Due to the pandemic, the digital platform has grown exponentially in terms of work, communication, and commerce. The majority of companies are increasing the use of digital, turning offline businesses into eCommerce. The Covid-19 pandemic formed many changes, such as the need for conducting a safe transaction from a safe distance.
From zoom meetings and working from home to customer service interactions and increased use of eCommerce, these changes have been forced due to the lockdown but required to reach out to the customers.
Although many companies opted for eCommerce, some failed to implement it on time and ended up suffering badly. Pandemic has a negative impact on many sectors, such as food and clothes. Those who have robust eCommerce platforms were more likely to maintain revenue during these times, on the other hand, some lost their physical shops.
LVMH, a group behind many luxury brands, who have been traditionally selling their products in boutiques and department stores, was a bit late to adapt digital platform. The growth of digital platforms and change in customer’s shopping preferences made the store pursue the digital channel. Although they started the process in 2015, the process was still ongoing when the pandemic hit. This made the group revenue fall up to 27%.
The acceleration of digital transformation will show how easy it is if only companies have the agility and impulse to make rapid decisions. This has led to existing transformation programs to speed up or put the new ones in place. According to McKinsey, there’s been a massive growth in product digitization, from 35% worldwide in December to 55% in July 2020.
McKinsey also stated that companies have sped up their digitization process of supply chains and customer interactions. This transformation will show how easy it is if companies make rapid decisions. However, one drawback is that this acceleration of activity takes away the room to experiment or plan projects with more accuracy.
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