The event has not only the lives and health but also the global economy. According to the International Monetary Fund, the global economy will shrink by 5%, and some countries' economies are expected to reach less than 10% of its GDP.
The economic crisis has resulted in shutting down many businesses and losing tons of jobs. The Pandemic has also drastically changed people's lifestyles irrespective of age, living standards, or country.
One of the major things that happened during the crisis was the change in consumer behavior. According to ET survey conducted in India, more than 60% of people believe the Pandemic has changed their general purchase behavior. The significant change was the adaptation of digital media for all the possible requirements.
Studies suggest that the less a business is digitalized, the higher it is affected by the Pandemic. Many local companies that were not digitalized have faced a significant decline in sales and resulted in a financial loss. In contrast, it has seen many e-commerce business sales have increased in a big number.
Ecommerce giants like Amazon and Flipkart have made a record number of sales. Amazon has alone made a profit of nearly 40000 crores in the last three months and increased its sales by more than 40%.
Rather than the sales numbers, companies that are developed digitally were able to run their operations locally, while others struggled to manage without direct involvement.
Many government and private organizations have already shown tremendous results in their digital transformation across the country.
The outbreak has led the customer preference to engage digitally rather than offline. Several companies have also adopted remote working too. According to studies, these trends will remain the same even after the Pandemic is over.
Digitalization has not only benefited to obtain endurable operations but also made a way to explore a new world of opportunities.
Below are the top 5 Benefits of Digital Transformation.
1. Global Exposure
A business that runs locally would be focused on the surrounding areas or markets. Once the business is online, your business exposure will be worldwide. You would understand the opportunities and could find new ways to expand the business.
2. Transparency
By shifting a business digitally, each dignitary will have access to their working areas. The higher the authority goes, the more access will be shared. By forming such a hierarchical structure, complete transparency will be accomplished from top to bottom of a company.
3. Disaster Recovery
There are a number of incidents of losing important documents due to various kinds of disasters. Even though it is not often, such an event will cause the entire downfall of a company. By digital transformation with proper precaution, these data will be completely safe from any natural disasters.
4. Cashflow
Cashflow is the crucial and most challenging thing to manage in business. There is a huge chance of making some mistakes during the cash flow. Most of the time, it's challenging to find where even the mistake has happened. By Digitalizing, every single transaction is documented and can be checked any time easily.
5. Digital Marketing
Marketing is one of the best things about digital transformation. Unlike traditional marketing methods, digital marketing gives a tremendous opportunity to find the right audience for your business. There are several digital marketing techniques, such as social media marketing, search engines engine marketing, etc. These services are provided by many digital marketing companies around the world, and we are one of the best digital marketing agencybased in Kerala, India.
SUMMARY
Digitalization has turned out to be the only prevailing factor for businesses to exist in the competition. It has come to a stage where it's no longer a future technology but an essential factor. If a business didn't transform with the trends and customer convenience, it can't succeed. At Atoms Digital, we help those who want to succeed digitally.
