The Tao of digital strategy
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Businesses across the world are experiencing the disruption of digital, particularly in the consumer products sector. Yet too often, digital considerations are merely a secondary factor in an overall business strategy, limited to investment in e-commerce. In a fast-evolving market, businesses that follow the principle, or “Tao,” of embedding digital approaches to connect with, serve and understand their customers more closely will be the ones who win.
Creating a business model that ensures constant connectivity with the consumer or shopper will not only lead to financial growth, but loyalty and advocacy.
This article explains the essential components of a digital strategy and provides practical guidance on how to define and articulate it. The authors explore the e-commerce consumer products sector in India, examining the current ecosystem and what insights it can provide for other markets.
The Tao of digital strategy, today, is for a business to understand its corporate objectives and develop short-term and long-term approaches that help it achieve its vision through investments in digital capabilities. A digital strategy should be integrated with a company’s customer strategy so that it can acquire consumers, address markets, define tactical activities and achieve its goals and, in so doing, better engage across its customers’ life cycles.
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