Digital transformation is the acceptance of digital tools and operations to meet strategic business goals. No matter whether it is a startup business or a huge enterprise, digital transformation is a necessity in the current technological era. Digital transformation can improve consumer engagement, bring employee innovation, enhance productivity, and assist you to extract accurate insights from the data that helps in business upliftment. To attain this goal of digital transformation, businesses may avail business loans in case of fund shortfalls.

Check out some top reasons why digital transformation is crucial for business development.

1. Better local presence

You would like to be in the top 5 search results, when any target audience searches for a local good or service that your business offers. To improve your local presence, pin your office/business on Google, use apt keywords on your business page, follow Google's recommendations that alert you about your website’s update, content etc.

2. Better marketing

In the present technological world, your company’s visibility is judged on whether it has a human touch to it. While forming a web presence is crucial, more important is to create a social presence by participating on various social networks like Twitter, Facebook, Instagram, LinkedIn, etc. This allows your target audience to know your business through such social channels. Tie-ups with ecommerce or delivery apps can also help enhance your sales and build a stronger brand recall.

3. Better reach

Business sustainability is not dependent upon new customer acquisition but on better reach. Only if your reach is better, your new customers may convert into loyal ones. Remember, your target audience usually does not see a difference between the carrier delivering the order and the company selling it; it is all a part of their buying experience. This means, your website, shipping partner, online presence on social channels etc., all directly reflect your brand reputation. So, ensure to take wise decisions, to build a good online presence, form smart logistics and tie up with apps that endow your target audience the access to your services or products from far and wide, all in lesser time.

4. Better user experience

Running a business online is like crossing a rocky road, especially when you are just starting. It is not simple to find out your target audience and make them purchase your products. A long-term presence on social media and an attractive, user-friendly website helps build customer trust. However, forming just an attractive and easy to use website is not adequate. Despite a good website, the average online cart abandonment rate is around 69 percent. One of the contributing reasons is the lack of available payment modes on the website. Thus, ensure to add in a variety of payment modes like QR code payment, UPI payment, net banking, wallets, debit/credit cards etc.

5. Better revenue

Effective advertising and marketing techniques deliver various profitable leads. And higher leads equate higher revenue. Thus, a well-planned digital strategy, in conjunction with social media presence, can turn your target audience into loyal customers, which in turn can generate better profits.

Ending note

With the rise in social media channels and smart devices, there is a substantial shift in how consumers interact with businesses. There is a major change in the expectations regarding response time. Now, consumers want the products to be delivered quickly and to be available on multiple channels from which they can compare and choose. This digital shift propels you to adopt the change for your business sustainability.

However, substantial capital is a must for such a switch. If you lack the required business financing, ensure to apply for offline or online business loans to attain your digital transformation plans. Note that in contrast to equity funding, mid or small business loans do not need any stake in the company. These loans help you to meet your various company needs instantly.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.