Digitalization opens up a huge market where businesses and brands can provide a higher quality of service that’s tailored to each and every consumer.
Remember the good ol’ days? The days when business cards were considered a commodity and you passed ‘em out to everyone you met.
The times when you’d need to physically attend meetings at odd hours of the day to have face-to-face conversations and use your wit and charm to make things happen.
The age when customers used to walk through the door and step up to the counter instead of tapping away on their phones to have products and services delivered to their doorstep.
If you are one of those sentimental people, you may feel that the present world we live in has become too digital and too impersonal. But is it really?
There’s no doubt that modern technology and the internet have changed the world as we know it.
It enabled us to instantly connect with people all over the world, and quickly access information, products and services. But also creates both opportunities and challenges for the up-and-coming or seasoned entrepreneur to adapt to.
Today, entrepreneurs rely on digital tools like automation and platforms like social media to do more than just communicate but also gain a competitive edge to perform and manage tasks quickly, efficiently and accurately, as well as obtain valuable insight into the market and consumers.
In fact, an argument can be made that this digital landscape has made things even more personal and tailored to fit any individual or business needs.
According to current figures, around 30 million Malaysians are online and spend an average of 7.5 hours each day accessing the internet.
Meanwhile, surveys show that nine out of 10 Malaysians favour doing business online and prefer to shop for products and services over the internet rather than across the counter.
A majority of consumers are also more comfortable with interacting with businesses directly through social media and messaging applications before making their purchases.
This is likely due to the convenience and speed in which consumers can get their products and services, as well as the personalised customer experience—enabling them to get what they want, exactly how they want it.
However, this also opens up a huge market where businesses and brands can provide a higher quality of service that’s tailored to each and every consumer based on their needs, preferences, and interests.
Recent surveys show that a majority of Malaysian businesses, big and small, are realising the potential that technology can bring by transitioning to a digitally-enabled business environment.
For example, a restaurant can use data analytics and artificial intelligence to recommend drinks and meals to diners based on a customer’s purchase history or based on the best pairings in their menu.
A travel agency can send personalised content and advertising to recommend destinations that fit a customer’s budget and preferences.
Even retailers can leverage tools like mobile applications and e-commerce platforms to provide customers with a smooth shopping experience before they even step into the store.
Ultimately, digitalization allows entrepreneurs to enhance the way they run their businesses as well as create trust, loyalty and a more personal connection between their brands and consumers.
So while the current digital world may change things a lil’, it creates ample opportunities for entrepreneurs to thrive and make their brands stand out from the crowd.
From the good ol’ days to the prosperous present, Hennessy X.O has been there every step of the way to spark discussions and spur the next generation of business leaders to embark on their own odyssey towards success.
Drink to their values and strive for greatness together with the ‘Greatness is an Odyssey’ campaign to celebrate the success of young Malaysian entrepreneurs.