For better or for worse, the COVID-19 pandemic has forever changed how we live our lives. From the way we work to meeting our daily lifestyle needs and wants, and even the way we socialise – digital adoption has never been greater than it is today.

Audiences surveyed across five countries, from Singapore, the US, the United Kingdom, Australia, and Canada were found to have increased their online spending, with 71 per cent of respondents claiming an increased amount of online shopping activity.

Businesses too have quickly pivoted to ensure their survivability in this climate. Digital platforms that facilitate online work collaborations such as Zoom, WebEx, Microsoft Teams, and Slack have seen an even more drastic increase in adoption and activity when compared to consumer platforms.

Despite making headlines for its security flaws in recent times, Zoom saw its meeting participants grow from an estimated 10 million in December 2019 to over 300 million in April 2020. These numbers collaborate with reports that digital adoption by both consumers and businesses has fast-forwarded and exceeded global projections by five years.

With the rising popularity and dependence on digital platforms, there is an increasing need for platform developers to ensure that their platforms are optimised for user experience. The pandemic has also seen more and more traditional firms adapting their underlying product in the light of digital, to cater better to your target audience.

In order to keep up with the new kind of “always-connected” consumer behaviour, businesses are constantly looking for avenues to upgrade their digital platforms.

Cryptocurrency exchanges: Opportunity in the midst of a crisis

The evolution of the digital economy has enabled companies to achieve greater goals beyond geographical boundaries. Along with the technology, digital financial services are also rapidly changing –especially as new players step onto the field. The increasing competition in the fintech space means that service providers often have to innovate to stay relevant.

Also Read: Has COVID-19 pushed us into the digital future?

In the past couple of months, since the pandemic swooped across the globe, crypto trading saw an unexpected boom as traditional investment assets took a hit. The crypto exchange space, which has always been a competitive industry, was suddenly flush with new opportunities.

However, blockchain technology and cryptocurrency trading’s stigma of being overly complicated has often proved daunting for the crypto-curious. Cryptocurrency exchanges now faced a new challenge to stay relevant –onboarding new traders and ensuring their interface provided the best experience possible.

Earlier last month, ExMarkets launched a new-look homepage that simplified key information such as data on top gainer markets, a live scoreboard of the platform, and a profit estimator, in addition to a near-instantaneous registration process in the hopes of streamlining the onboarding experience for new traders.

Since the launch of the new homepage, our platform has experienced a boom, averaging over 2,500 new users per day. As a case study, it emphasised the importance of adopting a user-centric approach to staying relevant in the market by putting the human before the technology, so to speak.

Humanising the digital customer experience

The shift towards digitalisation is set to bring about more service interactions in the near future. As customers are experiencing less brick and more click, there is an increasing need to invest in purposeful interactions that foster an emotional connection.

According to Gallup analytics, a brand’s digital presence can communicate the brand’s values if defined, designed, and delivered properly. The use of emerging technologies such as augmented or virtual realities provides great opportunities for brands to represent and distinguish themselves virtually.

Also Read: Humanising customer experience is the best way to build loyalty in a post-COVID-19 world

Expanding on my statement earlier of putting the human before the technology, a humanised customer experience begins with understanding the emotions of the users coming onboard. A recent study by PwC indicates that 59 per cent of consumers feel that companies have lost touch of the human element in their customer experience. One effective way to humanise customer experience is by building a user-centric platform that personalises customer interaction.

Amazon’s Alexa is an example of a brand optimally combining digital and human elements to drive customer engagement. What was initially designed to be a platform that facilitates online shopping has become a household necessity in many developed nations.

Alexa being the brand’s digital voice, not only places orders but has also grown into a well-celebrated personal assistant that sings, jokes, and sets reminders for the users. Amazon’s success with Alexa highlights the importance of enriching service experiences in the digital world.

Building an ecosystem through partnerships and collaboration

The increasing reliance on digital solutions in day to day lifestyle has backed the rise of digital ecosystems in recent years. An ecosystem involves a range of solution providers working together in a connected network that brings collective advantage and mutual value to end-users, platform providers, and participants.

Businesses can now provide beyond their product, offering a holistic experience for their customers. This is one of the key strategies used by digital platform giants such as Apple and Alibaba in their rise to market dominance.

Also Read: How getting digital transformation right can help businesses get through a pandemic

While some argue that not all digital platforms should grow into an ecosystem, it is crucial to understand how the framework value-adds. Although most known ecosystems are big and global, digital ecosystems can be small, local, or even industry-specific. Service providers such as Grab have evolved from a ride-hailing service to a digital powerhouse by constantly revamping and growing its digital ecosystem.

The super-app’s hyperlocal business strategy allows it to build its ecosystem based on the respective nation, making it a one-stop service provider for everyday consumer needs. The increasing number of participants on the Grab ecosystem indefinitely attracts more end-users to the platform, making it essential for smartphone users in the countries they operate.

The key to establishing and maintaining an effective digital ecosystem would be the partnerships forged. With the digital economy constantly evolving, it is important to identify gaps in the service provided and engage in strategic partnerships that benefit both the platform and the end-users. A collaborative platform that encourages innovative co-development can potentially birth the new generation of digital solutions.

The digital space is filled with opportunities to learn and evolve. With change being the only constant in this pandemic-driven atmosphere, it is important that solution providers identify gaps in their service, and strive to constantly improvise the platform and services offered to best suit the needs of the end-users. In this way, we will not only be able to keep up with technological advancements but one day is able to drive a major technological revolution.

–

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

Join our e27 Telegram group, or like the e27 Facebook page

Image credit: Pexels

The post Evolve or dissolve: How increased digital adoption is the only saving grace for startups appeared first on e27.