Digital Transformation in the Age of Covid

The rapid digitization of business as a whole is blatantly evident in every country, every economy, and every type of product or service. Our ‘new normal’ will forever be shaped by our expanded online presences. The United Nations has been monitoring the global shift in consumer behavior that has been spurred by the outbreak of Covid-19; in addition to the obvious shift, the increase in online consumer behavior isn’t expected to shift back much, if at all.

The consumer has moved disproportionately online, and it is thereby imperative that brands aiming to win must be ready to meet them there.?

That’s where Media.Monks comes in. We lean heavily on our four pillars of media, data, content, and technology to guide our decisions and direct our clients.?

Even before the pandemic forced an accelerated shift into digital, only 8% of companies believed that their current business model would remain economically viable “if their industry kept digitizing at their current course and speed.” To put it simply, these days, businesses shifting to operating online is no longer an option but a non-negotiable necessity.?

As brands hurry to join the ranks of those already prospering in the constantly expanding e-commerce market, they face a multitude of challenges. To face these challenges with any chance of success, businesses need to embrace technology and learn to adapt quickly. This new world of online business moves fast, much faster than that of a brick-and-mortar shop, and it needs to run smoothly 24/7, all around the globe. The e-commerce sphere is a dynamic world full of countless moving pieces and even more decisions to make. Those who can keep up, or better yet stay ahead of the curve, are those who will ultimately succeed.

Media.Monks is a full service, digital consultancy driven by solving consumer and client problems. Our holistic, dynamic approach to solving the hang-ups of e-commerce in a digitally transformed ecosystem are unmatched.?

For a customer to reach the point of sale or conversion, a multitude of factors must come together seamlessly; everything from promotions and advertising to pricing and supply chains must work in harmony in order to unite the customer with their desired product and unite the company with the resulting revenue. In a fast-paced, real-time online marketplace, that can be impossible to keep up with, especially for brands who are just learning the ins and outs of their new digital businesses. Even large enterprise corporations are struggling to make the right moves, as the Harvard Business Review puts it, “the complexity of technology and the speed of digital can make board members feel like they’re always playing catchup,” when it comes to planning and implementing aspects of digital transformation.

Everything is moving faster than ever before; a recent McKinsey study found that Covid-19 accelerated commerce digitization by several years. On average, the estimates indicate we’ve moved three to four years forward in terms of digitization timelines in just a matter of months, and ten years worth of e-commerce adoption was compressed into just three months.

Digital transformation has grown far beyond the latest trendy business buzzword; not only has the need for, and implementation of, digital transformation exploded in the last decade, it has been further accelerated, exponentially so, by the Covid-19 pandemic. While everyone had to stay home, brands had to kick their digitization efforts into high gear to stay afloat, much less stay competitive. That’s why we’re doing what we’re doing here at Media.Monks, our focus on our four pillars tie together he new (digital) consumer journey. Media, data, content, and technology are the new pathways to harnessing the consumer journey of the next decade, and we hope you’ll join us.

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Christopher Martin is a lifelong entrepreneur and currently the Data.Monks Co-founder at?Media.Monks, a global leader in advanced marketing and technology services that deploys and supports enterprise software for real-time, data-driven marketing. He also sits on the executive board of directors for?S4 Capital, one of the largest and most successful digital advertising consultancies worldwide.