3 Megatrends To Follow In The Digital Economy

The realm of the digital economy. Everything you need to know about the transition of the economy as we know today.

The term digital economy was coined by Don Tapscott in 1995. It described a new category of business that was aided and flourished with the help of internet. Gliding through the years, the business world’s very base has changed and hooked to the digital world. Be it multinational companies or budding companies of interest, everything has to take a new era business trend to work through the present times. Here is why every company needs to build its digital forum before stepping into the economic realm.

The very base of every company is a digital fortress. Even if you talk about industries born way before digitalisation, they had to adapt to the digital media to cope with times. For instance, the music industry had to adjust to electronic media after music systems were out. Travelling and socialising has become a cakewalk after the online transaction became accessible to every company. Present-day payment and banking system necessitates every enterprise, to begin with, the digital economy.

The secret to the success of the digital economy is interfacing with customers. With various apps accessible at fingertips, you can sell your product, buy the product, give your feedback and stay in touch to share your loyalty.

Evolving with the need of the hour, here is how companies adapt to the digital economy requirement.

• Steady Growth-

Earlier only the companies working with the internet had to operate using the digital market, but as statistics report, there has been a growth of 3 billion over the last decade. With the even distribution of mobiles to almost every person, there has been a dramatic rise in digitalisation scale. The massive shift has open opportunities for digital companies to grow while taking the support of the base.

• Personalised Experience-

If someone had told us a decade back that your opinion and choices will be the centre around which a product would be designed, we would think they are bluffing. Today’s online customers can contextualise and personalise the product, a radicle change in marketing.

• Unprecedented Flexible Development-

The earlier built-in software’s lengthy production delayed work and stretched it to months and even longer. With the incoming digital economy, the innovation accelerated agile developments that can be modified at much shorter intervals.