manage. Within the terabytes (or even petabytes) range, such data are rapidly generated from and transmitted through a wide variety of sources. Volume, velocity and variety are big data’s three defining characteristics.

Big data is closely intertwined with the aforementioned digital-first strategy. If your company collects data on how your customers behave, then you are able to personalise your offerings. Big data will enable your company to build an accurate customer footprint by analysing your customers’ social media usage and browsing history. As such, your customers will feel like your company is communicating directly with them.

Besides increasing customer conversions and boosting retention, your company can leverage big data in other key areas. Gigantic amounts of raw data can be converted into actionable insights to guide your company in planning, producing and launching new products.

Big data can not only improve your company’s product development but also increase operational efficiency. By monitoring the data your company has gathered, you will be able to identify and resolve bottlenecks in your day-to-day business processes. Thus, big data will help to streamline your operations and increase productivity.
 

Innovation begins with people

For your company to adopt a digital-first strategy and leverage big data, you will need agile and highly skilled employees. Don’t leave your employees out of your digital transformation!

Looking to hire? Speak with our Recruitment Advisers here.

Read more:
Recruitment Trends 2022: CNA938 Money Mind Speaks With Reeracoen CEO
Banks Enter the Metaverse