Till the 90s if we wanted to buy the Nike shoes, the only option was to go to the brick and mortar store of the Nike, look at all the shoes kept on the racks, try out the ones we like & buy them.
Today the scenario is changed drastically – we have Amazon, eBay, Flipkart which shows the complete range of shoes, are they in stock or out of stock, detailed features of each category and above all very attractive or completely free shipping.
Due to this tsunami of information available at fingertips, via so many different channels, Consumer has truly become a Superman as he/she knows more than the product manufacturer.
Today we are surrounded by digital technologies. From school to working environments it has now become impossible to avoid some type of digital culture wherever we are. Young people ages 8 to 18 now spend nearly every waking moment using media more than 8 hours a day, when they are not in school/college.
Digital has fundamentally impacted our lives, as well as the way organizations, carry out their businesses. Big organizations like Apple, Google, Amazon, and Facebook are leading the change, while challengers like Uber (Taxi ridesharing service), Tesla (Electric cars), Airbnb (Rental accommodation in 190 countries) disrupt one industry after the other and giving Consumer the most power to pick and choose.
Unfortunately, several industries and companies didn’t anticipate this digital wave and “lost the game” along the way.
- Blockbuster Video rentals filed for bankruptcy in 2010 due to digital video streaming competition from Netflix, Redbox.
- Polaroid instant photo camera company filed for bankruptcy in 2001 due to Digital photography
- Kodak films filed bankruptcy in 2012 again due to digital cameras
- Borders bookstore went out of business in 2011 due to the rise of eBooks,
- Britannica oldest English Encyclopedia stopped the printed edition in 2010
Companies are making all the efforts to meet the consumer at the zero moments of truth. The zero moment of truth is when someone has an interest in a brand and goes online to Google it and the impression they get from all these online touch points that will influence before they even make it to the first moment of truth, that is choosing your brand.
Companies are trying to reach consumers anytime, anyplace, any device. Consumer relationship has changed drastically in the Digital Era.
With the ubiquity of the Internet and mobile devices, the rise of Social, and Big data Analytics, that relationship has become much more personal. Consumers now expect the same treatment from brands that they used to only get from a neighborhood store. They expect you to remember who they are, tailor their experience, and give them expert advice and recommendations.
Digital is becoming the integral part of our lives with vehicle navigation GPS system, Fitness monitors, wearable devices, beacons, Internet of Things, Connected homes on WiFi, smart watches, smartphones, gaming, e-books etc; you will find we are immersed in Digital life.