In the growing era of digital business, there are various areas where the digital business has proven to be a plethora of opportunities but there are certain challenges that are associated with a digital business that needs to be overcome to fully utilize the opportunities. Let’s discuss each opportunity in detail
Opportunities in Digital Business
1. Digital Disruption:
The term disruption is the name given to a game, where the established players of a game can be randomly displaced by the new players. It is said, if you are not sufficient to beat them, then it is profitable to join them in their own game.
It is one of the biggest challenges that is faced by retailers because as of now customers mostly prefer to buy a product online. But, the latest trend of webromming is also coming in a picture where people before buying products from instore, check them online. etailers re keeping products in their store for upselling and to make their long term customers.
3. Digital Workforce:
There is a growing trend of startups, which is capable enough to work with inhouse teams by efficiently using technologies. This allows employees not to stuck on a company rather than work on the project that suits their interest and in turn results in huge revenue generation.
4. IoT(Internet of Things):
It connects people with their devices, from anywhere at any time, in an unprecedented way. timing plays a key role in this process. If you are too late you may lose your organizational resources and if you are too early then there is a probability that you may fail. An organization needs to analyze how to efficiently use the connected devices to ensure maximum savings and also to focus on adding value to customers.
With the growing technology, customer demand rising for wanting everything according to his/her convenience. Recently, Google has influenced the mortar and brick shop to put more effort into micro-moments. As per Google, there is a huge “near me” search made by customers. It has been observed that about 50% of the customers who make the search using their smartphones do visit the shop on the same or the next consecutive day. A business should exploit various micro-moments across multiple platforms.
These are the various opportunities in the digital business that provide an opening for people planning to start their digital business.
Challenges in Digital Bussines
Digital transformation is also resulting in some of the common challenges that are faced by almost all the sizes of the business. Let’s discuss the challenges of digital business in detail.
1. Meeting Customer Expectations:
In this current digital era, meting the customer requirement is one of the foremost things that every organization needs to achieve. According to the recent research conducted by Harris Poll, around 82% of the US corporate executives said that with emerging digital business the customer expectation will rise to a tremendous level. The waiting time for every customer has also been reduced to a very higher level. It has also been observed that nowadays most of the people love to buy things online with the help of digital platforms.
2. Choosing Skilled People.
In 2011 Marc Andreessen said that ” Software is eating the world.” The selection of digitally skilled people will also help in organizational growth. But to do so, finding and retaining a skill set of people is one of the important tasks that an organization has to perform.
3. Managing omnichannel reality:
It is difficult to find fragmentation with the other fragmentation. On the customer end, the fragmentation is something that you cannot change, and it will keep on worsening as the day passes. the fragmentation of channel compromises multiple devices such as on wifi on an airplane, IoT, the Apple Watched, and in-car entertainment. this signifies that an organization has to maintain a standard with the growing digital business platform by doing so an organization can not only get inside of the digital world but also help in enhancing their productivity.
4. Big Data
Big data has opened the path for an organization to take hold of new opportunities and to know about their customer expectations. This is possible by personalizing the products according to their customer requirements along with changing the development process related to a product to showcase the people’s requirements. However, there are companies that are still facing problems in gaining customer confidence.
These are the various challenges in the digital business that every new entrepreneur must have a close look before starting his digitsal business.