The fast-paced technology advancements in the last few years have changed the world in many ways. It has affected the way we live and interact. Of all the technology advancements, nothing has pervaded our daily lives as much as the internet. The internet has helped connect us to each other and given us access to a wealth of knowledge and information which was not so easily accessible previously. Here are some numbers to ponder over:
- In 2018, approximately 53% of the world population have access to the internet, a 7% growth from 2017.
- Active social media users have grown by 36.2 million users, bringing the total active users to a staggering 3.196 billion in 2018 - an increase of 13% from 2017.
- With the penetration of unique mobile users at 68% globally, the growth of active mobile social media users has increased by 14% in 2018 in comparison to 2017, bringing the total of current active users via mobile to 2.958 billion
What does this mean to us? It means that not only are we more connected than before, we are also bringing connectivity with us as we move. This has caused massive behavioral changes in our lives. How does this affect businesses?
- Power to consumers – Consumers have more access to information and this has increased their expectations towards products, services, and brands. As consumers are more connected these days, consumers also expect a seamless and exceptional experience between all touch points. This has caused a need for businesses to become more consumer focus than before.
- New competition – New companies which are more digitally inclined are growing, threatening the existence of traditional businesses. For example, the existence of online travel agencies like Expedia with more visibility digitally have over shadowed traditional travel agencies which are less visible in the digital space. Another good example would be the way new businesses like Grab and Uber have managed to change the ride sharing landscape and thus affecting traditional taxi/driver services.
- Fast pace changes – Digital companies can make changes quickly and efficiently - allowing them to stay fresh and ahead of trends. Traditional businesses are less flexible and are generally slower, leaving it at a vulnerable position in comparison to digital companies.
With such changes at foot, businesses must change to stay relevant and survive. And the one way to move forward would be to kick start your digital transformation today.