By this time, you’re probably sick of hearing about the pandemic and how it has negatively affected the world. Sure, 2020 will probably be one of the most traumatic years in modern-day history but hey, there’s always a bright side to every story or at least a learning opportunity.
Did you know that 2020 was the year of break-ups? Not only the ‘boyfriend-girlfriend‘ type but also in terms of business. 2020 was the year where businesses broke up with their old and probably inefficient habits and adapted to digital transformation. The past year, everything has started to shift to online environments. Businesses began to re-invent and re-establish their business model and some have even grown and are now more profitable. In fact, U.S. e-commerce sales grew more than 30% between the first and second quarter of 2020. So, as you observe, a break up from your old ways of doing business is actually essential for progression and advancement.
Domino’s! How did the pizza giant manage to increase its stock price from $3.00 a share to approximately $375.00? Well, the answer is e-commerce.
The start of the pizza chain wasn’t ideal, to say the least. In the mid-2000s, the large pizza company faced serious sales problems and criticism about the quality of their pizzas. Their stock price hit a new bottom and they were near closure. After careful consideration and improvement of their pizza quality, the company began to invest in digital platforms. They thought that providing their customers with an improved, multichannel experience would improve loyalty and revenue. And they were right. Their digital transformation changed their image, brand and value. The company has changed what it means to order pizza. As of now, you can order Domino’s using Slack, Facebook Messenger, their mobile app, Twitter with the use of emojis, Google Assistant & Alexa as well as Smart TVs. Talk about digital transformation…
What’s the lesson of 2020?
Invest in your online presence and sell online. When the economy shut down in March, the opportunities of physical stores to succeed were limited. What if you’re online? The opportunities are endless.
The standards are changing, our realities are changing. Digital transformation is here to stay. Adjusting to today’s digital reality is a must if you want to survive this pandemic or any other future crisis by re-inventing and re-establishing your online presence. Domino’s story has revealed that shifting online has saved the company from bankruptcy and has even helped them become the giant we know today.
What’s keeping you from thriving online? Get in touch.