Mobile is Leading the Digital Transformation
When you hear ‘digital transformation’ what comes to mind? Maybe it’s things going from paper to digital. Maybe it’s automated cars. What about robots? The possibilities are endless, but where is digital really transforming our lives? Think mobile.
For example, consumers aren’t digging for deals on laptops as much anymore, with 92 percent searching for products and reviews on their mobile devices while physically in stores. But how exactly is mobile leading this digital shift on the whole? Let’s take a look.
The power of 5G
5G is coming, and its advanced capabilities place it at the center of the digital transformation. By 2025, 2.6 billion subscriptions will be impacted by the arrival of 5G—which will be run by 99 percent of all broadband carriers.
Carrier giant AT&T plans to roll out 5G by the end of this year in twelve U.S. markets, and Sprint is expected to have 5G up and running in the first half of 2019. In preparation, carriers are already working on implementing 5G and its benefits—like increased speed, reach, and responsiveness.
The advantages of apps
Convenient and ubiquitous, apps are a daily reminder of mobile’s place in the digital transformation—and a great way for businesses to connect with consumers. Take retail for example: by using customer data gathered through apps, retailers can analyze past experiences or buying patterns. They can use that data to send unique push notifications to shoppers while they’re shopping in or around the store, even if they haven’t visited in a while. Plus, apps can analyze customer searches and online activity to provide a more personalized experience.
Additionally, mobile apps can build a more connected workplace. For example, a company’s internal mobile app can encourage sales efforts, motivate team members to reach goals, and offer incentives—helping employees feel more connected with their company.
The convenience of mobile pay
The digital transformation also offers transactional flexibility for businesses and consumers via, you guessed it, mobile. Take Starbucks, for example. It’s been using mobile payment as a core growth strategy by allowing customers to purchase and pay from anywhere through the Starbucks app. When customers arrive at their nearest Starbucks location, their order is ready for pick up, allowing them to skip the wait. Since implementing the mobile payment option, Starbucks has increased U.S. transactions by 15-20 percent.
With tools like Chase Pay and Apple Pay, the opportunity for businesses to further simplify consumers’ lives by allowing them to pay with a click here or a swipe there is now a reality.
Sooner or later, nearly every industry will be impacted by the digital transformation in some way. From the road to retail, companies can keep up by preparing for and implementing flexible options to stay competitive and relevant.
Jon Mikow is Vice President of Wireless at Fortegra Financial Corporation (a Tiptree Inc. company). Fortegra® and its subsidiaries comprise a single-source insurance services provider that offers a range of consumer protection options including warranty solutions, credit insurance, and specialty underwriting programs. Delivering multifaceted coverage with an unmatched service experience for domestic and international partners and their customers, Fortegra solves immediate, everyday needs, empowering consumers to worry less and Experience More.