Are You Cashing-In on the Digital Business Revolution?

A mere decade ago, you would require a huge capital outlay to get into businesses which today can be accessed through white-label solutions. For instance, the new generation catering software doesn’t require any technical skills to integrate into what could very well be a home-kitchen-run, made-to-order business, complete with a ride-sharing delivery service. The same could be said of the other solutions that could be accessed online by a business person to purchase an essential life insurance product.

The greatest thing about such solutions being accessible online today is the ability to cater to the tastes of the consumer in a personalized way, which makes life and business a lot easier for the consumer as well as the business owner.

With the boom in e-commerce and the implementation of GST (Goods & Services Tax), it has become easy for even a non-technical person to enter the e-commerce space and learn how to do some basic e-commerce business in a year.

Most on-site businesses now have online websites and e-commerce platforms to sell their products and services. Moreover, they may also try to attract more customers online by employing on-site strategies such as that can play advertisement of a business portraying its benefits, features, regular discounts, online coupons, etc.

Below are a few success stories from the digital side of life. I have been involved in this segment from a commercial perspective in the past couple of years and here are some of my learnings in that context:

While most of the people believe that the digitalisation of the entertainment space will cause a shift in the business focus of traditional entertainment channels, they are wrong in that perception. For an average buyer, even the most advanced digital platforms, namely, Netflix, Amazon Prime Video and Hotstar, offer the same kind of content that a person watches in the traditional media. This can be detected through TV viewership data, learn more here for example, which shows people who are viewing what, and how often. This is an insight into what will be a successful advertising and seeing what everyone is most interested in watching according to their personal preferences.

Also, the most advanced TV channels like Star TV and Sony Network also provide the same quality content. The new buyers like Saavn, Times Music, Hungama, Mix Radio and Gaana, these and the similar businesses would know that the rates charged for music streaming services are going to be the same as what is being charged for music downloading services from the music companies. In fact, the rates are going to be higher, but the number of users is much higher.

There is no point in providing value-added services to the existing user base, as it might be on the higher side, but there is no point in providing such services to the same audience, when the offer is better on the digital platforms. The consumer is already consuming a lot of content on the digital platforms. The penetration of smartphones in India is very high, the adoption of internet is going to grow exponentially and the recent Supreme Court order (Venkaiah Naidu) to block pornographic content on Internet will only increase this penetration and adoption. So a user-friendly proposition can be made to sell music, movies, TV shows, and such products via the digital platforms.

From a business perspective, the same offers the perfect platform for a business to develop an audience. And if that audience does not even have to make the purchase, then it becomes even more attractive for the business to get a captive audience.