In this post we’ll look at some key stats around digital transformation, its importance to customer experience, and digital strategy.
There are many definitions of digital transformation. One that crops up in various places is “the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements”. Ecommerce is a key block within this: Different methods of retail, enabled by digital technology. Our digital transformation stats compilation covers that, but also the wider context.
Key stats here include the results and key benefits of digital transformation strategies, and how lockdown has increased awareness and changed attitudes to business transformation.
Digital transformation drives revenues
Stats from a Deloitte survey show the link between digitally mature organisations and financial performance.
Survey respondents from more digitally advanced organisations were more likely to report higher revenue growth and profit margins.
Benefits of a digital transformation strategy
Respondents to the aforementioned Deloitte study were asked to choose the biggest benefits of digital transformation.
Those from more digitally mature organisations were far more likely to highlight growth related benefits such as lower costs for product launches and customer acquisition, increased customer lifetime value, and increased sales.
How lockdown has affected attitudes to digital transformation
Stats from Econsultancy and Marketing Week suggest that lockdown has brought the need for digital transformation into sharp focus.
Brands who had previously relied on physical outlets have seen the need to expand online, while a rethink on working practices and organisational structure is driven by the need for staff to work remotely.
Customer experience maturity
One key aim of digital transformation is to create the best possible customer experience on digital channels.
Adobe’s 2019 Digital Trends report finds that just 48% of companies consider themselves as advanced in terms of customer experience.
The survey found that companies rating themselves as ‘very advanced’ in terms of customer experience are almost three times more likely to have exceeded their top 2018 business goals.
Digital transformation stats: market size
The market for digital transformation services was worth $1.18 trillion in 2019, and is predicted to reach $2.3 trillion by 2023.
Rapid growth in digital interactions
McKinsey stats show that digital interactions with customers (sales, customer services etc) have increased rapidly this year, out of necessity.
The majority of all customer interactions globally were conducted via digital channels in July 2020, compared to 36% just months before.