What are the best examples of digital transformation? And how does their success help other businesses in their digital transformation journey?
Succeeding in digital transformation can make or break a business. In this very digital era, making this change has become crucial.
Thus, it requires companies to break the shell and be innovative in their business. But, it is not only limited to updating their technology and processes.
A successful digital transformation includes different levels of investment. And it needs to be strategic so that there’s a rise in revenue and stock value.
Thus, successful companies have already realized this. That is why they make for the best example of digital transformation.
Who are they? Let us see.
Nike is one of the world’s leading shoe and clothing brands. But before, they started to look outdated.
Then, good thing they decided to look back on their situation. And they started making digital transformation efforts. They focused on reinventing their brand and supply chain.
How did they do that? Nike focused on its connection with its customers. They made efforts such as membership opportunities and stronger digital marketing.
Then, they also made efforts for powerful data analytics.
So, they did not focus on middlemen and other vendors. Instead, they focused more on selling direct to customers.
They did this by making a stronger presence on sites like Amazon. Also, they improved the customer online experience through apps and social media.
As a result, they’ve seen a growth in stock price from $52 million to almost $88 million. All these for a transformation in only 2 years.
Target, a retail company, has had an 8-year digital transformation journey. They did an effort to focus on their digital presence and make it part of their main business.
Then, they made efforts to remodel their business. One that blurs the line between e-commerce and traditional stores.
They have already remodeled 400 stores and plans to remodel another 600 by this year. They equipped these stores with new technologies and services such as:
- online ordering
- in-store pickup
- curbside grocery pickup
Also, they made efforts to better their social media presence. This is to let customers find new products and even buy them from their social media accounts.
Because of this, Target saw a rise in its market share. From $73 per share in 2017, it is now at $88 per share. And their revenue rose from $70 billion to $76 billion this 2020.
Hasbro is a toy and game company. In 2012, they saw a drop in their market share. So, they made new digital and data strategies.
They started by making targeted marketing campaigns. And they made it successful by gathering and using customer data.
Thus, they focused on marketing to parents who buy toys and games for their kids.
Then, they made efforts to make omnichannel marketing. And this marketing combines:
- digital storytelling
- video content
- social media marketing
- its nostalgic brand
And their 7-year digital transformation is a success. So now, Hasbro’s stock rose from $36 per market share in 2013 to $109 today.
Best Examples of Digital Transformation
In conclusion, these companies made are the best examples of digital transformation. They looked at what they lack and made efforts to fill those gaps. They also made efforts to be innovative.
Companies can then learn from them.
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