26 Feb 2015

How to Reinvent Your Digital Business

The following is a guest commentary from Michael Ni, CMO and SVP of products at Avangate

Most service providers and businesses think that it’s easy to sell online. You build a website, add a payment processor and now you’re officially a “digital business,” enabling you to make millions from online consumers.

To become a true digital business, you need to consider whether your current online business model allows you to adjust to new buyer preferences and purchasing habits.

As many businesses look to readjust and strategize for the New Year, they should consider the role that a full digital commerce strategy plays in their business. Here are three tips for entrepreneurs, startups and even traditional businesses looking to go digital in 2015. And even if you’re thinking “but I’m already digital,” these three pieces of advice will offer you ways to reinvent your business model and support the expectations of sophisticated online buyers:

1. Readjust Your Digital Lens: Monetary Value is Shifting to Services

To fully grasp what today’s digital business model should look like, you first need to understand where you can create the most value for your customer – and where this value is originating. The idea of the “traditional product” is evolving – products are now an excuse to sell online services, even as online services are fast productizing. Services are also being increasingly packaged and sold. Consider this: Uber first started with its traditional Uber and black car features, and then easily added Uber X to make it easy to order and trust. Uber’s valuation reflects its ability to package new services atop its platform.

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