You own a smart phone, right? How about a computer or laptop? What about a tablet? Maybe a home-based smart product such as an Alexa, Home Pod, Smart Fridge, Smart Electronic energy reader or something similar? Do you pay bills on-line? Bank on-line? Use social media? Ever sent an e-mail?
Then you are part of the digital revolution, you are a digital customer and are the reason why businesses are transforming digitally. You are facilitating and paying for the evolution of technological products that enhance our consumer engagements, improve the value we receive from products and services and the experiences we now have…
This means digital stands for a great deal. However, ultimately digital is the shift we are making within society, away from human interactions and instead, moving toward the engagement we have with our devices. This doesn’t mean that human touch is going away, it’s simply evolving, as we change how we live.
So, what is classed as digital? Well, digital encompasses your online and social media engagements, and your communications that are not spoken or in person.
Digital represents on-line transactions, and encompasses behavioural tracking, research or online learning. It also includes the utilisation of apps, such as ordering a taxi, reserving a hotel room or booking into a fitness class.
This means digital is not just one thing, it is everything. This also means we really are only at the start of the journey. Digital changes the interactions we have, particularly when it comes to business.
Digital can make these interactions more positive in nature, which often means greater value to the consumer. Digital certainly makes life simpler and easier, in many instances quicker and certainly more convenient.
For instance, we no longer have to go into the city to find a music store to potentially browse many CDs to find the song that we want, only to then pay a significant amount of money for the pleasure of ‘owning’ that track.
Instead, we can now pay for the song we want on-line within seconds or we can pay a monthly subscription (that is cheaper than one CD) and have access to millions of tracks all at once. This is one of the reasons why HMV is in administration and Apple, Amazon and Spotify music services continue to grow…
Now you’ve probably heard about digital companies influencing various market spaces, such as Netflix putting Blockbuster out of business, Amazon killing high street stores and Uber destroying the top New York City taxi firms. However, this isn’t the entire story.
Blockbuster’s major profit came from late fees, not rentals. Amazon changed the game when it came to customer service and experience and Uber simplified the process of getting and paying for a taxi. It’s no wonder HMV couldn’t compete, and it’s no wonder Blockbuster didn’t last in the digital on-demand world where you can get what you want almost instantaneously.
In summary, whilst digital is the interactions we have, the revolution is the creation of more options and opportunities regarding what we want, when we want it and how we engage with the product or service on offer.