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Understanding how digital transformation engages customers

understanding how digital transformation engages customers

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Eric Schaffer
As recently as 2019, a column in Forbes decried the 84% failure rate for digital transformation projects. It pointed out that the failure is caused by a lack of customer-centricity, which is a popular focus for online commerce. As a solution, the article from Forbes recommends customer experience as a remedy for the lack of customer-centricity. Yet as early as 2012, Forrester Research reported that 97% of organizations had customer experience as a strategic imperative. If there’s been a focus on CX for about a decade, why is customer experience still failing so often?
What’s missing from CX?
Noah Schaffer
Customer Experience is good at measurement. CX focuses on Net Promotor Score, conversion rates, bounce rates, and other similar metrics. Those CX metrics seem valuable to commerce , so what’s missing? The answer is: User Experience (UX).
In contrast to CX’s focus on measurement, UX is good at understanding customers and designing in a way that’s driven by that understanding. Where CX is based in marketing, UX is based in psychology. Because UX is based in psychology, UX research is uniquely effective at understanding the story behind the measurements that CX makes. UX research enables merchants to understand …

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Scholastic CEO talks civil unrest, pandemic

scholastic ceo talks civil unrest, pandemic

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1 of 3This photo provided by Scholastic shows CEO Dick Robinson. (Erica Lansner/Scholastic via AP)1 of 3This photo provided by Scholastic shows CEO Dick Robinson. (Erica Lansner/Scholastic via AP)NEW YORK (AP) — When the pandemic shut down schools nationwide in March, Scholastic Corp. immediately pivoted, offering a free online learning hub for millions of families with kids. Two months later, civil unrest caused the company to quickly jump in and ramp up coverage on racial inequality for teachers, parents and students.Tackling turmoil and cultural change is nothing new for the 100-year-old company, now the world’s largest publisher and distributor of children’s literature and education materials. Founded as a single classroom magazine by Maurice R. Robinson, Scholastic has covered such topics as class warfare during the Depression era, civil rights riots in the 1960s and recent transgender issues in a way that it says encourages critical thinking and discussion. Under the 46-year stewardship of CEO, chairman and president Richard Robinson, Scholastic brought “Harry Potter” to readers, embarked on a global expansion and launched 32 classroom magazines, in all formats, reaching more than 25 million readers. ADVERTISEMENTThe publicly traded company, with sales of $1.65 billion, distributes one out of every three …

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China: WeiyangX Fintech Review

china: weiyangx fintech review

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2020 CB Insights China Fintech 50 List Released
On June 29th, CB Insights China announced the first CB Insights China Fintech List (the List) at the “Future of Fintech China” summit in Shanghai. Fintech companies were evaluated based on a unique DPTC system, namely Depth, Popularity, Tendency, and Collaboration.
The List includes 50 leading Chinese companies that disrupt the traditional financial services industry (e.g. asset management, insurance, and banking) with advanced technologies and innovative business models. 360 Finance, Ant Group, Tencent Financial Technology, and JDD are all on the list. (Source: Securities Daily)
CAICT Issued a White Paper Titled “The Development of China’s Digital Economy (2020)”
On July 3rd, the China Academy of Information and Communications Technology (CAICT) issued the white paper on “The Development of China’s Digital Economy (2020)”. According to the document, the economic value added (EVA) of China’s digital economy has reached 35.8-trillion-yuan, accounting for 36.2% of GDP with an increase of 1.4% year-on-year. In 2019, the nominal growth rate in China rose by 15.6%, 7.85% higher than the nominal GDP growth. The importance of digital economy in the national economy is further consolidated. (Source: CAICT)
The Ministry of Agriculture and Rural Affairs Reached a Strategic Cooperation with Alibaba
On June 29th, the Ministry …

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Ideanomics charged into Connecticut with a lofty vision, but instead left unanswered questions and a contaminated eyesore

ideanomics charged into connecticut with a lofty vision, but instead left unanswered questions and a contaminated eyesore

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But in reality, the state never gave any of that money to the company, according to Lehman, the DECD commissioner. In order to receive the funds, Ideanomics had to at least begin construction on the site, Lehman said. Alternately, the company could have provided a letter of credit to draw on the funds earlier, but Lehman said Ideanomics didn’t do that either.

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Spotii raises investment from Daman Investments

spotii raises investment from daman investments

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UAE-based “shop now, pay later” startup Spotii has raised investment from Daman Investments.

Founded by Anuscha Iqbal and Ziyaad Ahmed, the financial technology (fintech) company allows consumers to pay for goods bought online over four equal instalments with no interest. The pair believes its technology empowers customers while also offering business owners benefits that include full upfront payment for their sales, larger basket sizes, improved conversion rates and fewer refunds.

“We are extremely excited to be partnering with Daman Investments. Daman has been an active advocate of regional startups for decades providing long-term support and we look forward to growing Spotii together through our strategic partnership,” said Iqbal, co-founder and chief executive officer (CEO) at Spotii.

Spotii went live in April and already has more than 30 merchants on its platform.

“The launch of this payments platform couldn’t have come at a better time, especially as business owners navigate the current market turbulence in order to position themselves for future success. We have been monitoring the startup landscape for businesses that are able to traverse the current situation and would also be active contributors to the growth of the region,” said Ahmed Khizer Khan, CEO at Daman Investments. “Spotii, as …

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Meet Star Student finalist Viraaj Kurri

meet star student finalist viraaj kurri

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Name: Viraaj KurriHigh school: FirestoneCollege choice/choices: Northeastern UniversityIntended major(s): Combined major of Business and EconomicsSocial media sites you use the most: Snapchat and YouTubeTV show you binge watch (or plan to): “The Eric Andre Show”Favorite subject in school: MathematicsPerson — other than a parent — who was the biggest influence on you and why: My uncle had the greatest influence on me. Both of my parents are quite conservative and calculated in their decision making. They believe in extensive planning and make sure that they know all details off all aspects of their life. My uncle, on the other hand, is a little bit different. He takes risks and makes decisions even if he doesn’t entirely know the outcome. His way of life can be summarized by the phrase “carpe diem,” and it’s an important characteristic for innovative and charismatic leaders. Through spending summers with him, some of his happy-go-lucky attitude transferred to me. Because of this, I feel like I’m more able to make friends and come off as a more amicable person. This not only affects my social life, as I feel that my capability and credibility as a leader are also greater than what they …

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Digital Transformation: What Can Banks Learn From Other Sectors?

digital transformation: what can banks learn from other sectors?

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The banking sector sets a benchmark for other industries in many areasWhen businesses need to process large volumes of transactions reliably, maintain 24/7 availability, meet complex regulatory requirements, analyse risks or make financial plans, they often aim to follow the same practices and adopt the same technologies that banks have established as a gold standard.However, there are other areas where banks aren’t necessarily ahead of the field – and where they can learn from the successes and failures of other sectors. Digital transformation is a prime example. According to McKinsey: “Years of research on transformations has shown that the success rate for these efforts is consistently low: less than 30 percent succeed.” And as almost all established banks see digital transformation as a top priority to help them counter disruption from challenger banks and fintech startups, this is a major concern.Technology as the catalyst for transformationIn their struggles to get digital transformation initiatives over the line, banks typically take one of two approaches. The first is to create a separate internal organisation with a remit to develop new digital products and services, unencumbered by the bank’s existing legacy processes and technology. In some cases, banks have even acquired one …

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The accelerating digital transformation, redux

the accelerating digital transformation, redux

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Earlier this week, TechCrunch covered a grip of earnings reports showing that some companies helping other businesses move to modern software solutions are seeing accelerated growth. Inside the Software as a Service (SaaS) world, this is known as the digital transformation. Based on how many software companies are talking about it, the pace of change is only picking up.
But since we published that first entry, a number of SaaS companies that have posted financial results seemed to disappoint investors. Seeing some companies in the high-flying sector struggle made us sit back and think. What was going on?
Today we’re going to explore how the digital transformation’s acceleration seems real enough, but how it’s not landing equally. We’ll start by going over a short run of earnings results, talk to Yext CEO Howard Lerman about what his B2B SaaS company is seeing, and wrap with notes on what could be coming next from software shops.
A quick word on digital transformation
We all hear about digital transformation, but it’s hard to define. Generally, it’s a broad area that includes digitization of manual processes, modern software development practices like continuous delivery and containerization and …

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