The way of product/services produced, marketed and consumed has been changed with the advent of Digitization. Digitization impact is in every ecosystem in the world. As India transitioning into the digital economy, customers are also becoming digitally empowered. This empowerment is stepping stones for entrepreneurs to adopt latest technologies. Businesses need to adopt the technologies quickly in order to attract the customers and to be differentiated from the competitors.
With the digital experience, customers are exploring the new buying experience. Benefits of this technological innovation:
Customers are becoming leaders with the evolution of digitization. The ultimate goal of any company is to provide better user experience. A top-notch user experience is the best way to engage the customers. Differentiated experience will increase customer loyalty and improves feedback.
With the initiation of digitization, customers are influencing the market ecosystem by analyzing the products/services. They are exploring the new buyer experience with online transactions, shopping etc.
Example: E-commerce brought a revolutionary change in the retail industry.
This era is called as “Information Age” as customers are becoming particular about the knowledge on product/service. Before the purchase, customers are reviewing the product with research. With digitization, it became easier to provide information to the customers. Through digitization economic benefits are being captured.
Consider a simple case of E-ticketing services. The digitization has made it simpler and convenient to book your tickets just by logging into the respected websites. You will receive confirmation Mail/SMS after the payment process. The websites are optimized for easy navigation and easy payment facilities. No need of waiting at queues or contacting agents for tickets. You can easily book your tickets by sitting at home.
Mammoth technological investments to develop technological infrastructure has been observed from past few years in order to stay ahead of competitors. The ubiquity of connectivity and access for a population empowered entrepreneurs to shift towards new technology. Customers are more inclined towards convenience and that is possible only with the acceptance of technological changes. Entrepreneurs are also aggressively becoming the part of this change.
Digital India: Government took initiative to transform the ecosystem of public services into digitalization; through this, they wanted to make digitally empowered society. They launched Digital India campaign to make the services even better. It not only facilities the development of new projects but also improves the Digital operational efficiencies.
E-commerce: E-Commerce is changing the way of people shop in the country. It is one of the big change that leading towards the success. Adoption of technology by next generation is accelerating the growth of digitalization.
Rural Connectivity: Government is making efforts to connect villages with the help of rural connectivity to deliver various services. With this, villages can access quickly to the outside services.
GST: The impact of GST has made many businesses to implement latest technologies to get benefited out of it. Automation will make easier to transact with each other throughout the country. It will take the industry to the next level.
Mobile applications and social media have made businesses to interact with the customers or clients. With this customer relationship, we can identify their needs, wants and can work accordingly to satisfy the customers.
The digitization will undoubtedly deliver the best to both the customer and the entrepreneur.