Nike’s journey to digital transformation has been a triumph. The sportswear giant has seen its digital sales surge by 84% in the fiscal quarter ending 31st August 2020, despite the global pandemic. This success is attributed to its strategic shift towards digitalisation, which began in 2017. The company’s digital strategy revolves around four key areas: speed, direct customer connections, complete product selection, and personalisation.
Nike has accelerated its digital capabilities to keep up with changing consumer habits. The brand has also focused on direct-to-consumer sales, bypassing traditional retail channels. Nike’s complete product selection strategy involves offering all products to all consumers online, a move that has paid off with increased sales. Personalisation, the final pillar of Nike’s digital strategy, involves using data analytics to understand customers’ needs and preferences, allowing the company to tailor its products and services accordingly.
Nike’s digital transformation has not been without challenges. The company had to lay off staff and restructure its business model to focus more on digitalisation. Despite these hurdles, Nike’s digital transformation has been a success, with the company’s share price rising by 30% in 2020. This digital-first approach has allowed Nike to navigate the challenges of the pandemic and come out stronger.
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