We know that we live in an era of immediacy, and consumers constantly demand more channels to communicate with their favorite brands. Large companies are trying to migrate quickly to the digital world before the competition wave reaches them. It is here that digital transformation, a vital process in companies
Forever was not meant to last
A clear example is the recent announcement of the bankruptcy of Forever 21, a retail shop that gained great popularity among teenagers around the world, mainly in the United States and Latin America.
Despite making many desperate attempts to remain viable, the Forever 21 is brand with tarnished by a bad reputation. Their market decline can be attributed to several missteps. First, they used the unauthorized likeness of Ariana Grande. Additionally, they endured a failed effort to accommodate plus-sized women. It seems to me personally that they made a respectable try at this market. However, they were unable to influence the buying habits of these consumers.
Their variety of products available online is still growing. While many different styles can be purchased from Forever.21.com, they have not achieved the sales levels hope for. It emphasizes that they have not done their best to deal with their competition, including the most important Zara and Amazon. Forever 21’s setbacks make it clear that it is not enough to have decent products. The market is continually changing, and digital transformation has become vital to all industries.
Forever 21 will still operate, but they considered it necessary to close between 300 and 350 stores. 178 to be shut down in the United States alone, and Asia and Europe to remove nearly all.
DIGITAL TRANSFORMATION KEY POINTS
It is the device of the present and future. Therefore companies are forced to change their marketing offers. By understanding this and analyzing the behavior of customers, more businesses plan on migrating to new digital platforms.
It is not enough to have an online presence. The client must feel that they can be heard. As such, companies must pay attention to comments, reviews, complaints, and suggestions. Of course, companies must create compelling content their audience desires.
Having information about customers’ purchasing habits becomes a powerful economic opportunity. Yet, the customer must be assured that they control how their information gets used.
The growing feeling of immediacy in customers requires that you can have the product in your hands in the shortest possible time, at a reasonable price and safely.
The companies that stand out from competitors in their industry embrace new ideas. It is not that they are never wrong (which is impossible), but they have learned to accept their mistakes and quickly move on. They keep looking for better tech solutions, areas to innovate, and new channels to grow consumer engagement.
The digital transformation goes beyond having an online presence and opening an account on social sites. Consumers are constantly exposed to different information sources and have more tools for making informed puchase decisions. A company’s digital transformation must not only consist of the digitalization of processes but must also analyze the current behavior of its clients. But don’t forget to learn what strategies the competition is using. Determine which are the most optimal channels for your clients. Ultimately, embrace digital transformation as a vital element driving your success.