In many industries, digital transformation is fueling corporate innovation. The integration of digital technology into all areas of a business that fundamentally changes the way it operates and delivers value to customers is known as digital transformation. Digital transformation involves far more than just implementing digital technologies. If there’s one thing to take away from the many notable examples of digital transformation success, it’s that having the right organizational practices in place is critical for success.
It entails far more than simply upgrading their technology and processes. Business innovation necessitates a level of investment that, when executed strategically, can result in higher revenue and stock value.
It’s not a quick remedy, but it’s one that’s worked for several well-known corporations.
Best Buy’s performance improved after it went digital.
Best Buy’s market share in the consumer electronics business had been declining until the company’s new CEO brought an innovative digital perspective to the table, leading to the company’s metamorphosis into a digital technology leader.
Best Buy has transformed into a corporation that leverages technology to enrich people’s lives rather than merely selling them hot new CDs and the latest TVs after 7 years of going digital.
The company began educating and assisting people in getting the most out of their digital gadgets by utilizing digital technologies to enhance delivery times.
Digital Marketing vs. Snail Mail
Best Buy ditched snail mail in favor of digital marketing, offering customers personalized support and recommendations based on digitally obtained data, reducing delivery times, and introducing the Geek Squad, as well as a price matching scheme.
As a result, the company’s stock price has increased from $23.70 in 2012 to almost $74 now.
Target’s Digital Transformation Plan
Another corporation that improved its web presence was Target. They grew their market share by introducing new technologies in their stores, introducing online ordering, and increasing their social media, web presence, and online sales. Customers may now discover new products, have faster access too
popular brands, and purchase them online and directly through social media thanks to their new, redesigned store design and increased focus on direct-to-customer sales.
They have developed a more successful digital strategy that allows for more customization.
It’s been an eight-year process
The company began its retail digital transition in 2006, and its stock has since risen from a low of $53 to an all-time high of $88. Target’s sales have climbed by roughly $6 billion since going digital.
The Digital Transformation of Home Depot’s Retail
Despite its enormous success, The Home Depot chose in late 2017 to pursue a more comprehensive digital transformation approach.
Their mission was to improve the online buying experience for customers by providing high-quality products and resources through a streamlined procedure that worked across all platforms.
Home Depot is to spend $11 billion over the next three years to improve both in-store and online shopping.
It Can Better Serve Its Customers
Home Depot employed 1,000 people with expertise in information technology and boosting customer service.
They’ve improved their back-end and distribution routes, as well as established a solid IT department that collects and makes better use of client data.
By tracking local patterns and keeping adequate inventory levels, the company is now able to save money.
Their stock price has climbed from $135 to $215 in the last two years, and their revenue has increased by more than $17 billion.
Entrepreneurial Thinking Hasbro is a toy company.
Hasbro, a toy and game manufacturing and marketing firm noticed in 2012 that its market share was dwindling. They devised new digital and data techniques to boost sales.
They began collecting and analyzing client data more effectively to generate more effective targeted marketing efforts.
They made a big effort on social media, targeting parents who buy toys and games.
The digital data they obtained allowed the organization to gain a deeper understanding of its clients and be more proactive in engaging with them.
Omnichannel Marketing And Forward-Thinking
Hasbro now employs omnichannel marketing to connect with customers by combining digital storytelling, video content, social media marketing, and its nostalgic brands.
Hasbro is now able to better predict and address the demands of its customer’s thanks to the use of customer data.
Despite disruptions, instability, and changes in the business, Hasbro stock has risen from $36 in 2013 to $109 today, because of better use of digital data, technology, and targeted marketing strategies.
Nike was the first to do it.
Nike, one of the world’s leading athletic shoe and apparel businesses, believed they were becoming sluggish and outmoded.
Nike’s top brass didn’t waste any time. It just underwent a digital makeover of its thinking, supply chain, and brand, allowing it to better engage with its consumer base.
The company improved its data analytics, changed its e-commerce strategy, improved its digital marketing initiatives, and increased direct-to-customer sales.
Nike opened concept stores, expanded membership options, and improved the customer experience online and through applications as a result of more efficient and effective use of digital consumer data.
A Two-Year Dramatic Transformation
Stronger digital marketing, more robust data analytics, a more direct-to-customer focus, and an improved e-commerce strategy have all contributed to a stunning makeover of a firm that few, if any, thought was on the decline.
It has resulted in a faster product development cycle, near-instantaneous response to and creation of new trends, and a stock price increase from $52 to nearly $88 in the two years after the transformation began.