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Expand your technology capabilities for an (increasingly) hybrid future

The data shows us that digitization will make us more competitive in the medium term.

March 2, 2021 6 min read

This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

Opinions expressed by Entrepreneur contributors are their own.

Many businesses began to see digitization as a lifeline in times of emergency, waiting for the return to normality as we knew it and in this vision, we are leaving aside a model that is becoming more and more established: hybrid business schemes, which take advantage of the benefits derived from the automation of processes and immediacy added to the experience of physical stores, with the best of the offline and online worlds.

The data shows us that digitization will make us more competitive in the medium term. Statista , for example, projects that, over the next four years, e-commerce in Mexico will grow a total of 15.7%, which means a market penetration of 55% by 2024.

For its part, the most recent study by the Mexican Online Sales Association ( AMVO ) reports that the main engine of e-commerce in the country in the coming months will be home orders, as they are the main interest of digital buyers with 44% of preferences.

If we stop to look at the full picture, we will find an interesting market niche, which is already beginning to show its potential. That is why I want to share with you five keys to gain competitive capabilities in this new business model:

Define digitization criteria

Many physical stores have the idea of developing an online store implies either being a specialist on the subject or delegating and accepting high commissions incompatible with their reality. The truth is that the market offers many more options and the important thing is to define criteria to select those that best respond to our business objectives and are flexible to be able to adapt as our needs change, whether we want to increase the geographic sales radius, create another line of business or attacking a new market niche.

Data allows us to find new insights

Digital processes leave a data footprint that becomes a very reliable source to better understand the people interested in our offer, as well as to know the reasons why they lose that interest. With the proper guidance, we can create databases that function as a permanent source of our business insights: that knowledge that becomes a differentiator, either through trends in preferred schedules, request for certain products that can open the doors to a new line of business or geographic areas with the highest demand for our home delivery.

By venturing into the digital world, we will have double benefits of reaching a new growth market and having a powerful platform for generating useful information for our business strategy.

Take advantage of self-managing platforms

Like all businesses, it is essential to add the right allies. It is possible that in the search for digitization options we find ourselves with the false dilemma of having to cede control of our digital channel to a third party or do everything on our own, but the reality is that today there are self-managing platforms, with the advantage the accompaniment of experts for a better operation of digital resources.

With this type of service we can be sure that we are the owners of the information, which is essential to guide our business and have an ally who will guide and support us technically, with a shared vision of generating the best possible experience for our customers.

Use digitization to accelerate our business

As co-founder of Justo I have been able to accompany the process of digitizing thousands of restaurants: from the first click of the page that translates into an efficient and safe purchase and that finally reaches the customer. One element that we add is that of a business accelerator, which supports the establishments with strategies to capitalize their efforts on sales growth figures of up to 224% in very competitive periods of time.

Consumers want the best of both worlds

Even with the reopening of physical stores, AMVO data from January indicate that 60% of those who have made purchases online find the benefit of receiving their products at home; 57% consider that this habit saves them time and 55% believe that it is a good option to avoid crowds in physical stores. Omnichannel is a reality. Our greatest success will be to always be present in the digital channels that our potential clients frequent.

To take the lead in our sector, our greatest strength will be to take advantage of experience and add it to new knowledge, such as data and trends, in addition to being continuously attentive to what new experiences our buyers are looking for, both digitally and in physical points.

If you still have doubts about what can be a good starting point to digitize, my first recommendation is to set objectives and always look for the most flexible options, which respond to current needs and also those of the future in the short and medium term; as well as asking ourselves what would be the fairest deal for the new relationship that we seek to form. Once we have the answer, we will be ready to go in search of the ally that best suits what we have in mind.

Source: Entrepreneur News Colony | Business News

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