How to digitize your business to compete

Transforming paper-based processes into digital operations can help maximize company efficiency and boost your appeal by improving customer convenience and service.

Review the following opportunities to identify ways your company can digitize in 2021.

Order taking

According to Digital Commerce 360, U.S. e-commerce sales grew roughly 44% in 2020, making it more important than ever to offer online or mobile purchasing options. In addition to providing convenience for your customers, digitizing order taking will help your company:

• Track demand. Receiving orders digitally may make it easier for your business to recognize customer buying trends and stay ahead of market developments.
• Stay competitive. Even when social distancing is less of a concern, customers will be accustomed to the convenience of online ordering. Offering this function will help you pull ahead of the pack.

Customer service

A report from PEGA states that nine out of 10 people say that customer service dictates their buying decisions. Digitizing how you support customers can help you attract and retain them by:

• Facilitating self-service. Buyers expect to find answers to questions about order status, shipping, store hours, inventory, and other essential information on your website or mobile app when it’s convenient for them. This digital self-service also reduces your internal workload.
• Improving response time. According to Sprout Social, 40% of customers expect a response to a social media query within an hour of reaching out, and SuperOffice finds that 88% expect the same response time after sending an email. When your company digitizes customer service, personalized, automated responses can provide immediate feedback to customers.

Communications

Digital channels can make it easier for your business to raise its visibility and track market priorities. Some potential ways to digitize business communications include:

• Social media. According to Sprout Social, seventy-nine percent of customers say they are likely to buy from a business they feel connected to on social media. Social channels let you share expertise and updates easily with your prospects and customers, and then track how the market reacts.
• Email. Email can be useful for keeping customers up to date on special offers and company news. An email newsletter is a prime way to share educational content and establish your business as a thought leader.
• Text. Text messaging can be an effective way to quickly communicate timely information to customers. An article from Avochato states that 75% of customers characterize text appointment reminders as useful.

Payments

Buyer behavior changed in 2020, and many shoppers have grown to prefer the option to pay digitally, even if they are picking up their purchase in store. The benefits of digitizing payments include:

• Customer convenience. Online payment options simplify the process for customers and make it easier for them to review and pay their bills on time.
• Security. Buyers have become accustomed to contactless payment options. As business returns to normalcy, customers will still likely use credit and debit cards that process payments when the card is waved or tapped near a terminal. They will also continue to use mobile payment solutions, such as Google Pay® and Apple Pay®, or peer-to-peer (P2P) options like PayPal®, Zelle®, and Venmo™.

Payroll

Digitizing your payroll processing will help ensure accurate and timely payments, compliance with tax regulations, and time savings. Online solutions, such as Paychex® and Business Online Payroll, provide benefits for your business and its employees that include:

• Improved access. Self-service payroll with desktop and mobile apps gives employees easy, instant access to timekeeping and payroll systems
• Integration. Online payroll systems can tie into benefits, such as vacation/sick/personal time, insurance, and investment benefits.
• Increased accuracy. Digitizing data collection reduces errors, since data doesn’t need to be manually reentered.
• Compliance. Digital payroll solutions help companies stay in compliance with tax laws by automating processes to reduce error and file on time.

Digitizing opportunities are different for each company; the common ground is the potential for increased efficiency and a competitive edge. Talk with a business banking specialist to discover ways that digitizing your financial services can help your organization thrive this year.