How to upgrade your Business to 21st Century

Evolution is natural. Igniting fire from stones to electrical matchsticks, traveling on horses to cars, airplanes, sending a letter to writing a text, truly humans are achieving advancements in every field of life. So, what is stopping you from migrating your business into the 21st century? But first, for this migration to take place, you need to understand the required basic tools for it.

Digitization:

We are living in the digital era, where communication, record keeping, health and fitness, sale and purchase, and almost everything is digital. Smart mobiles and TV’s have transformed the world. Now your business competition is not only geographical but online too. According to Internet World Stats, there are more than four billion internet users. According to Internet Live Stats, on average Google handles around forty thousand search queries every second, which equates to almost 1.2 trillion searches worldwide per year. So, don’t miss out on the opportunity to reach out to your customers, before your competitors do. Websites and Social networking apps can be a good start to digitize your business. One of the major industries affected by digitization is newspaper. According to the Atlantic, “From 2000 to 2015, newspapers ads revenue fell from $60 billion to $20 billion”, but New York Times was able to come out of this struggle with the help of digitization. New York Times generated $709 million in digital revenue in 2018, which is growing at a pace that suggests, it will reach the goal of $800 million digital sales by the end of 2020. Another success story of digitization is Walmart, who introduced online shopping and app for a better customer experience. Walmart is now the world’s largest revenue grossing company with more than $500 million revenue.  Not just that, Netflix a digital streaming platform, has taken almost all the business from movie rental stores. Just sit back, and watch anything you like on Netflix, because its all-digital.  

Personalization:

With Facebook, Snapchat, WhatsApp and many other social networking websites, everyone is trying to create their own persona. Which means, it’s time for businesses to understand their customers’ likings too. Marketing in old times used to be “All for One”, but now the rule for successful marketing is “One for One”. Customize your marketing for your customers based on their purchase history. Best example of personalized marketing is Amazon, whose recommendation algorithm helped them have 29% sales increase to $12.83 billion during its second fiscal quarter of 2012, as compared to %9.9 billion in the same fiscal quarter last year. So, remember, the more you know your customers, the better you can sell your products to them.

Be Smart and Efficient:

The customer is king, and their satisfaction is highly important for any business. But this goal can only be achieved with a smart and efficient team. Remember, the happier and more satisfied your employees will be, the better they will handle your customers. Equip your employees with the latest technology like tablets and smart mobiles, so that they can handle your customers efficiently and smartly. Keep an online record of sales, inventory and required data, so that your employees stay updated along with your customers. Also, interact with your employees with a smile, so that they smile with your customers while dealing them.

No doubt, 21st century is the century of technological advancement. Always prepare your business to keep up the pace with it, so that it can see the 22nd century too!

Sources:

https://www.internetlivestats.com/google-search-statistics/

https://www.theatlantic.com/business/archive/2016/11/the-print-apocalypse-and-how-to-survive-it/506429/

https://www.nytimes.com/2019/02/06/business/media/new-york-times-earnings-digital-subscriptions.html

https://fortune.com/global500/2018/walmart/

https://fortune.com/2012/07/30/amazons-recommendation-secret/