Marketing is constantly evolving—and with it, customer expectations. Mass emails and broad campaigns often no longer deliver the desired results. Companies are therefore looking for
Digitalization has long since found its way into all areas of life and presents companies with major challenges, but also opportunities. The expression “If you don’t move with the times, you move with the times” is apt, as companies that fail to take advantage of the opportunities offered by digitalization risk falling behind or even disappearing from the market.
A well-known case is the example of Kodak, a company that was once a leading global brand in photography. Although Kodak invented the first digital camera, it did not invest in the new digital business and held on to classic film for too long. While digital photography developed rapidly and the smartphone became an everyday camera, Kodak was left behind and had to file for bankruptcy in 2012. The company was a prime example of what can happen if you don’t react to change in time.
Another example is the toy retailer Toys “R” Us, which also ignored the signs of the times. With competition from online giants such as Amazon and the increased customer demand for a fast online shopping experience, Toys “R” Us came under severe pressure. The company barely invested in its own e-commerce platform, which led to a considerable drop in sales. Ultimately, Toys ‘R’ Us had to file for insolvency in 2017 and close numerous stores worldwide.
Digitalization not only means introducing new technologies, but also adapting to a constantly changing market environment and transforming working methods. Companies that do not embrace this change are jeopardizing their competitiveness. Digitization brings significant efficiency gains that can save costs and time and free up time for value-adding activities. Improved data analysis also makes it possible to better understand and respond to customer behavior and needs.
In addition, customers today expect digital solutions and innovative offers. Those who fail to meet these expectations run the risk of losing their customers to more flexible competitors. A lack of digital offerings is often perceived as old-fashioned and can damage a company’s image.
Digital transformation is therefore not optional, but a necessity in order to remain successful in an increasingly digital market. Companies that ignore this development not only risk their competitiveness, but also their very existence. It is therefore crucial to see digital change as an opportunity and to actively shape it. In this way, the company not only “keeps up with the times”, but also shapes the future – and thus avoids becoming irrelevant at some point.
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