With the global proliferation of mobile users, enterprises must now focus on mobile-centric solutions. Such a rapid increase in global mobile usage points to a paradigm shift in the future of digital communications.
Mobile devices now act as the medium for facilitating all kinds of communications and services within an ecosystem. In addition, their improved connectivity options and versatility makes them ideal for all kinds of digital ecosystems.
A digital ecosystem is an interconnected group of enterprises, technology, people, and things that share a common platform to generate value, enhance services, create commercial gain, and drive innovation.
A mobile core ecosystem is an advanced digital ecosystem that centers on mobile devices. Forrester predicted that mobile will dominate digital ecosystems in 2018. Digital wallets, e-commerce apps, and ridesharing platforms are all examples of mobile-core digital ecosystems that help businesses and consumers alike.
Integrating a mobile core ecosystem for your business enhances your service offerings and offers an advanced and fundamentally personal experience for your customers.
In this article, we examine mobile-core digital ecosystems and the positive impact they can have on your business.
Digital Ecosystems Foster Collaboration Between You and Your Customers
A digital ecosystem pools resources together to foster improved collaboration amongst its stakeholders in order to drive profit, establish common interests, or drive innovations.
An example of a digital ecosystem is the modern banking application. Most banks have created a digital ecosystem through their apps that integrate all its applications in one place, including mobile wallet, digital passbook, net banking, and expense manager.
Through this platform, users can easily manage their bank accounts and use other services such as booking a hotel room, paying bills, or enlisting in available promotions.
What makes this platform a digital ecosystem are the integrated services available to customers: banking, partnering firms, third-party applications, and payment systems.
How Mobile-Core Digital Ecosystems Differ From Traditional Digital Ecosystems
Compared to a normal digital ecosystem, a mobile-centric ecosystem has the added advantage of convenience and quickness.
The functionality of mobile devices represents an improvement over conventional digital ecosystems because of their connective functions. Through mobile devices, companies can:
- More easily access users
- Access more users
- Provide users with more services
According to Adobe’s Enterprise Mobile Apps report, businesses using digital services are resorting to mobile platforms as their primary means of connecting with their users.
How a Mobile-Core Digital Ecosystem Can Benefit Your Business
Because mobile devices have become the most popular platforms for online access, more businesses will invest in mobile technology to build out their ecosystems.
Some of their notable advantages include:
1. Improved Branding
If your business offers an extended suite of services, using a mobile-centric digital ecosystem helps disseminate those services to your customers. An integrated ecosystem allows you to easily maintain your brand image across your services portfolio since users will recognize that that they all fit under your larger company umbrella.
2. Better Customer Experience
A mobile-core ecosystem offers improved customer experience by delivering all the services in one place. Having multiple platforms, mobile apps, or other services that connect to a central ecosystem can improve customer experience.
Providing a single interface for customers to easily access your services drives a better end-to-end customer experience by simplifying their interaction with your brand.
3. Increased Revenue
A key advantage with a digital ecosystem is that it encourages cross-selling across your various platforms and services that drive revenue. According to McKinsey research, ecosystems will contribute to 30% of revenue generation globally by 2025.
For example, your business can create promotions or offers, such as reward points or incentives, that users can use across the suite of services you offer in your ecosystem. This encourages users to rely on your company for a variety of services, which earns their loyalty and grows revenue.
Why Mobile Core Digital Ecosystems Matter
Implementing a mobile-centric ecosystem will be immensely beneficial to your business. It can serve as a single roof to connect your customers, partnering enterprises, technology, and products.
A mobile-core digital ecosystem exposes the full extent of your services to prospective customers, which generates revenue and enables greater collaboration, which in turn helps grow your business.
About the Author
Vinod Saratchandran has conceptualized and delivered niche mobility products that cater to various domains including logistics, media, non-profits. He leads, mentors, coaches a team of Project Coordinators & Analysts at Fingent.