17th Nov, 2017
, , Designation
The fierce pace of digitization and technology adoption has almost redefined the entire industrial scenario. With blurring lines between physical and digital, we now have at hand – Phygital – the new buzzword of the industry. This change, however, is not only limited to the organisations, but has also led to the birth of a new breed of consumers which has clear-cut expectations from brands, takes pride in its dynamic choices and is relentlessly volatile in the purchasing behavior.
With all these complexities, organizations these days are faced with an unavoidable situation leaving them with some critical questions – Where are my new set of customers? How to cut through the saturated customer pie and expand my potential marketplace?
By now, it is quite clear that digitization, while being one significant causative agent for marketplace saturation, is also the solution for marketplace expansion. Therefore, we can say that digitization and globalization are making it further important for organizations to parallelize their market roll-out activities in a way that enables access to this available, yet untapped marketplace. Now, while the marketer can become omnipresent in the consumer mind space, it also equips consumers to have instant access to the product info, reviews, and services etc., all available at one click.
Let us look at few aspects summarizing the role of digitization in the augmentation of marketplace:
Ultimately, even after having an expanded marketplace and new touch points at hand, the facility of constant customer-reaction tracking and thus, requisite support at the right time, becomes possible with the technological advances.
With digital boom enabling the organizations to deliver a custom-tailored experience to the consumer, it also facilitates their transformation into on-ground brand ambassadors who ‘advertise’ their experiences through the digital ‘word-of-mouth’.
Eventually, many brands are adapting and thriving in this wave of digitization and expanding their outreach, and the one’s that do not align with this burgeoning trend will eventually take a one-way road to obsolescence. We can thus say that by embracing digital, one can be certain of being on the winning side of the shift – by edging out the competition, delivering better and personalized experiences and creating an evolved, long-term connection with the customers – all of them leading to an expanded marketplace in the end.