By Amanda Winstead
Just about every retailer these days is making the pivot to digital practices. Whether going fully online or to some kind of hybrid model, your own digital transformation can be a source of opportunity, innovation, and success.
However, there are aspects of this transformation you don’t want to risk overlooking. In making the transition to digital services, you open the door to a world of potential. Blink and you might miss it.
These are the aspects of your business you want to pay close attention to as you make this change.
Reorganizing For A Tech-Centered Business
Pivoting to the digital age is inherently an opportunity. You get a chance to dive into your store’s processes and rethink how it’s all done. In the process, you don’t want to neglect the many technological marvels of the digital age, many of which can allow you to automate certain tasks and focus on growth.
Businesses of all industries are now applying software, sensors, and other smart equipment in managing their procedures. Some of these tech tools include:
- Real-time Internet of Things (IoT) data sensors and monitors
- Machine learning-powered product recommendation tools
- Mobile applications and geofencing
As you streamline how you manage your business with these tools, your leadership will likely need to be restructured as well. Use this opportunity to stage organizational development intervention and produce solutions for growth in the digital age.
Exploring New Niches
Congratulations. By beginning a digital transformation you have entered the digital economy. This represents a new world of niche opportunities.
Not only can the whole world interact on a digital marketplace, but the medium allows for new ways to do business. For instance, one of the biggest disruptions of the digital age has been the emergence of subscription and software-as-a-service (SaaS) models for all types of products, tech, and platforms.
Now, entering the digital space means an opportunity to find a niche in any service market. No matter what you’re selling, there is likely a niche or subscription service opportunity you’ve been missing out on. Now is the time to find it.
Leveraging Enterprise Architecture
Enterprise architecture is both a tool and a strategy for managing change. The term refers to the framework with which businesses organize and standardize, and it can make or break your digital success. From digital retail signage to onboarding procedures, your business should be positioned to make agile, seamless changes.
This is a transitory feature that Walmart has displayed as the retail giant innovates new services. For example, Walmart recently made its Marketplace platform compatible with Adobe Commerce. The collaboration serves to improve the visibility and value propositions of the vendors and customers that use these services.
A working enterprise architecture allows retailers to seize on collaborations and deals like these, developing agility for the benefit of greater success.
Winning The Digital Transition
Your digital transformation should capitalize on opportunities, partnerships, and automation potential to completely overhaul your business model for the better. While you integrate online services for your retail outlet, consider how re-organizing, exploring niches, and leveraging enterprise architecture can work for you.