As we move forward to a digitalized world, technology continues to spread and influence all aspects of our lives. But how can we utilize technology to our benefit, especially in business?
It is no doubt that our personal over-excessive use of technology can be harmful, but what if a delay in technological adoption could make or break a business?
A report issued by SME Horizon states that while 83 percent of SMEs in Singapore have adopted digital transformation strategies, more than 54 percent delayed their digitalization plans due to Covid-19, with cost remaining as a top concern. Other concerns also include lack of resources, fear of being dependent, as well as integration matters. However, at Aimazing, we understand that digital adaptation might seem unfamiliar or even intimidating to some, especially for those who are not familiar with the tech space. Yet technology doesn’t have to be frightening, especially when the solution is easy and effortless to use.
So, what are the benefits a business can get when going digital?
Gaining a deeper understanding of consumers through e-commerce and digital marketing.
Gaining data-driven insights to improve business operations.
Gaining a competitive edge over other competitors.
Generating more sales and increase revenue
Gaining a deeper understanding of consumers through e-commerce and digital marketing:
Oftentimes, traditional SMEs put less emphasis on commercial communication, as great advertising is usually linked to the quality of their products and services or their location. Even though those are still important, taking a small step towards digitization and digital marketing may do wonders to your business than nothing at all, especially with the rise of digital platforms and shifting consumer behaviors.
Gaining data-driven insights to improve business operations:
In the olden days, business owners relied more on their instincts and experience to make decisions. Today, with the ever-evolving landscape, they will now need to actively compare their instincts with trends, data, and statistics. Simply put, digitized businesses will have an unbeatable edge by getting an exact picture of their performance and consumer base with little effort through the power of data, even for an SME.
Gaining a competitive edge over other competitors:
Digital tools allow business owners to analyze and gain insight into what their competitors are doing. This is central to ideate fresh and compelling ideas aimed to differentiate their business from other competitors. It also serves as means to keep up and remain competitive, by being on the same platforms and targeting a similar audience as direct competitors.
Generating more sales and increasing revenue:
However with all that said, what it ultimately comes down to is generating more sales and increasing revenue for the business. It doesn't matter if a solution is technologically advanced or cutting edge, if it doesn't increase efficiency, drive sales, or help in making more money at the end of the day - it is and will be simply irrelevant.
Which is why, Aimazing aims to help small business owners who are unfamiliar with the digital space. When developing our technology, our customer needs are at the top of our priority, which means that the value it adds to our customers is more important than the advancement of our technology.
While we have a range of advanced products targeted at corporate customers, our aim to add value to our merchants is applied across all activities in the company in order to provide a seamless and effortless service, making the adaptation of technology to business much less intimidating. Our product team aims to develop features that actually support the merchants such as the ability to blacklist existing promotions when giving cashback, to not double up on giving promotions, as well as a solution to gain data of their customer base and reach out to them as seamlessly as possible.
During a recent CSR (Corporate Social Responsibility) initiated to help the F&B and retail sector recover from the effects of Covid-19, 65 merchants who participated in the campaign saw a significant increase in return customers, with an overall increase in total sales. As a result, Merchants have also seen an approximate 30% increase in their monthly sales figures attributed to AImazing’s solution and a 10.2x return on investment in cash back.
But what does this actually mean?
It means that if a merchant gives $1 cash back, the data shows that the next time they visit, customers will spend $10.2 more to redeem the $1 cash back. Imagine if there are 10 returning customers who want to redeem the $1 cashback. That means another $102 will be generated for the merchant. Other than that, the technology also enables our merchants to gain insight into their customer base. This is extremely important because it will help merchants directly reach out to customers, gain insight into where and what to sell to them, as well as target their friends with a lookalike audience.
Want to know more about our solution and how you can increase your store's engagement? Reach us here!