The Types Of Digital Strategies
Zara Tech

The Types Of Digital Strategies

By February 15, 2021March 4th, 2021No Comments

We know that a digital strategy specifies the course an organization will take to establish itself using new competitive advantages in technology, as well as the strategies it will use to make these changes a reality. But what are the types of these strategies?

The digital platform

A digital platform implies combining suppliers and customers of the business value chain on the same platform, with the intent to create a network effect. 

Novel marginal supply

By working with novel market opportunities with low operational margin a new stream of revenue is created. If a business sticks to utilizing the legacy model, then this profitability would be unattainable. But digital technology provides the basis of an up-to-date, cutting edge model that can completely and successfully grow the business.

A good example is Ikea who allow their customers to retail used, branded products to each other via online reseller options. In a survey by HBR, 13% of official firms employed this type of strategy.

Products and services that are digitally enabled

This strategy involves having existing products and adding digital technology. One excellent example is the self-lacing shoes by Nike.

 

According to a survey conducted by HBR, 55% of companies make use of digital technology to boost the already-existing programs. Here are three ways in which companies do this:

 

🌟 Customizing and re-bundling by utilizing digital technology to customize their existing services. 

🌟 Digital distribution channels consists of aiding access to their services and products. 

🌟 Cost-efficiency means using digital technologies to reduce costs.

What are the 9 components of a digital strategy?

🌟 Cloud computing 

🌟 Digital marketing

🌟 Online sales

🌟 Mobile-based solutions

🌟 Interaction with Supplier

🌟 Online security 

🌟 Customer interaction 

🌟 Efficiencies via technology

🌟 Online presence

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