For years now, a majority of businesses have been following the conventional methods. With the changing times and with the growth of technology in every field, new paths have opened up for business owners. For these enterprises to generate more revenue and expand, there is a need for them to embrace digital. But, the transformation process for a business also comes with its limitations, such as hiring a tech team, hiring a CTO, paying for server costs and more.
Firms have recognized that technology is here to stay, and will only evolve as time progresses. As more focus goes into growing a digital economy, more people would make headways into the arena, especially people who are looking to generate new revenue for their businesses, and are looking to grow and expand. But building a brand with an impenetrable competitive edge can be tough.
According to a report on Visual Capitalist, In the year 2001, the cumulative brand value of all the companies in existence was $998B. Today, that value stands at $2.1T, and represents an average growth rate of 4.4% annually. Out of that, more than half the share of the top 10 brands in the world lies in the hands of tech companies. The brands which are growing the fastest also signal tech domination.
So what’s common behind the success stories of these brands? Beyond anticipating changing needs, some of the most successful brands also cater to a younger customer base, which is most evident in luxury and retail, the two fastest growing sectors. The audience now demands more elevated and shareable experiences, and increasingly becoming tech-first in their buying habits. For instance, Gucci attributes their success to finding the perfect balance between technology and creativity, which is huge for a company that solely relied on its rich heritage. Transform into a digital company or simply get eaten alive by competition - the writing is on the wall.