Digital Transformation Strategy: Best Practices for Unleashing Success

Dive deep into effective digital transformation strategy best practices and unleash the full potential of your organization.

Why Digital Transformation is Essential

Digital transformation has become imperative for businesses across all industries, emphasizing the importance of embracing digitalization to stay competitive in today’s rapidly evolving marketplace. It entails the strategic deployment of digital technologies and the integration of innovative principles, revolutionizing operational processes, enhancing the customer experience, and driving sustainable growth enabling you to scale.

Key Benefits of Digital Transformation

  • Enhanced efficiency and automation
  • Improved customer experience
  • Increased resilience to market changes
  • Informed decision-making through data analysis
  • Creation of new revenue streams and increased market reach
  • Streamlining internal processes and communication

Creating a Digital Transformation Strategy

While crafting a digital transformation strategy, consider crucial elements such as defining clear objectives, assessing current capabilities, and identifying key stakeholders. Don’t forget the importance of ensuring data security, and understand your role in building digital skills. These pointers can make the difference between an ordinary and a cutting-edge digital strategy.

Defining Clear Objectives

Defining clear objectives for a digital transformation strategy is critical for the successful implementation and achievement of desired outcomes. It serves several important purposes:

  • Goal Alignment: Align the digital transformation strategy with the overall business goals and vision. By clearly defining what the organization aims to achieve through digital transformation, all efforts and initiatives can be directed towards achieving those specific goals.
  • Focus and Direction: Provides a clear roadmap and direction for the digital transformation process. This helps in prioritizing initiatives, allocating resources effectively, and ensuring that all activities and investments are focused on achieving the defined objectives.
  • Measurement and Evaluation: Establishing key performance indicators (KPIs) and benchmarks that can be used to measure the progress and success of the digital transformation strategy. KPIs facilitate the monitoring and evaluation of the effectiveness of the strategy and allow for necessary adjustments to be made if goals and objectives are not being met.
  • Stakeholder Engagement: Facilitates better communication and engagement with stakeholders, including employees, customers, and partners. When everyone is aligned to the purpose and expected outcomes of the digital transformation, it becomes easier to gain their support and commitment, fostering a culture of collaboration and alignment within the organization.
  • Resource Optimization: Efficient allocation of resources, including finances, time, and talent. It allows organizations to invest in the right technologies, tools, and talent that are essential for achieving the defined objectives, avoiding unnecessary expenditures and ensuring resource optimization.

Assessing Current Capabilities

Assessing the current capabilities of an organization is a crucial step in the development and implementation of a successful digital transformation strategy. This assessment holds significant importance for several reasons:

  • Understanding the Starting Point: Organizations can gain a clear understanding of their existing technological infrastructure, resources, and workforce skills. This understanding helps in identifying the strengths and weaknesses that need to be addressed during the digital transformation process.
  • Identifying Gaps between current and desired future state: This identification helps in determining what resources, technologies, or skills need to be acquired or improved to effectively implement the digital transformation strategy.
  • Resource Allocation Optimization: Helps organizations allocate resources more effectively by determining which areas need additional investment or improvement to support the digital transformation initiatives, thus avoiding unnecessary expenditure on redundant or less critical areas.
  • Realistic and Achievable Goal Setting: By recognizing the organization’s limitations and strengths, realistic milestones and targets can be set, ensuring that the transformation goals are both aspirational and attainable.
  • Risk Management: This understanding enables proactive risk management, facilitating the development of mitigation strategies to address potential obstacles and ensuring a smoother transition throughout the transformation journey.

Identifying Key Stakeholders

In a successful digital transformation, every stakeholder matters. By identifying key stakeholders early in the digital transformation process, organizations can create a shared vision, foster collaboration, and ensure that the transformation strategy is aligned with the organization’s overall objectives and priorities, ultimately leading to a more successful and sustainable digital transformation journey. Identifying key stakeholders is essential for various reasons including:

  • Support and Buy-in: Key stakeholders’ active involvement and endorsement can be crucial for overcoming resistance to change and ensuring the successful adoption of new technologies and processes.
  • Alignment with Business Objectives: Key stakeholders insights and perspectives help in tailoring the strategy to address specific business needs, ensuring that the transformation efforts are directly linked to the organization’s overall goals.
  • Expertise and Insights: Key stakeholders often possess valuable expertise, insights, and knowledge about the organization’s operations, customers, and market dynamics. Involving them in the digital transformation strategy allows organizations to leverage their expertise and insights to develop a more informed and comprehensive approach that addresses specific challenges and opportunities.
  • Resource Allocation: Helps in determining the necessary resources, including finances, technology, and human capital, required for the successful execution of the digital transformation strategy. Their input can aid in allocating resources effectively and securing the necessary budget and support for the implementation of the strategy.

Building an Agile and Collaborative Culture

Building an agile and collaborative culture is crucial for the successful implementation of a digital transformation strategy, as it fosters an environment that is adaptable, innovative, and responsive to change. The benefits of cultivating an agile and collaborative culture include:

  • Adaptability: Ability to adapt quickly to changing market dynamics, technological advancements, and customer preferences. It encourages employees to embrace change, experiment with new ideas, and continuously improve processes, ensuring that the organization remains competitive and responsive in the digital era.
  • Innovation: Encourages a mindset of continuous innovation and creativity. It empowers employees to think outside the box, explore new technologies, and propose innovative solutions to address business challenges and capitalize on emerging opportunities in the digital landscape.
  • Cross-Functional Collaboration and Knowledge Sharing: It promotes a collective approach among different departments and teams within the organization to solve problems, enabling diverse perspectives and expertise to come together to drive digital transformation initiatives more effectively.

Implementing the Digital Transformation Strategy

Successful execution of a digital transformation strategy is a game changer that breathes new life into businesses, fueling ambition. It requires a roadmap that guides through the complexities, investing in the right technologies, ensuring data security and privacy, and measuring progress with key performance indicators (KPIs). By embracing these elements, businesses can thrive in the digital landscape and achieve their transformation goals.

Developing a Roadmap for Execution

Developing a roadmap for execution is crucial for the successful implementation of a digital transformation strategy, as it provides a structured and strategic plan that guides the organization through the transformation journey.

A well-defined roadmap provides clarity and direction for the digital transformation initiative, outlining the specific steps, milestones, resources and timelines for implementation. . It ensures that all stakeholders have a clear understanding of the transformation process and the expected outcomes at each stage.

Investing in the Right Technologies

Investing in the right technologies is crucial for the successful execution of a digital transformation strategy. Harnessing the potential of emerging technologies, like AI, IoT, and blockchain, combined with the power of more traditional technology like cloud computing and data analytics, enable businesses to unlock new opportunities, optimize operations, and deliver exceptional customer experiences.

Choosing the right tools requires a deep understanding of your business’s unique needs and challenges. From Customer Relationship Management (CRM) systems to advanced analytics tools, the technologies you choose should complement and amplify your digital transformation objectives.

Remember, technology is not an end-game, but a vehicle to reach your destination. It’s not simply about possessing the best tools; their value comes from how well they’re employed to drive business growth, innovation, and customer satisfaction.

Measuring Progress with Key Performance Indicators (KPIs)

Charting the course of your digital transformation journey requires a keen understanding of your key performance indicators. They serve as beacons of light, illuminating the success, challenges, and opportunities within your transformation journey.

Remember, it’s the metrics that matter. Embrace the philosophy of ‘what gets measured gets managed,’ enabling your organization to drive success and stake a claim in the digital frontier.

Overcoming Challenges in Digital Transformation

Embracing challenges is key to a successful digital transformation journey. Treat obstacles as opportunities for innovation and growth, knowing that they pave the way for a digitally enabled future. Confront challenges with the mindset of sparking imagination and fostering a culture that embraces digital evolution. Each hurdle overcome brings you closer to achieving your goals.

Addressing Resistance to Change

Resistance to change in digital transformation should not be seen as an enemy, but as an opportunity for empathy and communication. Address resistance by providing clear reasons for the change and acknowledging personal anxieties. Foster acceptance and cultivate a culture of inclusivity, inviting discussions and shared ownership. By addressing resistance effectively, businesses can create an agile, collaborative work culture and achieve effortless success in their digital strategy.

Managing Legacy Systems

In the process of digital transformation, legacy systems hold valuable business intelligence. Instead of discarding them, businesses can revamp and optimize these systems to interface seamlessly with new technologies. The guiding principle is to balance modernization with preserving insights from legacy systems for data-driven decisions. 

Building Digital Skills and Capabilities

When it comes to digital transformation, there’s one element that cannot be overemphasized: the cultivation of a digital mindset. Integrate this into your workforce by investing in skill-building initiatives and continuous learning programs that focus on the essentials of digital transformation.

Empowering your workforce stands as a central pillar of your digital transformation strategy. Don’t just equip them with tools and technologies, empower them with the knowledge and skills they need to use these resources effectively.

In the grand scheme of digital transformation, the role of human potential remains undisputed. Foster talent, ingrain robust digital skills, and help your team understand their role in driving change, and you’ll find yourself amidst a successful transformation journey.

Ensuring Continuous Improvement

In the digital arena, fostering a culture of continuous improvement is paramount. It’s not enough to set and achieve digital milestones; the pace of technological advancement necessitates unceasing evolution.

To truly succeed in digital transformation, focus on the journey, not the destination. Embrace improvement over perfection, understanding that the transformation is an ongoing process.

This fluid approach to digital transformation invites an adaptable mindset, key to succeeding in an ever-evolving digital landscape. The only constant in the digital world is change and we must be prepared to navigate it.

Continual fine-tuning of strategies, learning new techniques and implementing emerging technologies forms the essence of digital metamorphosis. It’s the continuous unearthed improvements that fuel this digital expedition – pushing boundaries, fostering innovation and building success.

The Future of Digital Transformation

As we continue to navigate this era of endless possibilities and rapid advancements, digital transformation will prove pivotal in shaping the landscapes of business. It doesn’t just aim at improvements but is set to redefine how businesses operate, interact, and even exist.

Tomorrow’s opportunities are veiled in the expanse of digital transformation. It is not only paving the way for new and improved business models, processes and experiences, but also uncovering potential areas of revenue generation and growth that have remained untapped until now.

Want to know if you’re ready for a digital transformation? Take our short (6 questions) self-assessment to find out if you’re ready or if you’re on the right track. No matter the results, we’re here for you!

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away. Follow our blog and subscribe to our communications for more tips and trends on digital transformation and B2B commerce.

How Digital Transformation Consulting Boosts a Company’s Bottom Line

Uncover how digital transformation consulting can lead your business towards unrivaled efficiency, innovation, and growth in the digital age.

Why Digital Transformation is Essential for Companies

Digital transformation is the cornerstone of tomorrow’s businesses. It future-proofs organizations by establishing digital agility, a prerequisite in the rapidly evolving market. Digital transformation is essential for companies in the modern era for several crucial reasons including :

  • Enhanced Efficiency: Digital tools and technologies streamline operations, automate processes, and improve overall efficiency within an organization. This leads to cost savings, faster production, and quicker delivery of products and services.
  • Improved Customer Experience: Digital transformation provides for personalized interactions, efficient support systems, and convenient online services. This can lead to increased customer satisfaction and loyalty.
  • Competitive Advantage: Gain a competitive edge over rivals by utilizing data-driven insights, implementing innovative technologies, and adapting to changing market trends quickly. This can help stay ahead in the market and attract more customers.
  • Innovation and Adaptability: Digital transformation encourages innovation and adaptability within organizations, allowing for continuous improvement and staying relevant in an ever-changing business landscape. Companies can explore new business models, products, and services that cater to evolving customer needs and market demands.
  • Data-Driven Decision-Making: The more information a company has, the more informed their decision making can be. Digital transformation provides companies with the tools to collect, analyze, and leverage data effectively, enabling more informed, data-driven decisions that can lead to improved strategies, better-targeted marketing campaigns, and more accurate forecasting.
  • Global Reach: Companies can expand their reach globally by leveraging digital platforms and tools. By tapping into new markets to reach a wider audience, a company can establish a global presence more effectively.
  • Cost Reduction: Companies can reduce operational costs through automation, improved resource management, and optimized processes by implementing digital technologies. This can lead to significant savings in the long run.
  • Agility and Flexibility: Being able to adapt to market changes, customer preferences and industry trends quickly and effectively helps companies stay resilient in the face of uncertainties and challenges. 

Understanding the Digital Transformation Process

Digital Transformation isn’t a one-step journey; it’s an intricate process involving various stages, each impacting your company’s bottom line positively.

  • Stage 1: Assessment – Uncover gaps in your current technology strategy by conducting a comprehensive analysis of your existing systems, platforms, and processes. This stage involves identifying areas of improvement and understanding how digital transformation can address those gaps. This is a good time to identify key stakeholders to consider gathering insights and perspectives in order to create a shared vision and foster collaboration, not to mention tapping into their expertise and insights.
  • Stage 2: Planning – Once the assessment is complete, it is essential to map out a digital transformation roadmap that aligns with your business growth goals. This stage involves setting clear objectives, identifying the necessary resources, and creating a timeline for implementation.
  • Stage 3: Implementation – With a solid plan in place, it’s time to put the strategies into action. This involves integrating new technologies with legacy systems, optimizing workflows, and fostering a culture of innovation and adaptability within the organization. The focus is on driving operational excellence and maximizing the benefits of digital transformation.
  • Stage 4: Review – Digital transformation is an ongoing process, and it’s crucial to regularly evaluate the implemented strategies. This stage involves monitoring the effectiveness of the changes, gathering feedback from stakeholders, and making adjustments as required. Continuous monitoring ensures that the transformation remains aligned with business objectives.
  • Stage 5: Continuous Improvement – In the modern digital landscape, staying ahead requires constant updates and enhancements driven by the advances in technology and the growing understanding of data science. This stage emphasizes the need for continuous improvement, encouraging organizations to embrace emerging technologies, monitor industry trends, and leverage the insights from data science to identify new opportunities for growth. By continually refining their digital strategies using both technological advancements and data-driven approaches, businesses can maintain a competitive edge in the digital-enabled world.

Choosing the Right Digital Transformation Consultant

When selecting a digital transformation consultant, consider their expertise, approach to change management, tool compatibility, and track record with client testimonials. Understanding your business needs and matching them with the right consultant is crucial. Look for a consultant with a proven track record, tailored approach to change management, and effective communication skills. Assess the compatibility of their toolset with your company and review case studies and client testimonials for insights into their capabilities. Making an informed decision ensures a successful digital transformation journey. 

The Role of a Digital Transformation Consultant

As companies strive to remain competitive and relevant in the digital age, the expertise and guidance of these consultants have become indispensable in navigating the complex terrain of digital transformation. From devising comprehensive strategies to implementing cutting-edge technologies, digital transformation consultants play a pivotal role in helping organizations harness the full potential of digital tools and processes.

Conducting a Comprehensive Digital Assessment

By conducting a comprehensive digital assessment, consultants can gain a holistic understanding of the company’s digital environment, enabling them to develop a well-informed, targeted strategy that maximizes the impact of the digital transformation efforts and contributes to the long-term success of the organization. This stage is crucial for a digital transformation consultant for several reasons:

  • Understanding the Current State: A thorough digital assessment helps the consultant understand the company’s existing digital infrastructure, processes, and technologies. This understanding provides a clear picture of the company’s strengths, weaknesses, and areas that need improvement.
  • Identifying Pain Points: By conducting a comprehensive assessment, consultants can identify the specific pain points and challenges that the company is facing in its current digital landscape. This enables them to prioritize the areas that require immediate attention and devise effective strategies to address these immediate issues.
  • Establishing Baseline Metrics: A digital assessment allows consultants to establish baseline metrics that serve as a benchmark for measuring the success of the digital transformation initiatives. These metrics can include performance indicators, process efficiency, customer satisfaction levels, and other relevant data points that help quantify the impact of the transformation efforts.
  • Aligning with Business Goals: Through the assessment, consultants can align the digital transformation initiatives with the company’s overall business goals and objectives. This ensures that the transformation strategy is tailored to the specific needs and priorities of the organization, maximizing the impact of the digital initiatives on the company’s bottom line.
  • Prioritizing Transformation Efforts: The findings from the digital assessment enable consultants to prioritize the transformation efforts based on the critical areas that require immediate attention and those that can be addressed in subsequent phases. This ensures that the transformation process is streamlined and focuses on the most impactful changes first.
  • Tailoring Solutions: A comprehensive digital assessment provides insights into the unique challenges and requirements of the company, allowing consultants to tailor customized solutions that are specifically designed to address the issues and capitalize on the existing strengths of the organization. 
  • Managing Resources Efficiently: Understanding the current state of the company’s digital landscape helps consultants allocate resources effectively, ensuring that the transformation initiatives are implemented within the defined budget and timeframe. This prevents resource wastage and promotes a more efficient use of the company’s resources.

Developing a Customized Transformation Strategy and Roadmap

A great consultant understands uniqueness matters for each company. They can develop a customized transformation strategy that not only addresses the specific needs of the company but also sets a clear path for achieving the desired digital transformation goals and objectives.

Based on the identified gaps and requirements, the consultant evaluates the available technologies and tools that can effectively address the company’s specific needs. They consider factors such as scalability, integration capabilities, security, and compliance requirements to select the most suitable technologies for the customized transformation strategy.

The consultant also develops a detailed roadmap that outlines the step-by-step plan for implementing the transformation strategy. This roadmap includes timelines, milestones, key performance indicators (KPIs), and specific actions that need to be taken to achieve the desired digital transformation objectives.

Implementing and Managing Change Initiatives

Mapping the digital transformation route is more like weaving a tapestry than drawing a map. A consultant’s role cannot be underestimated in initiating change, orchestrating subtle nuances and tackling unforeseen complexities that may arise.

With a consultant to guide you, change initiation becomes more manageable. They have the expertise to plan a smooth transition, preempt possible setbacks, and ensure your resources are sensibly allocated throughout the transformation process.

Consultants don’t just lead the way. They stand alongside you, navigating twists and turns, fostering resilience within your team, and inspiring them to embrace the new landscape that transformation brings. In essence, they bolster the success of your transformation.

Monitoring and Measuring the Impact of Transformation

Consultants regularly assess the performance metrics, gather feedback from stakeholders, and make necessary adjustments to ensure that the strategy remains effective and aligned with the evolving needs of the business.

Providing Ongoing Support and Guidance

Experienced digital transformation consultants provide continuous support after the implementation phase, ensuring the durability and adaptability of newly inserted digital mechanisms. Their mentorship equips companies to navigate the digital landscape and embrace evolving technologies. Consultants also provide ongoing education, fostering a culture of continual learning necessary for thriving in the dynamic digital landscape.

The ROI of Digital Transformation Consulting

Investing in digital consultants often yields a pocket-friendly return. By streamlining processes, leveraging automated systems, and cutting down inefficiencies, they provide considerable financial gains. This, aptly portrayed in bolstered profit margins, reveals the tangible advantages.

Beyond financial returns, the intangible ROI of digital transformation has immense merit. It fuels innovation, fosters a culture of agility, bolsters client relationships, and positions the company as an industry disruptor. This unseen facet brings sustainable success and propels competitiveness in the digital landscape.

Quantifying the Financial Gains

Through strategic digital transformation consulting, profitability isn’t left to chance. A carefully planned, effectively managed move into digital can turn technology investments into substantial financial gains.

Remember, it’s more than just boosting the bottom line in the short term. It’s about sustaining growth and maintaining profitability long after the transformation is complete.

Calculating Cost Savings and Operational Efficiencies

Digital transformation consulting acts as a catalyst for slashing operational costs. It streamlines processes, automates repetitive tasks, and ensures optimal utilization of resources, resulting in significant cost savings.

Adequate application of digital transformation tactics directly leads to skyrocketing efficiency. Digital transformation consultants maneuver this progress, crafting strategies for system upgrades and embracing automation, which inevitably stimulates an upward spiral in productivity.

Savings aren’t solely monetary in the realm of digital transformation. Consultants also devise methods to conserve time, reducing task completion periods, enabling your workforce to focus on more complex, value-adding tasks. Moreover, digital transformation consulting tends to shift the company towards being proactive rather than reactive.

Evaluating the Long-Term Strategic Value

Digital transformation consultants assist in foreseeing the future business landscape, leading to the formulation of a strong strategic vision. By streamlining processes, it eliminates unnecessary tasks and harnesses the power of technology to prepare your company for tomorrow.

The strategic value of digital transformation lies in the sustainable success it promises. As efficiency increases, cost sinks, and innovation thrives, the beneficial impact on the bottom line becomes enduring, not fleeting.

Consultants help push businesses beyond their comfort zones, allowing them to evolve and stay relevant. Such adaptation creates a long-lasting strategic advantage, ensuring the survival and growth of the enterprise in the digital age.

Want to know if you’re ready for a digital transformation? Take our short (6 questions) self-assessment to find out if you’re ready or if you’re on the right track. No matter the results, we’re here for you!

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away. Follow our blog and subscribe to our communications for more tips and trends on digital transformation and B2B commerce.

Friends of Commerce Selected By Office and School Supply Wholesaler to Simplify Their Digital Transformation 

Creating a collaboration to advance commerce channels, enhance supply chain solutions and provide a one-stop eCommerce solution across the customer lifecycle. 

Sheridan, WY, United States, December 4, 2023 — Friends of Commerce, a B2B & B2C eCommerce consulting and solution development agency, is thrilled to announce that it has been chosen by BAZIC Products, a leading provider of office and school supplies, to bolster efficiency and expand their digital transformation.

As part of this partnership, Friends of Commerce will offer comprehensive support in optimizing BAZIC’s supply chain management and advancing their eCommerce channels. Leveraging Friends of Commerce’s expertise and innovative solutions, BAZIC aims to streamline its eCommerce B2B, B2C and Corporate platforms and ensure top-notch services to its customers.

Key highlights of the collaboration include:

  • Scalability for Rapid Growth: Friends of Commerce will contribute its vast experience and knowledge allowing BAZIC to scale their business faster and see results quickly by combining three commerce platforms into one, ensuring swift and reliable delivery of office and school supplies to customers.
  • Efficiency in Operations: With the aid of Friends of Commerce’s advanced ecommerce solutions, BAZIC anticipates operational efficiencies, reducing lead times and enhancing overall supply chain performance via its eCommerce channels.
  • Customer-Centric Approach: The collaboration intends to prioritize the satisfaction of customers by ensuring timely delivery and a seamless ordering experience for office and school supplies across B2B and B2C.

“BAZIC Products is excited to partner with Friends of Commerce to further fortify our commitment to delivering quality office and school supplies efficiently. We chose BigCommerce as our single platform because they offered out-of-the-box solutions that our team was comfortable with,” says Aveani Moeljono, Marketing & Digital Operations Director of BAZIC Products. “After evaluating several partners of BigCommerce, we chose Friends of Commerce because from the moment we met, they understood our journey, what we needed, and for the first time, they provided a picture to show us just how complicated our current systems and processes were. Friends of Commerce got us! It was like a miracle! We didn’t need to look any further.” 

“Friends of Commerce is delighted to join forces with BAZIC Products and BigCommerce to offer our expertise in eCommerce solutions,” says RJ Stephens, CEO/Co-Founder of Friends of Commerce. “Together, we aim to create a robust eCommerce system that ensures efficient management across a single platform to provide the timely delivery of office and school supplies to customers, fostering a mutually beneficial relationship.”

This strategic collaboration between BAZIC Products and Friends of Commerce signifies a forward-thinking approach towards digital transformation and improving service quality and efficiency in the realm of office and school supply distribution.

 

ABOUT FRIENDS OF COMMERCE

Friends of Commerce is a B2B & B2C eCommerce consulting and solution development agency based in the United States. We focus on upper mid-market B2B and B2C companies needing to embark on digital transformation for the first time or moving off legacy systems. We work with our clients to ensure a transparent, full-service, end-to-end solution to grow their business. Friends of Commerce cares about making our customers successful by providing a high level of expertise, engagement, and experience at an unmatched value. Learn more at www.friendsofcommerce.com, or follow us on LinkedIn, Facebook, X formerly Twitter, and YouTube.

ABOUT BAZIC PRODUCTS

BAZIC Products, a distinguished B2B & B2C eCommerce and Distributor Stationery company situated in Los Angeles, CA specializes in providing an extensive range of products. Offering office supplies, school supplies, arts & crafts, and more. BAZIC Products is dedicated to delivering top-quality and cost effective products to businesses and customers alike. Our commitment centers around customer satisfaction, guiding them toward success through the utilization of our exceptional product offerings. Explore our transformative approach and discover more about the dynamic solutions BAZIC Products provides by visiting us at https://www.bazicproducts.com/, or follow us on Facebook, X formerly Twitter, Instagram, YouTube and Pinterest.

ABOUT BIG COMMERCE

BigCommerce (Nasdaq: BIGC) is a leading open software-as-a-service (SaaS) ecommerce platform that empowers merchants of all sizes to build, innovate and grow their businesses online. BigCommerce provides merchants sophisticated enterprise-grade functionality, customization and performance with simplicity and ease-of-use. Tens of thousands of B2C and B2B companies across 150 countries and numerous industries use BigCommerce to create beautiful, engaging online stores, including Ben & Jerry’s, Molton Brown, S.C. Johnson, Skullcandy, Solo Stove, Ted Baker and Vodafone. Headquartered in Austin, BigCommerce has offices in London, Kyiv, San Francisco, and Sydney. For more information, please visit www.bigcommerce.com or follow us on Twitter, LinkedIn, Instagram and Facebook.

 

For media inquiries or further information, please contact:

Kim Schmitz

720-233-9780

kim@friendsofcommerce.com

Visit us on social media:

Facebook

Twitter

LinkedIn

YouTube

Digital Transformation Solutions: A Comprehensive Guide

What is Digital Transformation?

Digital Transformation is more than just a buzzword, it represents an opportunity to deploy innovative approaches by experimenting with traditional operational methods and evolving them into tech-savvy, streamlined processes. It’s not merely about automating functions but reimagining business operations through the lens of technology. 

When businesses experiment with new technologies, operations can ascend to an unprecedented level of efficiency and agility, ensuring continued scaling and fostering a robust relationship with their valued customer base. It provides a conduit for businesses to create customer-centered products, services, and experiences, ensuring continued growth and financial gain.

Identifying the Need for Digital Transformation

Identifying the need for Digital Transformation is about perceiving that your current strategies may be outdated and that advancements in technology can push you ahead and help you scale.

And there comes a point when embarking on a digital transformation journey transitions from a ‘want’ to a ‘must-have.’ You’ll feel this shift when your organizational structure starts to buckle under the pressures of an increasingly digital world.

Noticing a drop in productivity or an increase in costs, missing out on major opportunities, or falling behind competitors are clear signs that digital transformation is not just necessary, but urgent.

We explore the types of digital transformation technologies and the benefits of each in this comprehensive guide to digital transformation solutions. 

Digital Transformation Solutions

Digital transformation technologies like Cloud Computing, Data Analytics, AI and Machine Learning, and IoT work together to create scalable solutions, provide valuable insights, predictive capabilities, and leverages real-time data. In tandem or individually these technologies can help address challenges and drive innovation and growth.

Cloud Computing

Cloud Computing is a type of digital technology that forms the backbone of Digital Transformation. Cloud computing involves using a network of remote servers hosted on the internet to store, manage, and process data, rather than using a local server or a personal computer. Cloud computing allows users to access and use computing resources, such as storage, databases, software, and servers, over the internet, providing flexibility, scalability, and cost efficiency.

Benefits of Cloud Computing:

  • Scalability and Flexibility: Cloud computing allows businesses to scale their computing resources up or down based on fluctuating demands, ensuring that the infrastructure can accommodate sudden spikes in website traffic, especially during peak shopping seasons or promotional events.
  • Cost Efficiency: By leveraging cloud computing services, companies can avoid the upfront costs associated with purchasing and maintaining hardware and infrastructure. They can instead pay for what they use, making it a more cost-effective option for managing and storing large volumes of data and conducting complex computing tasks.
  • Enhanced Security: Cloud service providers often implement robust security measures to protect data and applications from potential cyber threats and breaches. This provides businesses with a secure environment for storing sensitive customer information and conducting secure transactions.
  • Global Reach: Cloud computing enables e-commerce businesses to expand their global reach and serve customers from various geographical locations without the need for physical infrastructure in each region. This allows companies to enter new markets quickly and efficiently, facilitating international business growth and expansion.
  • Collaboration and Integration: Cloud-based tools and applications facilitate seamless collaboration among different teams within an organization. They also enable the integration of various business systems and applications, streamlining operations and enhancing overall business efficiency.

Data Analytics

Data Analytics involves the process of examining large and varied data sets to uncover patterns, correlations, and insights. In the context of digital transformation, data analytics helps businesses make informed decisions, optimize processes, and identify opportunities for innovation and growth. By leveraging advanced analytical tools and techniques, organizations can extract valuable information from their data, enabling them to understand customer behavior, market trends, and internal operations more comprehensively.

Benefits of Data Analytics:

  • Customer Insights: Data analytics enables businesses to analyze customer data, including purchase history, browsing behavior, and demographic information, to gain insights into customer preferences, identify trends, and personalize the shopping experience for individual customers.
  • Marketing Optimization: By analyzing data from various marketing channels and campaigns, businesses can optimize their marketing strategies, target specific customer segments, and deliver more effective and personalized marketing messages, leading to improved customer engagement and higher conversion rates.
  • Inventory Management: Data analytics can help businesses optimize inventory levels by analyzing historical sales data, demand patterns, and seasonality, enabling them to better manage stock levels, reduce inventory costs, and prevent stockouts or overstock situations.
  • Performance Tracking: Businesses can use data analytics to monitor and track key performance indicators (KPIs) such as website traffic, conversion rates, and customer satisfaction metrics, enabling them to identify areas for improvement and make informed decisions to enhance overall business performance.
  • Forecasting and Planning: Data analytics can be used to forecast future sales trends, demand patterns, and market dynamics, helping e-commerce businesses plan and strategize effectively, allocate resources efficiently, and stay ahead of changing market conditions.

Artificial Intelligence

In the context of digital transformation, AI (Artificial Intelligence) refers to the implementation of intelligent systems and technologies that deliver automated and enhanced experiences across various aspects of business.

Benefits of Artificial Intelligence

  • Personalization: AI can analyze customer data to provide personalized recommendations, product suggestions, and targeted marketing campaigns tailored to individual preferences and behaviors.
  • Customer Service: AI-powered chatbots and virtual assistants can provide real-time customer support, answer queries, and assist shoppers in finding products or resolving issues, enhancing the overall shopping experience.
  • Predictive Analytics: AI algorithms can analyze vast amounts of data to predict trends, customer behavior, and demand patterns, helping businesses make informed decisions regarding inventory management, pricing strategies, and product offerings.
  • Visual Search and Recommendation: AI can enable visual search capabilities, allowing customers to find products based on images or similar visual attributes. Additionally, AI-powered recommendation engines can suggest relevant products to customers based on their browsing and purchase history.
  • Fraud Detection and Security: AI can enhance cybersecurity measures by detecting fraudulent activities, preventing unauthorized access, and ensuring secure transactions, thereby fostering customer trust and confidence.

Machine Learning

Machine learning is a subset of artificial intelligence (AI) that involves the development of algorithms and models that enable computers to integrate, learn from, and make predictions or decisions based on data. Unlike data analytics, machine learning focuses on predictive analysis and the ability of systems to improve their performance automatically through experience. It allows computers to identify patterns and make decisions without being explicitly programmed to do so.

Benefits of Machine Learning

Personalized Recommendations: Machine learning algorithms can analyze customer data, including browsing history, purchase behavior, and preferences, to provide personalized product recommendations, increasing the likelihood of successful cross-selling and upselling.

  • Predictive Analytics: Machine learning models can forecast customer demand, identify market trends, and predict future purchasing behavior, enabling businesses to optimize inventory management, pricing strategies, and product offerings.
  • Fraud Detection: Machine learning algorithms can detect patterns indicative of fraudulent activities, such as unauthorized transactions or suspicious behavior, helping companies prevent fraudulent activities and secure online transactions.
  • Customer Service Automation: Machine learning-powered chatbots and virtual assistants can provide real-time customer support, answer inquiries, and assist customers with product selection, order tracking, and issue resolution, improving the overall customer service experience.
  • Dynamic Pricing: Machine learning can help businesses dynamically adjust product prices based on various factors such as demand, competitor pricing, and customer behavior, allowing companies to optimize pricing strategies and increase competitiveness in the market.

Internet of Things (IoT)

Internet of Things (IoT) refers to the integration of physical devices, appliances, and systems with internet connectivity, allowing them to collect and exchange data. IoT creates a more connected and seamless shopping experience for customers while also enabling businesses to operate in a more in a more optimized way.

Benefits of IoT

  • Enhanced Customer Experience: IoT devices can provide personalized and interactive shopping experiences by enabling smart devices to communicate with each other, allowing customers to make purchases directly through connected devices, such as smart appliances, wearables, and voice assistants.
  • Supply Chain Optimization: IoT sensors can track inventory levels, monitor product shipments, and manage warehouse operations more efficiently, ensuring timely and accurate product deliveries. This optimizes supply chain management and helps prevent stockouts or overstock situations.
  • Smart Retail Spaces: IoT-enabled beacons and sensors can provide real-time data on customer behavior, preferences, and movement within physical retail spaces. This information can be leveraged to optimize store layouts, improve product placements, and deliver personalized promotions or discounts to customers while they are in-store.
  • Data-Driven Insights: IoT devices generate a wealth of data that can be analyzed to gain valuable insights into customer behavior, preferences, and purchasing patterns. This data can be used to tailor marketing strategies, improve product offerings, and enhance customer engagement, ultimately leading to more targeted and effective sales and marketing efforts.
  • Seamless Integration with Backend Systems: IoT technology can seamlessly integrate with backend e-commerce systems, including inventory management, order processing, and customer relationship management (CRM) systems, creating a more streamlined and efficient operational process.

Implementing Digital Transformation

Visionary strides begin with a map. To execute a robust Digital Transformation, identify technological gaps, then chart a course integrating digital technologies into your business processes.

In digital transformation, having the right tools in your arsenal can make all the difference. Be it data analytics or cloud-based solutions, the tools you select should match your transformation goals – it’s about crafting a bespoke solution, not being swayed by the latest tech hype.

Change can be daunting but with the right digital transformation tools, this can turn into a smooth transition. These tools should not only ease the process but also drive innovation, opening up new avenues for growth. Remember, it’s about molding the technology to your business, not the other way round.

Measuring the Success of Digital Transformation

Orchestrating change calls for clear markers of growth. Success isn’t simply felt; it is measured. Sharp targets cut through ambiguity, allowing you to quantify progress and validate the effectiveness of your digital strategies and brainstorm new ideas. For digital transformation, vital Key Performance Indicators (KPIs) like customer engagement, operational efficiency, and overall revenue growth must be identified. KPIs should align with long-term objectives of the organization.

This approach doesn’t just measure success, but guides it. Whether the task is reshaping customer experience, streamlining operations, or product innovation, KPIs in digital transformation become the twin pillars of success.

Want to know if you’re ready for a digital transformation? Take our short (6 questions) self-assessment to find out if you’re ready or if you’re on the right track. No matter the results, we’re here for you!

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away. Follow our blog and subscribe to our communications for more tips and trends on digital transformation and B2B commerce.

Unlocking Success: How Digital Transformation Consultants Drive Growth

In today’s fast-changing business landscape, digital transformation has become essential for organizations to stay competitive. It goes beyond adopting new technologies to reshaping strategies, operations, and culture. Digital transformation consultants provide invaluable guidance in navigating challenges and formulating comprehensive strategies. This paradigm shift impacts not just businesses but society as a whole, ensuring sustainable growth and relevance in the global market.

Understanding Digital Transformation

The now popular term ‘Digital Transformation’ can mean lots of different things to different people, so what does it mean and what is it? ‘Digital Transformation’ encapsulates the intentional reworking of business processes, culture, and customer interactions boosted by digital technology. It extends beyond just technology into a phenomenon that interlaces digital, physical, and human systems.

In today’s business landscape, digital transformation is not just an option, but a fundamental necessity for companies looking to remain competitive. It involves strategically applying state-of-the-art technologies across all aspects of the business, reshaping traditional models and enhancing the employee experience and customer experience. By embracing digital transformation, businesses cultivate a culture of continuous innovation and apply a proactive approach to decision-making. This adaptive mindset is crucial in an ever-evolving market, where responsiveness and agility are key differentiators. As businesses across industries apply this transformative shift, digital adaptation becomes an indispensable survival tool for navigating complexities.

 Examples of digital transformation:

  1. E-commerce: The rise of online shopping platforms has completely transformed the retail industry. Traditional brick-and-mortar stores have had to adapt by developing robust online platforms to reach a wider customer base and provide a seamless shopping experience.
  1. Cloud Computing: The adoption of cloud computing technology has revolutionized the way businesses access data. It allows for increased flexibility and scalability, enabling businesses to streamline their operations and reduce costs.
  1. Internet of Things (IoT): The integration of IoT devices has created new opportunities for businesses across various sectors. From smart homes to connected cars, IoT enables businesses to collect and analyze real-time data, leading to improved efficiency and customer experiences.
  1. Artificial Intelligence (AI) and Machine Learning: AI and machine learning technologies are being used to automate and enhance various business processes. From chatbots providing customer support to predictive analytics optimizing operations, AI can transform the way businesses operate.
  1. Data Analytics: The ability to collect and analyze large amounts of data has become crucial for businesses. Machine learning techniques are applied to big data for processing, analyzing, and extracting meaningful information. These algorithms can handle complex, large datasets and automatically learn from them, thereby enabling the identification of patterns, trends, and correlations that might not be apparent to human analysts. Data analytics tools and techniques allow for better decision-making, personalized marketing strategies, and improved customer insights.
  1. Mobile Applications: The proliferation of smartphones has led to the development of mobile applications that cater to various customer needs. Businesses have leveraged mobile apps to provide personalized experiences, increase customer engagement, and drive sales.

These examples highlight how digital transformation has enabled businesses to innovate, improve efficiency, create new business models, and deliver value. By embracing new technology, businesses can stay competitive and meet the changing needs of their customers, ultimately creating value for both themselves and their stakeholders.

Digital transformation reinvents traditional business models. In a world defined by technological acceleration, businesses disregarding it risk being left in the dust. Modern consumers expect seamless digital experiences, making this transformation not a luxury, but a survival tool.

‘Innovation and Agility’ is the motto of the digital transformation era. It enables businesses to quickly adapt to market changes, launch products, and meet customer needs. A culture of experimentation and rapid learning fuels innovation, further driving growth and market leadership.

Benefits of digital transformation

Digital transformation is akin to a profound seismic shift in the business landscape, compelling companies to recalibrate their strategies and re-envision their operational paradigms. By embracing this transformative journey, organizations unlock an abundance of transformative benefits that not only fuel growth but also fortify their resilience against the disruptive forces of the market.

Later in this article, we will discuss the benefits of digital transformation in more detail. Key benefits include:

  • Improved efficiency and productivity through automation of routine tasks.
  • Enhanced customer experience with personalized services and interactions.
  • Amplified business intelligence through data analytics.
  • Increased agility and flexibility to adapt to market changes.
  • Distinct competitive advantage with a digitally driven approach.

 Key challenges of digital transformation

The digital transformation journey, while promising, is not devoid of challenges. Organizations often encounter a range of complex obstacles that can impede the seamless integration and adoption of transformative technologies. These challenges demand meticulous planning, strategic foresight, and a comprehensive understanding of the potential roadblocks that may arise along the way. Understanding and effectively addressing these challenges are imperative for businesses to successfully navigate the transformative landscape and emerge as frontrunners in the digital age. Key challenges include:

  • Fostering a digital culture and providing adequate training across the organization to overcome resistance to change.
  • Finding experienced personnel who can lead the digital transformation initiative and navigate the evolving technological landscape.
  • Data privacy and cybersecurity concerns need to be addressed to safeguard sensitive information and comply with regulations.
  • Integration with legacy systems can result in interoperability issues and workflow disruptions, requiring a comprehensive assessment and strategic planning.
  • Effective communication and collaboration across departments and stakeholders are essential for successful digital transformation.
  • The rapidly evolving nature of digital technologies requires organizations to remain adaptable and responsive to emerging trends and market dynamics.

 The key challenges of digital transformation demand a proactive and strategic approach that prioritizes cultural transformation, talent development, data security, seamless integration, effective communication, and adaptability. By acknowledging these challenges and implementing targeted strategies to address them, organizations can navigate the complexities of digital transformation and position themselves as agile, innovative, and resilient players in the rapidly evolving digital landscape.

The Role of Digital Transformation Consultants

As discussed above, companies often encounter a range of complex obstacles when adopting transformative technology. Digital Transformation Consultants can act as a type of business partner that helps mitigate risk and ease the process. Digital Transformation Consultants are seasoned guides, their wisdom born from years of varied industry experience, assisting you to navigate the complex terrain of digital transformation. They shape the journey, tailoring it to your unique concept, industry and market circumstances. Their guidance is essential to efficiently utilizing resources and efforts, enhancing innovation and the overall resilience of your enterprise.

Who are digital transformation consultants?

Advisors of Digitization: Digital Transformation Consultants wear multiple hats – from tech specialists to change managers, they connect organizational silos, ensuring seamless digital integration. Their expertise spans every sector, every business size, ensuring that no matter your industry, there’s a transformation consultant who speaks your language, understands your challenges.

Pioneering Digital Innovation: These consultants lead the charge in digital innovation, leveraging the latest tech breakthroughs for your competitive advantage, driving impactful business changes. Understanding their role involves realizing that they are not merely digital implementers, but strategic thinkers who can envision and enact a comprehensive plan tailored to promote your business growth amidst digital evolution.

What do digital transformation consultants do?

Digital transformation consultants are the architects of digital change. They mold the formless into the tangible, turning ambitious visions into sustainable pathways towards a digital-first future. They assess companies’ needs, identify areas for innovation, and map out actionable strategies that guide businesses through the daunting landscape of new technology.

These consultants are stewards of the digital journey. Much like expert trail guides, they negotiate the rocky terrain of transformation, removing obstacles, flagging risks, and forging a path towards the peak of digital prowess. Their primary duty isn’t just to implement new technology; it’s ensuring that technology propels the business forward.

The job of a digital transformation consultant involves more than just planning; they ensure the successful execution of strategies, overseeing each stage of the transformation journey. They collaborate, educate, and build bridges between business and IT, fostering a culture of continuous learning and adaptation that drives sustained growth in the digital age.

Why hiring a consultant can be beneficial

In the race to digitize and stay ahead, businesses often hit stumbling blocks. Transformation consultants act as navigators, offering fresh perspectives and outside expertise to achieve digital success.

These consultants analyze your business model to identify inefficiencies, proposing tech-driven solutions to improve both processes and performance. Hiring such experts brings immeasurable strategic advantage. Acting as catalysts for change, they guide your business towards development, maintaining equilibrium between cutting-edge tech and operational needs. The unbiased viewpoint and proven strategic approach of these consultants act as an espresso shot for businesses seeking to transform seamlessly, accelerating their digital journey.

Choosing the right consultant for your business

Choosing the consultant who aligns with your vision is crucial. The right digital transformation partner mirrors your goals, understands your challenges, and forges a clear path towards your objective. Navigating the consultancy landscape requires strategic evaluation. In selecting the perfect digital transformation partner, consider their proven track record, expertise, and ability to champion innovation in your business arena.

Driving Growth through Digital Transformation

Accelerating expansions has become a reality through digital transformation: a tour de force capable of turbocharging growth. This digital revolution, armed with streamlined processes and data-driven insights, creates an unstoppable engine of expansion. Unleashing unimagined opportunities, this digital crescendo optimizes customer experiences and paves the way for unmarked innovation and agility.

Streamlining business processes

In a world entwined with technology, navigating convoluted business processes is akin to running an obstacle course. Yet, a well-executed digital transformation strategy can lighten the load. It charts a smoother course for businesses, streamlining operations and eliminating needless complexity.

So, how does digital transformation simplify business operations? Essentially, it curtails complexity by replacing manual procedures with automated, digital systems. This not only increases efficiency but also reduces the likelihood of errors.

Facilitating faster decisions, process automation saves precious time and resources. Working through a multitude of tasks swiftly, businesses can focus on their strategic goals, making it possible to stay a step ahead in a fierce competitive environment.

It’s also about making more of the resources at hand. Companies can leverage digital transformation to maximize the utilization of their existing infrastructures, leaving no room for over (or under) use. It’s like cleaning out your attic and finding invaluable space.

Moreover, a successfully streamlined business process supports transparency and traceability, engendering trust within your team and with customers. A business that lets the sun in will find clarity and vision enhanced – all thanks to digital transformation.

Optimizing customer experience

In the era of digital transformation, customer experience has shifted far beyond a mere transaction. By leveraging digital technologies, businesses can create seamless, personalized experiences that foster loyalty and drive growth.

The age-old adage, ‘The customer is king,’ has never been more relevant. In a click, swipe, and tap era, companies must revolutionize relationships. The right digital strategies can turn customers into brand advocates. Imagine the customer feedback loop as a goldmine of insights, unearthed through digital transformation. These insights allow businesses to anticipate needs, solve pain points, and optimize customer satisfaction in real time.

Digital transformation is not just about technology; it’s about agility. Businesses that pivot quickly to meet changing customer demands are the ones that thrive. In other words, optimizing the customer experience is the secret sauce to success in today’s digital landscape.

Leveraging data-driven insights

In the era of digital transformation, cashing in on information is not just a choice, it’s a necessity for survival. By leveraging the rich mines of data we gather, businesses can make informed decisions and forecast trends effectively.

Data-driven insights foster growth by not just pointing to areas of improvement but also guiding the way forward with precision. Utilize them effectively, and you unlock a world where growth is not a fluke, but a planned trajectory.

Facilitating innovation and agility

Innovation

Unleashing inventiveness is central to digital transformation. Consultants engineer innovative strategies, indispensable for staying ahead in the fast-paced digital world. Igniting creativity becomes possible via updated tech-stack, adoption of emerging technologies, or refining product development processes.

When businesses adapt swiftly, they unlock areas for innovation. Agile businesses can quickly test new ideas, making it easier to iterate and improve. Guided by a digital transformation consultant, this forms a powerful cycle of agility and innovation.

Agility

Agility is a key component of digital transformation. It allows businesses to respond effectively to the constantly evolving business landscape. With the guidance of a digital transformation consultant, businesses can adapt more rapidly, turning challenges into opportunities.

Embracing agility enables businesses to act on data-driven insights swiftly and effectively. In the digital age, quick reaction time can translate to a competitive advantage. A digital transformation consultant can provide the necessary tools and strategies to leverage agility.

Ultimately, it’s not about the implementation of digital tools. It’s about fostering a dynamic culture of innovation and agility. Through their expertise, digital transformation consultants facilitate this shift, providing a platform for sustainable growth. In today’s rapidly evolving digital landscape, experience is the key ingredient to success. Businesses must leverage the wealth of data available to them in order to make informed decisions and predict trends effectively. Intuition alone is no longer sufficient – it must be paired with data-driven insights.

Conclusion

Digital transformation stands as a linchpin in the modern business landscape, serving as a catalyst for innovation, growth, and customer-centric excellence. By embracing the multifaceted nature of this transformative process, businesses can unlock unparalleled opportunities for expansion, competitive differentiation, and long-term sustainability. Leveraging the insights provided within this post, organizations can navigate the complexities of digital transformation with confidence, capitalizing on the expertise of digital transformation consultants to drive meaningful change and secure a formidable position within the digital ecosystem. As the global business environment continues to evolve, digital transformation remains a guiding principle for businesses seeking to thrive and prosper in the digital age.

Key Takeaways

  • Consultants play a crucial role in engineering innovative strategies for digital transformation.
  • Agility is essential for businesses to respond effectively to the constantly evolving business landscape.
  • Embracing agility allows businesses to act on data-driven insights swiftly and effectively.
  • Agile businesses can quickly test new ideas, leading to innovation and improvement.
  • Digital transformation goes beyond implementing digital tools and requires a holistic approach.
  • Digital transformation is a catalyst for innovation, growth, and customer-centric excellence.
  • Businesses can unlock unparalleled opportunities for expansion and competitive differentiation through digital transformation.
  • Organizations can navigate the complexities of digital transformation with the help of digital transformation consultants.

Want to know if you’re ready for a digital transformation? Take our short (6 questions) self-assessment to find out if you’re ready or if you’re on the right track. No matter the results, we’re here for you!

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away. Follow our blog and subscribe to our communications for more tips and trends on digital transformation and B2B commerce.

 

Key B2B Ecommerce Statistics Every CEO Should Know When It Comes to Marketing

Imagine a B2B salesman without a phone. It would be like a doctor without a stethoscope or an artist without a paintbrush.

The telephone has played such a significant part in B2B sales that it has nearly become synonymous with the whole industry. Prospecting, qualifying, nurturing, and, on occasion, pitching and closing are all done using it.

However, evidence shows that its time in the spotlight may be coming to an end. According to McKinsey research, 77 percent of B2B decision-makers prefer videoconferencing over talking on the phone with vendors.

It’s perhaps a bit early to be permanently disconnecting your phone line, however, with 53 percent of marketers reporting greater ROI from inbound engagement (vs. just 16% for outbound), sales teams are spending more time talking to warm leads and less time talking to cold prospects.

SEO isn’t a choice

Consider this statistic: “Organic online search clicks outweigh sponsored web search clicks by roughly 12 to 1” When someone searches the web and discovers some of your material as a consequence of that search, you get organic web search clicks (on the first page normally). This isn’t a sponsored search. They haven’t found an ad you’ve purchased for that phrase. This indicates that, on average, more visitors (12 to 1) are discovering connections to existing material on a company’s website.

Buyers Stats

Below are some interesting buyer statistics that you should be aware of, especially as we transition into the digital space more and more.

Marketing Stats

By 2025, the market for customer experience management is predicted to increase, reaching $14.9 billion. B2B clients want the same high-quality experience as B2C customers, and businesses can’t deny it.

Brands must use consumer data, AI, and machine learning to completely customize B2B purchasing experiences. Many B2Bs may find that their employee experience is an excellent place to start when creating a distinctive experience. Many workers today work from home, and providing them with an online experience would empower and inspire them to give better customer service.

Most B2B companies would agree that marketing is critical to their success and that a strong marketing effort, much like in B2C, may help bring their brand in front of more people. Help to convert those individuals into leads. And, as a result, more sales. However, since a quarter of B2B companies spend just 5 percent of their overall expenditure on marketing, the belief is not inline with the budget and despite the fact that marketing generates a steady supply of leads, just 8% of respondents claimed they dedicated more than 15% of their resources to it.

Nearly half of B2B companies stated they want to increase their content expenditure in the next year. Only 4 percent of respondents want to cut down on their expenditures. Which only goes to demonstrate that in the B2B industry, content marketing still has a high potential ROI.

B2B marketers spend 50 percent of their time developing content to raise brand recognition and interest (Content Marketing Institute.) It’s tempting to believe that B2B content should be dull and formal. However, the fact is that B2B purchasers are still people. Reading material from a brand, like reading information from any other person, may help decision-makers get to know, like, and trust you better. Knowing what content to deliver and when is the key to getting in front of those key decision makers.

Being able to map out a customer’s full eCommerce journey to anticipate every step of the way is imperative in order to achieve bottom-line outcomes. Learn more about Friend of Commerce’s marketing suite and how we can help you see results quickly. 

Want to watch our video on this topic? Watch now.

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away. Follow our blog and subscribe to our communications for more tips and trends on digital transformation and B2B commerce.

Photo courtesy of: FreePik

 

Do Your B2B Buyers Want to Purchase Online? YES!

Traditionally, B2B purchases included a complex sales process involving several contributors and decision-makers. This frequently convoluted process involved study, assessment, and stakeholder involvement, followed by more research, evaluation, and stakeholder engagement before reaching any final judgments.

While some B2B journeys are still this complex, the system is evolving. During the pandemic, face-to-face meetings and in-person activities were halted, therefore these channels for decision-making were closed. Many of us—even buyers—now have less time than ever before in the frenzied, chaotic world that has arisen over the last few years. This means that the previously time-consuming B2B purchase journey has been simplified.

Buyers must still go through basic processes in the purchasing experience, such as defining a business need, researching solutions, evaluating possibilities, and finally making a decision. The difference today is that purchasers are conducting more online research on their own than in the past, and this research cycle looks to be getting faster and more effective.

This is a drastic change from not even ten years ago.

When you needed a printer for your office, for example, you’d look through the circulars, phone a few places, maybe ask about the best costs, and then place your order. More than likely, you’d have a long-standing relationship with an “office supply guy” who would drop by on a regular basis to see if you needed paper or supplies. Now? You don’t need “a guy,” you just need the web! And what is the web full of? Office copier ratings! You can find the best copier in a matter of minutes, see who has the greatest advertised pricing, then make a phone call when you’re prepared to buy.

McKinsey revealed in an October 2020 study that 70 to 80 percent of B2B decision-makers favored digital or remote contacts over face-to-face meetings. The top three reasons were safety, cost savings on travel, and simplicity of scheduling. From locating new suppliers to ordering goods and services, digital interactions were favored at every point of the purchase cycle.

What Do Buyers Want From B2B Online Purchasing Channels?

  • Optimized transactions

Companies now realize that simply having a website is no longer sufficient. To meet buyers’ demands and expectations, and to reduce their reliance on offline purchasing channels, e-commerce platforms must offer more than simple buy-and-sell operations.

As a result, many B2B organizations are entering what can be called the second stage of e-commerce maturity, in which improved online customer experience is the new priority. Not to mention that B2B buyers are also consumers accustomed to smooth B2C purchasing experiences. An enhanced user experience is now required for B2B online purchasing.

  • A simpler buyer’s journey

In accordance with the consumerization trend, B2B buyers anticipate a better overall online purchasing journey. Many B2B purchasers have mentioned that their most recent transaction was tough. The intricacy of the buying process itself is a major cause for this, with B2B buying groups often consisting of 6 to 10 decision-makers, each of whom gathers information irrespective of the others.

With so many components, technology is the greatest approach to simplify the B2B buying experience. Sellers make the research period considerably easier for buyers by delivering the relevant information at the right moment.

Customer data platforms, customer relationship management systems, and creative management tools, as well as technology that unifies your marketing, sales, and experience teams, enabling team cooperation across numerous products, campaigns, and markets. These tools aid in the delivery of information and data, allowing vendors to provide customized, relevant information to purchasers at the correct time. 

  • Online sales platforms as information sources

Buyers want to be able to obtain information such as shipping and return information, payment terms, price, and invoicing online. Naturally, it’s no surprise that individuals nowadays prefer to get their info online. However, consider the impact that an online information portal could have on your organization even before making a purchasing choice. 

Your online sales channel can also be used as a framework to host other critical sources of information that purchasers use throughout the information search stage of the purchasing process. Customer feedback, marketing content, and case studies are examples of this.

What Are The Advantages?

  • Cost savings

Even in its most basic and fundamental form, e-commerce tackles the cost-savings issue by removing the time and resources required to take and manually add offline sales orders. Cost reductions can be gained even further with ERP-integrated e-commerce due to decreased time and effort necessary to monitor and synchronize online store data.

  • Efficiency of transactions

If the main obstacles throughout the B2B purchasing process are data availability and order mistakes, ERP integration is the obvious solution. You can leverage Dynamics to pull real-time ERP data (such as inventory and product data) into your web store to keep your audience fully updated 24 hours a day, seven days a week. This detailed product data can also help to reduce order mistakes caused by improper products, inventory, or account record keeping.

  • Customer satisfaction

When it comes to online purchases, there will always be a margin for error, and it is likely that you will not be able to supply all of the information that every single buyer may require online. This is why, in addition to addressing existing e-commerce difficulties to the best of your ability, it’s critical to work on an effective cross-channel strategy. By doing so, you can not only reduce the number of clients forced offline as a result of technical issues but also create a streamlined experience for those customers who choose to switch between online and offline channels.

Let’s Recap

Demonstrating that you can satisfy your buyers’ needs at various stages of ecommerce offers you a competitive advantage and increases your chances of getting chosen as a supplier in the first place. Furthermore, launching an e-commerce channel can assist your organization. By providing what your clients require online, you will reduce the pressure on your sales and support employees. This provides them more time to concentrate their efforts on expanding your customer base, target markets, and, ultimately, revenue. 

Investing in an e-commerce platform is a win-win situation for both your company and your customers. Fortunately, you can work with experts like Friends of Commerce to ensure your digital transformation gets you there. 

Want to watch our video on this topic? Click here.

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away, and follow our blog for more tips and trends on digital transformation and B2B commerce.

Three Reasons You Should Be Launching a B2B Digital Commerce Channel Now

Consider being a mom-and-pop shop in America in the early 1980s. At the other end of town, a massive mall has unexpectedly opened up. Forty-plus years later, we’ve all seen how the majority of these stories ended. With the emergence of Walmart, Costco, and Target, the tradition of local, family-owned businesses began to dwindle swiftly. Why are we discussing this now? Because the e-commerce platform is to our generation what malls were in the 1980s.

As your average B2B buyer becomes more technologically sophisticated, the need to transition your company to a more effective, efficient, and scalable e-commerce offering cannot be overstated. Homegrown methods that have worked for some organizations are adequate up to a point, but because the name of the game these days is scaling, oftentimes these homegrown systems simply lack the capabilities to maintain consistent expansion cost-effectively. 

Those companies still sitting on the sidelines of digital commerce because they believe their market is more traditional and that their buyers aren’t interested in executing some part of their engagement online, are placing themselves behind competitors and losing out on cost-savings and revenue growth. This is truly impacting their bottom line. 

Landscape and Trends in B2B Commerce

Scaling up is more than just a math problem. It also entails using new technologies and solutions that will allow your digital commerce company to maintain its ground and hold its own in a sea of competition, ongoing innovation, and technological disruption. These current changes in the B2B commerce scene will help you understand why now is the time to adapt.

Raised Expectations for More Personalized Online Experiences

This is a trend driven by both B2B buyers and the evolving technology that underpins digital commerce. Because businesses frequently have repeat consumers, having predictive algorithms allows a company to build unique purchase patterns for each buyer. This adds another element of satisfaction to the customer’s experience and encourages them to make repeat and periodic purchases.

The Path of Least Resistance

While there are other advantages to investing in B2B  e-commerce, these three stand out owing to their relevance for a wide range of B2B setups rather than specific firms.

  1. Reduce costs across all channels

Significant cost savings can be realized by replacing manual operations that require staff’s time and also introduce the possibility of producing errors. This is true for all channels, including phone, email, 3rd party marketplaces, DTC, and even face-to-face interactions. Having the correct technology foundation that can enable efficiencies across your channels is paramount to managing costs, effort, and risks. 

Today’s modern eCommerce platforms can assist firms in replacing manual operations without investing heavily in customization and maintenance. This is especially true for platforms that are designed to serve B2B sellers right out of the box, allowing firms to get up and running quickly. More orders can be captured through the digital channel, resulting in less reliance on homegrown or legacy systems, which are not only costly to maintain, but have the added burden of security and privacy risks.

  1. Create easy-to-use purchasing experiences to improve customer satisfaction

Because the majority of B2B buyers are corporate representatives who are frequently repeat clients, the time required to conduct these transactions should ideally be low. The emphasis should be on providing efficient experiences for busy buyers, allowing them to find what they need online without having to call a sales or service representative.

E-commerce platforms, with the capacity to give customized navigation and precise product information, aid in the creation of a smooth path for B2B buyers. They can also help to reduce the time it takes to identify the proper product by using straightforward catalog browsing and simplifying repeat orders with reorder buttons and saved order lists.

Assisting consumers in discovering products and answering queries on their own time will result in a degree of customer satisfaction that will set your company apart from the competitors. The laggards that don’t embrace the efficiencies of technology and force clients to be reliant on middlemen and sales pitches will see their slice of the market shrink.

  1. Make your customer adoption strategy even better

Another significant advantage of e-commerce systems is the ability to track and optimize customer uptake. With the ability to see how buyers use and engage with the site, insights may be used to tailor the site to their specific needs.

Buying behavior data is very important. The good news is analytics may be tracked down to the individual level, and route analytics can be used to visualize their user journeys through the site. Furthermore, buying trends can be examined throughout different times of day to acquire a better understanding of their purchasing habits.

High customer adoption rates contribute to a higher margin and a higher return on investment (ROI) on marketing initiatives. 

How Do You Ensure the Success of Your E-Commerce Business?

Businesses who are considering Investing in B2B e-commerce, whether for the first time or to improve the performance of their channel,  should be aware of these helpful hints.

  • Implement a cross platform strategy

Because individuals are more tech-savvy these days, there is a high probability that potential prospects and clients will be engaging with your company on more devices than just their desktop. They may look for things they need on their phones or other portable devices, and then complete the order later from their workstation. This is why a company should implement a cross-channel e-commerce strategy to ensure that its content and catalog are available to potential customers across numerous devices and that experience is consistent.

  • Be up front on costs & offer flexibility 

Being upfront and transparent about the overall cost at all stages of the purchasing process is important. Typically in B2B, different clients are assigned different “price books” (discounts) based on purchase volume. With B2B, people could be buying things that are difficult to ship (think heavy industrial parts) or take time to assemble ahead of time (shipping time). So giving the client the flexibility to select the shipping method that saves them the most can be very important.

Why Are E-Commerce Platforms So Important Right Now?

In today’s B2B environment, your company’s customer-facing platforms must effectively hold the attention of potential buyers while meeting their expectations for world-class customer care and customized purchasing experiences. Custom configuring and quoting is also a very valuable B2B eComm component. Investing in an e-commerce platform that can manage all of these criteria is critical for businesses looking to scale and become future-ready. Fortunately, you can work with experts like Friends of Commerce to ensure your digital transformation makes an impact on your business. 

View our video on this topic.

Ready to get started? Tell us a little bit about your company, the challenges you are looking to solve, and we’ll be in touch right away, and follow our blog for more tips and trends on digital transformation and B2B commerce.

 

     

Friends of Commerce Expands eCommerce Marketing Offerings Driving High Converting Traffic and Maximizing ROI

Expanded services focusing on B2B & B2C customers provides a one-stop eCommerce solution across the customer lifecycle

Laptop with Marketing Dashboard

SAN DIEGO, CA, June 21, 2023 Friends of Commerce, a B2B & B2C eCommerce consulting and solution implementation agency announces an expansion of their eCommerce marketing services to serve B2B & B2C organizations looking for a faster, optimized technology solution driving ready-to-buy traffic and increasing ROI.

“We are excited to be able to offer our customers this suite of eCommerce marketing strategy tools,” says RJ Stephens, CEO/Co-Founder of Friends of Commerce. “The world-class eCommerce program allows our customers to scale their business faster and see results quickly.”

Friends of Commerce started to fill a gap in the market by providing honest, authentic, and expert-level high-integrity consulting and development services to both growing and new retailers, brands, and manufacturers at a fair and reasonable price. Our many years of experience and expertise in almost every online/commerce situation allow us to provide proven solutions that lead to becoming a trusted advisor, i.e. Friend, and transparent partner.

“Being able to map out a client’s full eCommerce journey to anticipate future-state requirements is critical in order to develop and optimize systems that position clients to achieve their business objectives,” said RJ. “Our goal is to provide the best solution to our customers at every point of their eCommerce lifecycle−from the earliest planning stages to the bottom-line outcomes. Adding our marketing suite augments our current offerings and allows us to continue to provide what our customers need to be successful.”

For more information on Friend of Commerce’s marketing offerings, visit services.

ABOUT FRIENDS OF COMMERCE

Friends of Commerce is a B2B & B2C eCommerce consulting and solution implementation agency, located in San Diego, CA. We focus on upper mid-market B2B and B2C companies needing to embark on digital transformation for the first time or moving off legacy systems. We work with our clients to ensure a transparent, full-service, end-to-end solution to grow their business. Friends of Commerce care about making our customers successful by providing a high level of expertise, engagement, and experience at an unmatched value. Learn more at www.friendsofcommerce.com, www.twitter.com/CommerceFriends, www.facebook.com/commercefriends, www.linkedin.com/company/friendsofcommerce

The Top Three Mistakes Businesses Make When Implementing B2B Ecommerce

The Top Three Mistakes Businesses Make When Implementing B2B Ecommerce

Far too often, businesses fail to invest the time necessary to develop a comprehensive set of criteria for their digital commerce system, based on a thorough knowledge of business goals.
B2B ecommerce has surged to become a major economic force in the United States, as well as an innovative new selling avenue in many traditional industries.

According to Forrester Research, the B2B digital market was worth $889 billion in 2017. That figure is expected to exceed $1.8 trillion by 2023. B2B commerce has silently grown to outnumber the more noticeable B2C ecommerce marketplace, accounting for 2.5 times the amount of B2C online purchases today. While it may come as a surprise to many, the volume of fasteners, medical supplies, electrical hardware, and other company-specific products sold online surpasses the amount of footwear, make-up, and music sold to customers through the Web.

Acknowledging this volume, an increasing number of traditional industry manufacturers and distributors are beginning to launch B2B ecommerce channels. Unfortunately, many businesses do not conduct adequate research before embarking on an ecommerce campaign. This leads to subpar ecommerce platform integration, inefficiently constructed organizations, and wasted opportunities, all of which create weaknesses and stifle innovation. This usually necessitates the need to re-platform, which can be a lengthy process.

By recognizing these pervasive blunders, you can escape the shortcomings, and enjoy the advantages associated with B2B ecommerce implementation. With that in mind, let’s take a look at three of the most common blunders businesses make when introducing B2B ecommerce—and what to do in order to avoid them.

Mistake #1: Failing to Clearly Define Your Requirements

All too often, I see businesses fail to invest the time necessary to develop a comprehensive set of criteria for their ecommerce system, based on a thorough knowledge of the business objectives. By doing so, these businesses significantly increase the likelihood that they will select the incorrect platform, preventing them from fully capitalizing on their ecommerce opportunity.

Getting started in eCommerce can be a time-consuming process, especially if you have not implemented a similar project in the past. The last thing you want to do is roll-back or scrap your B2B commerce project soon after launch because you made the wrong decision in the first place.
When so much is at risk, it is critical that you find the correct platform and strategic partner the first time—a platform that can grow with you for the next five to ten years, if not longer and a partner that can help guide you strategically and cost-effectively. The only method to guarantee this is done properly is to thoroughly document your requirements in advance. Include details concerning your buyers journey, key functionality, features, workflows, price books and discounts, project support, flexibility, integrations, and other aspects.
Because your company is unlikely to be an ecommerce expert, picking the correct platform from the outset can be a difficult and time-consuming procedure. As a result, many businesses consider outsourcing these duties to businesses that are professionals in the field. It does require more initial cost and time, but the return on investment and reducing risk quickly make it a worthwhile and viable option.

Mistake #2: Undervaluing Consumer Experience

I’ve noticed that B2B companies have a bad habit of putting up tricky-to-use ecommerce storefronts, add-ons to their existing ERP systems, and simply waiting for orders to show up. When they don’t, they either start blaming their clients or conclude that ecommerce isn’t a realistic choice for them.

They are incorrect on both counts.

When developing a digital commerce channel, it is critical to prioritize the consumer experience (UX). Today’s B2B buyer wants the digital user experience to facilitate their work and reflect consumer-like shopping experiences. How can you expect customers to use your website if the UX is badly constructed and the subsequent website is difficult to use?

Take into account that business buyers’ demands are shaped by their personal encounters purchasing from the world’s most advanced ecommerce sites. Retailers such as Amazon continue to raise the bar for online retailers, which includes your business, whether you want it to or not. While B2B websites must support B2B buying workflows and subtleties such as consumer pricing, custom catalogs, and billing on credit terms, the fundamental elements of a B2C website must also be included. Your ecommerce site will be ineffective if the search, navigation, item details, listing pages, shopping cart, and checkout are not streamlined to live up to the standards of modern digital buyers.

Customers will return if you invest heavily in creating a desirable UX.

Mistake #3: Failing to Engage Your Sales Team

Your sales force is tense. When they hear the term “ecommerce,” they immediately think of competing with others and losing commissions.

In the vast majority of cases, fear is unwarranted. Regrettably, numerous B2B replatforming initiatives are launched without considering the sales team’s input, at least in terms of planning and delivery. As a result, a large percentage of value is lost, and sales staff will fight against ecommerce adoption among your client base once your site is live.

In reality, ecommerce increases the sales team’s productivity by enabling team members to devote more time to strategic issues with key accounts. A good ecommerce website saves time spent on low-value, routine tasks like entering orders or responding to order status concerns. Furthermore, if sales team members are paid a commission on ecommerce sales made to their accounts, economic incentives are connected too.

Don’t limit your re-platforming efforts to a few senior executives or to the marketing division. Instead, make strategic use of your sales team. When selling channels are in sync, real value unlocks are available, and involving the sales team early in defining your requirements and setting objectives will improve your return when you launch.

Advantages of Successful Re-platforming

Every day, the B2B ecommerce market expands. In 2023, an estimated 17 percent of B2B sales are expected to be generated digitally. Consider what this level of sales penetration could mean for your company. Ecommerce sales are not only more cost effective to process, but they frequently have higher gross margins. Online sales frequently represent incremental revenue, either through increased share of wallet from existing customers or new customers.

Obtaining these outcomes for the business necessitates a substantial investment of both external and internal resources. Companies that prepare for and start executing on this opportunity, on the other hand, can see a real return on investment. If you do it correctly, you’ll soon be able to eat your slice of the pie.