Sales teams are rapidly transitioning to a digital-first approach given the ongoing pandemic-induced realities. As McKinsey and Company’s latest report highlights, digital sales have surged 3x faster in the past year than in the previous five years.
1. Businesses are shifting to adopt a digital-first strategy.
2. Digital sales have seen a 3x faster growth in past year than in previous five years.
3. The pandemic has accelerated this shift, pushing sales online.
4. While this transition is challenging, it also presents significant opportunities.
5. McKinsey & Company’s report signifies this transition.
Shift to a digital-first strategy
Many businesses are swiftly transitioning their traditional footfall businesses to online channels. The shift towards a digital-first strategy has been instigated in large part by the COVID-19 pandemic. As physical outlets remain closed or are operating with restrictions, companies are looking for alternatives to keep their operations going and sales flowing.
Faster growth of digital sales
The rate of growth in digital sales has surged. Recorded three times faster in the past year than in the previous five years, it underlines the quick adoption and preference for digital channels among customers. This trend acknowledges the convenience and safety that digital channels provide, especially during the pandemic.
Pandemic’s role in driving sales online
“The ongoing pandemic has undoubtedly given a significant push to businesses to move their sales online,” says the McKinsey and Company’s report. With lockdowns and public safety measures prevalent globally, businesses have no alternative but to align with a digital sales approach to maintain revenue streams.
Challenges and opportunities
Transitioning from a traditional sales model to a digital one presents numerous challenges such as redesigning the business model, training staff for digital interactions, and transforming the customer experience. However, it also opens up a plethora of opportunities including increased reach, cost savings, and enhanced customer data that can be used for better prospect targeting.
McKinsey & Company’s report
McKinsey & Company authored a significant report highlighting the boom in digital sales induced by the pandemic. The report states, “We have seen the equivalent of five years of consumer and business digital adoption compressed into around eight months.”
The “Signals Hot Take”
Amidst these changes, understanding customer behavior and preferences is crucial. The AI Marketing tool, Signals aids in this aspect by providing insights into website visitors and their digital behaviors. Beyond just tracking data, Signals strives to understand and predict the nature of interaction that visitors will have with a business online. The information delivered aids marketing and sales leaders to perfect their customer conversion strategies. For example, by understanding the common pathways to conversion or the kinds of products that certain visitor segments are interested in, marketing and sales teams can personalize their approach, thereby improving conversion rates. Adopting a tool like Signals is therefore key in the current scenario where digital sales are becoming rapidly important. It’s through insights that sales and marketing experts can not just survive but thrive in this digital-first landscape.
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