Top 4 Trends Driving Digital Transformation in 2023
Top 4 Trends Driving Digital Transformation in 2023
2022 was an eventful year with factors like looming recession, re-evolving pandemic, rising inflation and the Russia-Ukraine war impacting businesses of global brands. In spite of these challenges, or perhaps due to them, brands have been investing in digital transformation, adding greater automation, agility, resilience, cost-savings and adaptability into their business processes and marketing capabilities. Digital transformation enhances the level of marketing intelligence and flexibility required to address evolving consumer demands and changing market dynamics.
In 2022, spending on digital transformation reached approximately USD 1.6 Trillion. By 2026, global digital transformation spending is predicted to reach USD 3.4 Trillion (Source: Statista). 2023 is certainly not the time to wait but kickstart! As 2023 starts, the pace of digital transformation continues to accelerate for businesses worldwide. Brands are facing a number of challenges when it comes to fully utilizing the potential of their digital transformation initiatives.
Researchers have already predicted that this year will be a year of technology disruptions, new innovations, continued evolution, digital developments, and shifting expectations regarding transformation. Breakthrough transformation technologies like moLotus and software-as-a-service (SaaS) platforms will be the dominant force behind innovations and transformations.
Experts suggest brands to find out ways to free up their budget for innovation and continue to reinvest in new transformation technologies which will not only allow businesses to become agile and competitive, but also better withstand the fluctuations of ever-changing economic conditions. Brands with the mindset of squeezing every dollar and not reinvesting back in digital technologies to drive business forward, will be creating a downward trajectory in 2023.
As we have entered into 2023, here are top four digital transformation trends that will drive global businesses :
In the beginning of 2023, experts predict that brands need to leverage the mobile technologies, frameworks, and tools to have a complete digital transformation and modernization of their businesses. Recently mobile usage is through the roof with mobile ad spending continuing to soar.
As per data.ai report, global mobile ad spend is expected to increase to USD 362 Billion this year from USD 336 Billion in 2022 with mobile capturing a major share of advertising wallet. Increasing mobile centricity, advancements in mobile technologies, 5G roll-out, demand for mobile connections, need for self-expression, and hyper-personalization of communication will drive sustained growth in time spent by consumers on mobile devices in 2023. The data.ai report further claims that mobile video streaming will continue to boost business growth in the next 6 years (Source : Business Standard).
Indeed, as mobile usage grows increasingly ubiquitous around the world, brands are embracing mobile video customer interaction platforms and technologies like moLotus as a critical component of their digital transformation strategy. And now, with moLotus, advertisers have an array of new possibilities and capabilities to effectively and efficiently meet the evolving customers’ needs, habits, and surroundings — and to build more trust-based, customized, and personalized relationships at scale.
In 2023, advertising will mean reaching more customers quickly, but doing so will be increasingly complex fueled by endless consumer touchpoints and engagement models. This requires technological innovation to be at the center of advertising success. Breakthrough mobile technologies like moLotus are specifically designed to deliver globally scalable and customized campaigns adhering to customer needs and providing the rooted foundation for digital transformation with agility to integrate, automate, accelerate and modernize business.
moLotus mobile videos would be transforming mobile video advertising in 2023. High quality 40 seconds mobile videos offered by moLotus get delivered without using any mobile app or active data connections. It is the only spam free advertising platform that offers interactive mobile video campaigns based on a number of business objectives including brand awareness, lead generation, customer acquisition, customer retention, upselling, cross-selling, customer communication, trade communication, and more.
2022 experienced a major increase in mobile app revenue of Google Play Store and the Apple App Store with 13.5% increase in worldwide app downloads, transforming advertising. There was a 6.7% increase and 16.7% increase from the Apple App Store and Google Play Store, respectively. There is no indication of this trend slowing down in 2023. Statista data the global mobile app revenue is expected to reach USD 935 Billion in 2023. That is approximately 2.5x the figures from the year 2018.
The business processes for brands used to be cumbersome involving extensive use of voice-based contact centers, manual lead generation & selling, manual customer onboarding, manual service contracts, etc. That said, pedestrian pace of business activities and unjustified high cost contributed to low bottom-lines and less ROIs for businesses.
The pandemic sparked an urgency for global businesses to change the way they work, accelerating digitization through the lens of two essential transformations - automation and innovation. As digital transformation technology advances and becomes more prevalent in 2023, businesses have started to invest more time and resources into automating and innovating their customer processes. According to Deloitte, 53 percent of global businesses have started implementing AI-based customer process automation, a figure expected to increase to 72 percent over the next two years.
These efforts are going to bring businesses new high margin revenues and help them reach new markets. To automate customer processes brands are embracing a variety of mobile transformation technologies like moLotus.
Transformation technologies like HubSpot, moLotus, Marketo, etc. would be further integrating automation to customer processes, reducing workload, saving time, and lower expenditure on creating workflows, sending messages, setting up alerts and notifications to track the sales pipeline, and more. Businesses would streamline the entire customer life cycle, generating more leads, manage customer databases better, ensuring quotations are sent on time, prompt customer support interactions, and managing the sales pipeline. The result would be better sales conversions in terms of volumes and time.
This year brands would be creating hassle-free experiences for customers expecting digital communication or real-time offers; onboarding and engaging new-age customers via robust moLotus automation API and unique capabilities like interacting & processing customer requests in real-time, mobile document submission, full integration, etc. Using moLotus capabilities, brands will seamlessly transform customer communications to provide personalized info, mobile on-boarding, collect dealer and salesperson performance feedback, send service reminders and other communication - while saving on cost, delighting the customer, and collecting performance data.
Experts say that customer communication in 2023 will be transformed to become more conversational in nature resulting in clearer interactions as compared to traditional interactions. More and more brands are looking at AI-based real time conversations; allowing customers to get hyper-personalized messages and responses.
A very recent example of digital transformation in customer interaction is moLotus platform which allows brand-customer interactions in a conversational way. Brands can interact with customers easily via moLotus easy interaction options like USSD, SMS, Web URL, Callback and more rather than pushing out via spam emails. The best part is that the interactions are low-touch and at the same time more human-centered, similar to informal communication with friends or acquaintances. The interaction options not only help brands in educating customers about products and services but also suggest innovative usages to them. In 2023 moLotus mobile interaction is going to be the key to winning customer’s trust, acquiring, engaging and retaining them.
Latest surveys reveal that customers want brands to acknowledge them as unique individuals, and understand their personal choices and buying history. A research by Accenture points out that 75 percent of customers admit being more likely to purchase from a brand that addresses them by their individual names, knows their buying history, and sends product recommendations based on their past buying. This has induced more brands to transform customer communication, making it hyper-personalized.
The good news is that more brands in 2023 are using tools like moLotus to personalize offers and product information. Automated moLotus campaigns will forge a real connection between the brands and customers via multiple hyper-personalization options including customer name, greetings, offers, unique customer Id, and more. The technology has come up with personalized product recommendations for customers.
Undoubtedly, digital transformation based on big data has been there for a while, but it is only now that brands are realizing its true potential. The benefits of using data-based business transformation models include increased efficiency, better decision-making, deep customer insights of data, conversions, more customer acquisition, retention, cost-savings, and high margin revenues.
Brands are fast embracing a big data-driven business model in 2023. They are using big data management tools like Hadoop, moLotus, etc., to analyze and process chunks of data in a short span of time. These tools use advanced algorithms that can easily understand patterns in customer data. The patterns are further used to make future predictions.
In 2023, moLotus predictive data analytics is on the rise and is being considered among the other data analytics tools providing granular reports. Using the insights from these reports, brands can create personalized and relevant offerings for customers together with improved plan pricing, and building customer loyalty. Further, moLotus deep customer insights are helpful in creating customized and scalable mobile advertising campaigns to not only promote your own offerings but also to measure customer satisfaction by capturing additional customer parameters. In all, moLotus helps monetize your big data effectively.
Security, integrity, and availability of big data also happen to be the top priorities of digital transformation platforms like moLotus, Pardot, Eloqua, etc. in 2023. moLotus accelerates data value and flexibility by removing inaccuracies and offering direction to data. moLotus uses a multi-layered approach to data security. Telcos and brands are capable of setting rules and policies restricting access to authorized personnel only ensuring high security and efficiency. Proper authentication is required for every API request.
Regarding the trends in digital transformation there is a lot to look forward to this year. 2023 is expected to be a year of crucial changes in automation and transformation. If brands want to get the most out of their business processes, they must adhere to the trends in order to stay on top. Leading global brands are already working hard, embracing new mobile transformation technologies like moLotus; ensuring that the ecosystem keeps reinventing itself — and thriving — even in the predicted difficult times.