Product Digitization with O4S
The average consumer is more informed now than ever in the past and with increasing technological advancement, things are about to change further. It would be redundant to say that digitization is here or your organization should focus on digital to remain competitive in the market. We are past that! Today, the focus has shifted towards taking digitalization to products or services which were once considered outside the digital purview. Irrespective of whether a company sells physical or digital products, it requires to make a digital connection with the consumers.
With multiple options available to customers, creating an experience will be the key to ensuring brand loyalty. As per a Salesforce report, 95 percent of customers said that they were more likely to be loyal to a company they trust, and 80 percent mentioned that experience provided by the company was as important as the product or the service. So, what can companies do to create a unique digital experience and increase the trust-factor?
Product Digitization
For companies producing physical products, digital has at best been used for marketing activities. However, with the arrival of Next-Gen technologies such as Artificial Intelligence, Augmented Reality, Machine Learning, Blockchain, Robotics, etc. the usage of the digital platform can go far beyond. When thinking about the application of these technologies, both companies and consumers imagine smart devices, driverless cars, and perhaps, even a flying jet pack. What if these technologies could be applied to the most basic products? A bottle of cold drink or a packet of biscuits?
Product digitization is a process of adding smart tags to the products which will enable the end-users to interact digitally with the products. It can open new avenues to increase customer loyalty and create personalized communication with the consumer at the point of sale. Product digitization can be achieved by adding scannable QR codes on the products. The end-user has to simply point their camera, and get all the product details right on their mobile phones.
Brands have absolute control over what information is displayed to the customer once they scan the code with their phones. Besides ensuring the fact that the product is original, customers can get a wide range of information about the product life-cycle. You can share product development videos, pictures of the manufacturing plant, or details of the upcoming products. Product digitization with O4S is easy to implement without making any significant changes to the existing technology.
Product digitization will have a positive impact across departments from supply chain to marketing. For organizations dealing in physical goods, a supply chain is the core of the business. The transparency obtained due to product digitization can help organizations create a robust supply chain. Besides, as per a study conducted by PwC, 33 percent of respondents said their companies have already digitized the supply chain while another 72% added that their companies would do it within the next five years.
Advantages of Product Digitization
Product digitization will have both immediate and long-term benefits for an organization. From impacting customer loyalty to optimizing the supply chain, it has immense benefits. Let us look at some of the top benefits offered by product digitization.
1. Enhanced Security
Product digitization helps the brand in ensuring better security of their products. The products are protected against counterfeiting as every stakeholder will have the option to scan the product and ascertain its authenticity. It also allows you to improve the supply chain visibility of products. An organization will be able to track the product during its entire supply chain. The increased visibility will help in improving the efficiency of the supply chain. Cumulatively, this will help in optimizing the supply chain.
2. Build Customer Trust
With product digitization features offered by O4S, customers will have more reasons to trust the brand. With the point and scan feature, customers can determine the authenticity of the product with their mobile phones. The customer can get all the information about the product from manufacturing all the way to the delivery. Product digitization adds an extra layer of trust so that customers can purchase products without any doubt in their minds.
3. Increased Engagement
Product digitization can be used to interact with customers in real-time. This information can be used by brands to arrive at crucial business decisions for improving engagement as well as sales. Dynamic content can be shared with the end-users to increase brand loyalty and introduce new products. With product digitization, brands can effectively use data to implement marketing automation. Based on real-time locations, content in regional languages can also be shared with the users.
4. End-to-End Customer Experience
Customer experience is a major factor that impacts loyalty and repeat purchases. Today, customers want a seamless and integrated digital experience. Product digitization creates an opportunity for the brand to not only offer a comprehensive customer experience but also pave the way for future innovations. A brand can keep the customers both intrigued and satisfied by delivering engaging digital content.
5. Process Optimization
While product digitization will have a wide range of benefits pertaining to customers, it will also have positive effects on the end-to-end process. Based on the abundant data that will be generated at each stakeholder, every team from procurement to marketing will be in a better position to make informed decisions. As a result, the demand and supply gap at every stage will be as less as possible.
Product digitization gives a digital identity to your physical products. Your organization can get better control over the products, ensure increased connectivity, and offer a better context to your customers. O4S product digitization technology enables you to digitize your existing products without the need to reinvent or substantially alter them. If done correctly, product digitization can offer immense competitor advantages. Get in touch with us to know how product digitization can help your organization. Feel free to reach out to us, we are just an email/ call away.
