Impact of Digital Transformation on the Real Estate Industry
The world revolves around Digital Transformation. It has integrated all areas of business under one roof. Let’s know what exactly it is further.
What is Digital Transformation?
Digital Transformation has changed the perception of people around us and how businesses operate. It refers to integrating digital technologies into all aspects of businesses such as Education, Healthcare, Real Estate, Finance, Telecommunications, etc. Apart from business, it greatly impacts the customer’s needs, wants and experiences. But why?
Why is Digital Transformation Important?
Digital Transformation involves various digital technologies like Cloud Computing, Artificial Intelligence (AI), Augmented Reality (AR), Machine Learning, Internet of Things (IoT), etc.
These technologies unpack new business opportunities, innovation, and business processes. Thus, it is reforming the businesses and easily capturing the competitive market, which is essential for the growth and expansion of businesses.
This article will tell you how impactful digital transformation is in the real estate industry.
Digital Marketing and Digital Transformation
Does Digital Marketing and Digital Transformation both means the same?
No, they aren’t. They both are interrelated but differ from each other. Digital Marketing is the technique that can help businesses enhance their online presence and grow digitally. Whereas Digital Transformation is the process that is used to transform business processes, create a new business culture, and redesign the company’s vision, mission, goals and objectives with its 3 key elements: customer experiences, business processes and business models. Digital Marketing and Digital Transformation both are essential for real estate developers. The impact of digital marketing on the real estate industry is essential for businesses to measure and then accordingly take the necessary steps to climb up the ladder of the competitive market.
Digital Transformation and Real Estate
Real Estate is an ever-growing and ever-evolving industry. This industry is currently successful in serving the country with much-needed infrastructure facilities and services. According to a recent report, India’s real estate industry is expected to reach US$ 1 trillion in terms of market size by 2030. On the other hand, digital transformation is helping businesses grow, innovate, expand and diversify with ease. So, when digital transformation and the real estate industry hold each other’s hands, i.e. Proptech (Property Technology), they can create and innovate something more creative and meaningful for the customer. Thus, the demand for Proptech is rising and taking real estate to the next level, according to ET.
How Does Digital Transformation Impact the Real Estate Industry?
The top benefits of digital transformation are as follows:
- Wider Reach – With digital marketing all around, real estate developers have started being active on digital platforms and, day-by-day, growing digitally as well with their strong brand presence. Hence, it has become quite easy for customers to find the best home for themselves at their fingertips.
- Increase in Operational Efficiency – Digital marketing is comparatively less expensive and more effective than offline or traditional marketing. Thus, digital transformation increases operational efficiency and profits the real estate industry handsomely.
- Brings Automation to the System – Digital transformation has introduced automation to the system and process of buying and selling homes which has led to the smooth functioning of the entire real estate industry with more convenience and less or almost no hassle in dealing with customers, agents and real estate advisors.