The digital sector in the UK has a lot of work to do throughout the rest of the year. With many traditional processes moving online and the digital sector exploding with potential, there is still a lot of ground to cover. Reports have indicated that the sector contributed £400 million per day to the UK economy, so it’s clear that before a large jump to digital occurred, the sector was working hard. But what exactly could we expect to see in the digital sector’s continued growth?
Digital to Boost Businesses
The rise in restaurants and shops offering online delivery and the growth in apps has helped the previously analogue retail and hospitality industries to grow their digital services. There has been call for a digital boom across these industries for years to match the way in which people want to engage. Online services such as Deliveroo and Uber Eats have already proven that people want to take control of their experiences, by being hands-on with what they consume.
Most people would opt to do things digitally – as the success of clothing retailers such as Asos, Boohoo, and PrettyLittleThing show. So, by redirecting the business’s focus towards online provisions, companies are better able to address consumer’s actual concerns – which is ultimately the goal of a business. The battle between M&S and Waitrose surrounding the Ocado delivery partnership showed just how significant digital channels were for such commonplace and traditional concepts as grocery shopping.
Ocado has said that in the two weeks since launching its joint venture with Marks & Spencer, more customers are buying M&S products than Waitrose goods before the switch.
— Telegraph Business (@telebusiness) September 15, 2020
Digital Alternatives to Traditional Services
Even newspapers such as The Telegraph have announced that their digital arm has grown, despite overall newspaper profits dropping. This shows a further commitment to traditional concepts being given a new lease of life online. Streaming services and the rise in e-books have also contributed, helping to pave the way for online versions which are now commonplace.
Online banking, such as with Monzo and first direct, have helped legitimize doing things solely digitally. The ease of banking with apps has given customers a better grasp of their own finances and has helped cash transfers run more smoothly. The rise in people doing things digitally has forced traditional banks to deploy similar services. Thus the growth of digital banking has helped the entire industry elevate itself.
86% of Monzo users polled said they would recommend the neobank’s service overall to friends and family https://t.co/dYVa4JVKp7
— Business Insider (@businessinsider) August 18, 2020
Benefits of Digital Feedback Loop
The feedback provided by the digital industries is better for consumers and those running the services. Being able to record issues quickly and being able to evaluate success in a quantitative way online helps best practices increase. The sheer amount of comparison sites are testament to how important customer feedback, general opinion, and research is. This applies to industries across the board, from insurance providers to travel agents and even betting sites. Online bookmakers, for example, can be evaluated based on many factors, from welcome bonuses to how easy the sites are to use. There is such a range of potential options for those wanting to bet online in the UK, so being able to see the pros and cons of each one can help people make decisions – which informs what the industry should be doing to attract more customers.
By discovering what works and what doesn’t work through digital means, companies can streamline and enhance processes. For instance, should a company offering online delivery find that certain slots are always heavily booked, while others aren’t, they can use this information to place more employees at the busy times and fewer when business is low. In a traditional shop, monitoring footfall is more difficult and makes it harder to facilitate change.
The digital sector has grown beyond simply utilising the web and social media to grow a business – with various elements of developing technology helping to aid this. Even the most traditional of businesses are finding ways to branch out online. The future of commerce and engaging with businesses is the ability to do as much as possible online. This helps streamline the lives of consumers and allows businesses to create personalised experiences, which fosters greater loyalty. The digital sector has proven what it can do so far in 2020, so now it’s time to surpass this and continue its growth.