The Global Digital Economy
The global digital economy is opening new opportunities for companies big and small, by increasing connectivity to their clients, enabling tailored customer offerings, and streamlining relationships with suppliers, all of which can sharpen responsiveness to changing markets and increase customer satisfaction.
The consulting firm McKinsey shares in their report “Digital globalization: The new era of global flows” that there is a shift toward globalization as businesses enter “a new phase defined by soaring flows of data and information.”
Companies can respond to the global digital economy as a threat—or as an opportunity to innovate and lead in their chosen markets.
- Amazon’s success highlights its “… founding idea: that digital commerce will radically reshape our marketplace,” and shows how harvesting digital information accelerates innovation. Amazon drives digital innovation, from online commerce to entertainment, based on constant appraisal of customer needs, and leverages its infrastructure to be a leader in cloud services for other companies.
- Best Buy has created a new business model to leverage its established retail footprint, turning the online digital threat into a strength by adapting and finding a better approach to serve customers with a dynamic online presence. By transforming the in-store customer experience with better-educated sales reps and matching online prices, Best Buy uses its physical stores to great advantage.
- H&M is leveraging a digital global supply chain that enables it to rapidly change its product assortment. It’s more responsive to its customers in the world of “fast fashion” by outsourcing production to more than 900 independent suppliers worldwide. And it moves products quickly from the storeroom to the retail floor to satisfy customer demand. These practices have allowed H&M to gain share in a competitive and ever-changing retail climate.
Success in the global digital economy requires grasping new opportunities, building robust plans to respond to market dynamics, and tying these together with a tailored, localized marketing strategy to exceed customer expectations.
We have nominated a panel for the 2018 South by Southwest Conference in Austin, “Global to Local Marketing with Social Media,” where I’ll be joined by Sandy Carter, Vice President of Amazon Web Services, and Lindsey Lurie, Chief Marketing Officer for IBM Security, to share their expertise in market planning and focused social marketing to help you turn your global planning into localized marketing success.
Please vote for our session at the South by Southwest Panel Picker site at http://panelpicker.sxsw.com/vote/71619