Is Your Business at Risk of Being ‘Amazoned’ Away?

Digital transformation. Digital disruption. Digital innovation. All of these terms circling the corporate world are associated with the journey many companies are embarking on (or rather racing towards) in order to digitize their operations by 2020, so that they can remain competitive and thrive into the next chapter of business in the upcoming decade. It’s no secret that companies that don’t digitize will most likely fade away due to lack of resources to provide the customer service experience that customers are expecting (including digital onboarding, and more), and part of this comes from what’s known as the Amazon effect. Retail brands were kings of the playground until online book store Amazon became more than that. Thanks to the two-day prime service, great pricing, and their excellent customer service, Amazon has driven out of business thousands of companies that were unable to match their prices and delivery speeds. 

Whether you’re a retail business or not, that’s not the question. Are you prone to being ‘Amazoned’ away by a new up and coming digital business (or an existing one that gets their act together faster than you)? Let’s review:

  • Digital interfaces and employee satisfaction: according to a Gartner Digital Enterprise 2020 Survey, 67% of business leaders agreed that if their company did not become significantly more digitalized by 2020, it would no longer be competitive. Do you have proper digital systems that work seamlessly and are integrated with each other? Do you have employees investing their time and skills into rule-based tasks that could be automated? Do your departments communicate easily and quickly? If you answered no, yes, and no, respectively, then you’re very much in trouble and it’s highly unlikely you will be able to remain in business for much longer. Other businesses are racing to the playing field ready to take on the competition and offer customers every perk available, newer technologies coming in, and unmatched service experiences. If your business is not fully digital from within, you will inevitably run into issues that will make your company falter and become stagnant over time. Taking care of your people internally is the first order of business in order to win the long-term game and giving them the right tools to do their job in the era of industry 4.0 is step one. 
  • Customer service for all customer sectors: your customers and prospects will be targeted by marketing strategies the likes that have never been seen, all thanks to new technologies that will help businesses better understand what their customers want, and because of this, the customer experience will become more personalized than ever. If you’re not ready to be up in the ring with your competition and beat them with your customer experience offering, there’s virtually no opportunity for your business to survive. Customer loyalty is one thing that businesses will not be able to count on for long, because customers are expecting more than ever before, and when there’s a big decrease in what they are being offered, it’s almost certain that clients, especially those from the newer generations, will not think twice before jumping ship to a better offering. Businesses need to strategize on their customer service experience offering, so that they’re able to cater to the older generations who still prefer to be in touch with another human through the phone or in person, as well as the millennials and generation Z members who would like to accomplish what they set out to without interacting with anyone along the way. 

Of course, this goes without saying, but you need to have an incredible product or service offering in and of itself. Most businesses that make it in the market have a disruptive idea or prototype that gets them in the door, but the way to get past that phase and make it big is to focus on the two areas we mentioned above, both of which require the presence of the latest technologies to come to life. 

If you are not sure how to assess your company’s resilience in the coming years, we have a digital assessment that can determine your readiness and digital compliance level to undergo a digital transformation. This is the perfect way to begin your automation journey and secure your spot in the industry for years to come. Let’s talk and keep you in the game.