Have you been lately introduced to more chatbots to answer your queries while visiting a website ?
As per research, Chatbots which are available 24/7 are expected to cut businesses costs by $8 billion by 2022. This Digital Platform revolution has created an upward boom for resourceful future business strategies. Most companies today have an online presence to enhance their processes and consumer engagement.
Companies and brands have grown from being functional driven to platform driven.
Why so? It is because the concept of focusing on “Output has been replaced by digital platform’s goal of providing “User experience”.
A digital platform is technology based model that brings value by connecting the companies and end users.
Networking with the consumer directly offers companies to share information and get valuable feedback. For instance, Netflix has structured API to distribute new content based shows and increase more participation by views.
Since, we as consumers have shifted our preferences to more online platforms, we have seen the rise of digital innovations across sectors. Companies like Apple focus on customer interaction beyond just selling products.
TYPES OF DIGITAL PLATFORMS THAT HAVE TRANSFORMED EXPERIENCES
E-commerce Platforms offer the perfect gateway to transact in real time and sell physical products. Eg: Paypal is “all in one digital marketing platform“ that offers services like billing, shopping cart, delivery options.
Cognitive Platforms use customer data to create profiles, biometrics etc. Gaming sites, sites like Facebook uses algorithms and CDP( Customer Data Platform) to advertise a directed FB page, profile or product . Using such data backed by AI and predictive analysis helps them to avoid bottlenecks of mass advertising and cater to specific consumer’s needs.
Platforms like Udemy, Skillshare, Coursera provide knowledge through digital medium. These digital knowledge business models are designed as personalized courses with Work from Home and rise in Online marketing, value adds like certifications increases creditability.
Advertising platforms Google, Youtube have been able to create their own niche as a search engine and content provider through content and videos.
Would you prefer to search zillions of magazines to plan your next vacation or just check out few travel websites/blogs online?
Due respect to magazines and print media, but that’s how we prefer to move swiftly in this digital era.
The most favourites are Social Media Platforms like Facebook, Instagram and Pinterest. These engagement based platforms include campaigns, apps, email marketing, chatbots as their primary tools. With the help of rapid revolutions like digital business marketing strategies, AI and deep learnings, they know the pulse of their audiences.
So, What is the Significance of a Digital Platform?
As per Deloitte research, 83 percent of early AI adopters have already achieved substantial 30 %or moderate 53% economic benefits.
So, Digital platforms have immense role in wise innovation plan techniques.
Eg:Google Cloud, an innovation model gives user the benefit of consuming content and storing large data files. They have found an alternative to traditional tools of hard disks and pendrives.
These platforms are evolving to build a better future and a sustainable ecosystem.
Digital platforms helps consumers and providers to have trust with each other within a network. Remember in the past, we were faced with list of grievances which went unheard leading to lack of trust .
With the rise of Digital platforms, STEM and STEAM based talents have scaled massively without affecting performance value. The scope of critical thinking and reasoning has widened with early adopters leading landmark innovations.
Why do we need Digital Platforms after all?
Surely, this question comes up in our minds. Well, today, we can proudly say, it is not a need, it is a matter of survival. With changing economies, consumer preferences and rapid innovations, the digital arena has made significant amount of progress.
Let’s understand why is it important :
Proper Allocation-We can track and allocate our resources more effectively and utilize prominent amount of time and money in innovations. Companies like Dominos use geo- tagging softwares to know the status of their product at each level. This saves time and keep customer happy by also using advertising strategy of 30 mins delivery campaign.
Definite Results– Digital platform like Instagram uses metrics to know exactly what the users want, facilitate interactions between different users with marketing tools like hashtags, influencers, stories etc.
Measuring the platform engagement value allowed them to introduce “Reels” at a short span of time.
Larger audience– With the ability to media exposures, you can derive actionable insights. Brands actively have adopted “Affliated Marketing” on digital platforms to widen the reach of consumers.
Unlike a physical store, a digital shop can cater to multiple channels at the same time.
Digital platforms are the future value centres. Deep learnings will further personalize the level of customer satisfaction and interactions. The power of digital platforms will define the new ways of pricing, marketing, operations and job opportunities. We will have to invest our efforts to cope with the changes to adopt, adapt and invent for future growth.
Comment Below -Which is the most used Digital Platform by you and Why?
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Copyright©2020-4th August by Elvira Lobo (All rights reserved; unauthorized use prohibited).Disclaimer: The image(s) in the post are taken from Google. I don’t claim any of its rights.