Digital Business: Digital transformation is often linked to the need to modernize IT infrastructures in companies, such as the Internet of Things (IoT), Big Data and Artificial Intelligence. That’s not news.
Its meaning for the corporate world is much broader. Above all, it is a culture change, which also impacts how business is done. One of the proofs of this is digital business.
Do you know what it takes to be on the podium of this market? Keep reading the article, and I’ll tell you some secrets!
What Is Digital Business?
As the name suggests, digital businesses operate in the virtual world. They depend on technology and a good internet connection to make their products or services available.
OK, but are these the only differences from traditional companies? Of course! Although digital businesses have the same purpose as physical enterprises — making profits — one of their main characteristics is flexibility.
Its routine is relatively simpler and, as a rule, requires a smaller initial investment. Most procedures are done online so that you can operate from anywhere. Remote work that calls? I give you the examples:
- courses portal;
- info products;
- provision of online services;
- a content blog, etc.
What Is The Importance Of Investing In A Digital Business?
The first thing any manager should know to stay in a prominent position in the market is: digital entrepreneurship is the moment. The reason? Consumer relations are constantly evolving. And with the leap in growth of the internet, associated with the ease of access to electronic devices — smartphones and tablets —the way these people consume from brands also gained new contours. Digital selling is taking over.
The digital business is a model that meets the modern consumer’s expectations: everything is resolved more quickly and dynamically, with instant transactions, without problems with availability and opening hours.
The truth is that the online universe brought unique experiences and gained people’s trust. Everything converges towards a closer and more open relationship with their favorite brands. And they don’t want to give up any of the conquered facilities.
And, in such a competitive market, where your competitors are just a few clicks away, it is almost only possible to continue working by adhering to this culture.
Accelerating Digital Transformation
The pandemic moment faced by the world in recent years has shown that digital entrepreneurship is here to stay and has brought some lessons on how to reinvent yourself in this environment.
Suddenly, companies found themselves isolated not only from customers but also from their workforce. It took investing in online tools and creative strategies not to have to shut down your activity.
Applications, platforms, software, cloud computing. Everyone had to incorporate knowledge to survive in the new reality. The digitization of processes is the present and future of companies.
The famous digital transformation has become a matter of urgency. And, for those who still needed clarification, it was necessary to understand that it does not just involve replacing machinery and implementing technological innovations in internal processes. Customer service is also a fundamental part of continuing to walk the path of success.
What Are The Main Characteristics And Differentials Of Digital Business?
When it comes to innovation, the fear of investing in strategies and concepts that have yet to be worked on is quite common. But worse than that is being outdone by competitors.
Technology, mindset, people and culture are essential to successfully conducting a digital business. In addition, it is also important to pay attention to the following characteristics:
- permanent update;
- intelligent control systems;
- ongoing marketing;
- digital transformation;
Calm down, I know it’s a lot of information, but we have good news! Betting on digital business is not a “bigo-de-seven-heads”. On the contrary, the model offers competitive and very attractive differentials.
Low Initial Cost
The first major advantage of this type of activity is that it requires little initial investment compared to a physical store. Digital businesses are much more accessible since they don’t depend on physical infrastructure — you don’t need to rent or purchase a space, and the team of collaborators is leaner.
Also, you can find many free tools available in the market. Even if your company requires more sophisticated platforms and software, the costs are lower than operations in physical environments.
Another differential of online business is that business is wider than geographic barriers. You choose whether you want to serve in a more restricted area. A digital company can reach consumers anywhere in the world.
With this, the scalability of the clientele is also done without the need to increase the budget. After all, the efforts to attract the target audience are the same — it doesn’t matter if this audience is from the city where your company operates or is on the other side of the country.
Ability To Measure
A striking and very positive feature of online business is the use of intelligence drawn from data. Whether tracking metrics or any other efforts in the company’s routine, having this information at hand allows for greater alignment with market expectations and, consequently, more satisfactory results.
The flexibility of schedules is an advantage of digital business that impacts both the company and its customers. If, on the one hand, consumers do not have a pre-established time to make their purchases — they can be done at any time of the day, wherever they are. On the other hand, the entrepreneur is also free to plan and organize his schedule.
More Agile Evolution
As mentioned, the costs of starting an online activity are lower. But a little debated fact is that the losses of those involved in unsuccessful actions are also lower. OK? And why is this a differentiator?
Therefore, the entrepreneur has a “license” to venture into many experiments. Translating – they may make mistakes, but sometimes he will be able to get back on his feet faster, or he will be less affected than a business that works in the physical model.