Topic: Digital Economy (Read 416 times)

Following the development of the times is something that must be done by everyone, including in the business world, including digital business. I agree that a business will go bankrupt if they do not follow the flow of development.
Some time ago in my country, many people complained because their sales decreased drastically due to the existence of e-commerce or online shops. Well, this is an example of where when we do not follow the development of the times, then we will also be dominated by the times.
Like it or not, we must continue to adapt to any situation and we must always be in a condition that is always ready for the changes of the times.

Digital marketing has truly revolutionized the way people promote their products and services. You are right about this. There used to be a time when companies and brands used to run commercials either on television on radio stations to promote their products and services, but today, they mostly use online marketing to promote these things, and it turns out to be much better when it comes to conversions because as you said, almost every other person in this world is available online these days.

One of the most significant advantages of digital marketing is that brands can do targeted advertising. In the past, when television commercials were very popular, brands couldn't choose their audience, and anyone watching a show or a channel would see their advertisement, which meant they didn't know whether the commercial would bring many customers or not, but this has changed now.

Brands run targeted promotions that only reach people who are interested in the products and services they are offering, which increases the potential of getting more conversions.

Or should i say they will be outdated and non productive if they are not on the internet. Any business that refuses to adapt to the new Tech will late incur the roght of setback. As the world is evolving with new tech, we should also be able to embrace it or choose to follow a lonely or outdated pattern. I could see so many businesses people who has remain stagnant over some decades now and it's as a result of the inability to embrace new tech. But however there may still be people who does better even without the internet facility, but they are likely to be few.

In the recent time digitalization has been the other of the day, at this point any business large busines that has not embraced the said digitalization will find thereselves to be blamed, we're in the digital era as such businesses that are surviving now are in the digital setting, the economy of some countries have gone far in the aspect of digitalization, you have mentioned some benefit of digital economy which is very beneficial for the growth of a country financial system, things are done easilly and different when every thing is digitalized.

Though some country has not fully embraced this fully may because of their inability to understand the importance of it,  communication across the globe is really improving and people are finding very easy to access some stuff in the internet space unlike before, development of different things that are helpful to humanity are on it's rise which one of the reason why their should be encouragement for this to take it's full stand globally. Bitcoin investment alone has shown how good digital assets are, so I believe by now individuals and institutions would have been doing the needful by investing and not being left out.

As the internet is creating a stir around the world, it is also making great strides as a medium of communication for harmony across the globe. From Amazon to various online based websites of the world like Facebook, Wikipedia, YouTube, Google are all continuing their promotion through proper distribution at various levels. Currently, this campaign creates various business mediums, but the level of fraud is also increasing. If we look back a few years, we can see that people of that time, from the initial stages to all levels, exchanged everything through systematic agreements and there were no disputes. The people of those days have no idea about the digital technology mobile under their control, because they belong to the uneducated society of the villages in the remote areas. Now though digital marketing is moving into different sectors from small businesses that are technologically advanced by creating different platforms and thus continuing its momentum from internet supper services to urban areas and even remote areas.

Look around you, you will realise that the world is digitised now, anyone still moving in an archaic way will only not revolutionize and might be primitive till others who just started today meet them there and even overtake them as if it was nothing. You can see how the digital market is doing in the e-commerce world, oh, that is brilliant!

It brings the market to you at your comfort and also sells people's products virally, especially if such products are truly needed by people, perhaps they solve problems or are needed or even cheap. Nothing can ever be compared to this because you might be at the remotest place in a very low-life environment and your products must have reached the entire world, which is awesome.

While large firms are moving to digital solutions at a faster pace, 60% of them globally in 2022, the ability of smaller businesses to do so, especially in developing countries, is constrained by things like poor infrastructure and resource limitations. It is this digital divide that blunts the full benefit of digitalization-cost reduction and market expansion-for smaller players.

Also, digitalization, while forcing productivity and new revenue streams, presents risks such as increased cybersecurity threats. Cyberattacks have accelerated due to the growing expansion of digital services, for which stringent security measures have become necessary. Thus, digital transformation will actually be impactful when businesses handle these challenges, bridge the divide in the adoption of digital tools, and ensure it is inclusive in its growth.

Bitcoin is indeed part of the digital economy because it has made payments decentralized, cheaper, faster, and private compared to fiat. Investors are also taking advantage of its volatility to make gains. But your comments that TON will become the future Bitcoin is not true. Altcoins might have a few advantages but they cannot Bitcoin. Your prediction that Ton will get to $100 in a few months is also subjective. I don't see that altcoin getting to getting to that price anytime soon. The notion that investing in cryptocurrency is a pathway for quick money is also deceptive.

The economy is bigger than what we think and a lot of businesses are now going viral and their is no need to over think a situation like this and this is like a generational something so no matter how small your business might be all they need is to bring it only if I could remember some times ago WhatsApp was for fun and chatting but now they even have business WhatsApp to so that the social media is no longer for social activities but also for business issues so it is now a multi functional app.

The thing is that you have to watch other peoples business and see how they are improving so that you can learn from them because you can never know it all especially when it comes to adding so spices to your business so their is a lot to learn from it. You have to be able to advertise your business on every platform you have to make it look very presentable so that people will be able to patronize your business so everything about business depends on the business owner.

The three key elements that allow businesses to stand out and thrive in this ever-changing landscape are innovation, data, and experience.these three axes help businesses in their digital transformation to stay competitive in an increasingly digital world. It’s all that’s needed to not only survive but thrive in a digital economy! A well-designed digital strategy allows you to seize the opportunities offered by new technologies, leverage data to improve performance, and create memorable user experiences. By adopting these principles, businesses can not only navigate the constantly evolving digital landscape but also excel in it.

Not necessarily that the business would fall,but there are some businesses that cannot survive or scale out without the use of the  internet or digital exposure.Because almost every factor needed for it's growth lies in the hands of the digital presence it has.Its important for every business to have a social media presence;you won't want to miss out on the digital impacts over your business.

Yes right. Digital  currency has future and Bitcoin is one of the best digital currency of the World and that's why we are here on that platform. Here are more digital currencies which have bright future. One of the best cryptocurrency is Ton and it's price will pump is future and I think it will be future Bitcoin. Now people are investing is this and many airdrop are Ton based anc that's why it's demand is increasing and in the next few months it's price will touch to 100 plus dollars and investors will get huge amount of money from that investment. Now is time for next generation to invest in that because that is good opportunity for them.

Unfortunately they do something like that when they do not even need it and I never understood exactly why. I am not saying that they need to be like 10 people, but I do not think why they are having tens of thousands of workers, when they can cut like half of the jobs and still work without trouble at all.

I believe these workers are basically trying to make themselves look very important for the job, and that is why things are growing, and whenever their managers ask for what they need, they probably ask for more people to work for them, to both limit what they do and relax more, but also make it look like they are doing a job for more than one person, causing the numbers to increase.

There are plenty of small shops where only one person works and they do fine, because they do not have the troubles of a big company, they make more money all by themselves than what those workers make in those companies, but they take more risks and responsibility as well.

Reduced cost of what? Labor? High tech companies can be as bloated as the government agencies, in terms of staff and 'bullshit jobs".
Access to more data? What data are you talking about? Consumer data? Where can you get such data for free?
The online customer experience can be as bad as the offline customer experience. You are generalizing too much.
The digital economy has it's pros, but let's not put everything digital on a pedestal. The world still needs "brick and mortar" businesses.
OP, it seems to me that your forum post is copied from somewhere. What's the point of your forum thread? Posting generic stuff, just to boost your post count?

Digitalization is very important in today's world, especially in the business aspect. You need not complain of having a physical location before setting up your business currently. Social media is the new temporal office where you can sample your gifts and services and get patronage.

Virtual working environments have saved employers lots of funds for physical offices, people can work remotely and meet virtually for collaboration and reporting. The digital evolution is very instrumental to the stability and flexibility of all organizations that welcomes it

A digital economy is possibly the biggest advancement in human communication and commerce that has ever happened to us, however we need to be careful it does not get dominated too far by just a few companies. We already see what happens when companies like Amazon and Google suppress smaller rivals, it can stunt innovation because they use their near monopoly powers to hide anything they do not approve. However, staying positive - the internet has given people all over the world an ability to create new websites, which can grow into huge businesses with the right nurturing, and allows people in the remotest regions - when they gain internet access - to compete with others on the opposite side of the world and earn money to live.

That is a true statement, some stores that sell their products online sometimes have reviews made by themselves I have experienced this where I bought a product that really interested me and I looked for a store that sold it with a good reputation and also with reviews that were quite convincing making me not hesitate to buy it but when the product I received was not as expected that's where I realized that reviews can be faked.

I myself did not report the review or with the product that was not as expected, I only added a review that I actually experienced with results that did not match expectations and an expression of my disappointment with the store, also making it a lesson to be more careful.

Definitely, the moment AI was introduced by openai (AI tests were much older, this is just only saleable one that people could use) all those big companies started to get company accounts there and tried to see what they can do with it, and that's not it, we have now internal built ones as well, all you have to do is just get the data and feed the AI with that data, the AI module is out there, you can do it.

All those graphic ones and such, they are just done by designers and developers inside the firm. So all in all we could say that this isn't going to be something that will be all that easy to handle, we will see much better results on the long run with time, we just need to give it some more time to wait and see what kind of results we will get.

A lot of things that were not expected to play out in reality because the innovation keeps getting better and you can even search with an image it tells you exactly were to get that exact product, all is part of innovation people don't have an issue with that but when innovation starts taking peoples jobs that is when you know the sacrifice that comes with accepting innovation, and their are different ways that people use to advertise their business to make it presentable in the outside for people to see.


Business people are always making their products look good and a lot of wonderful reviews so you won't even be able to know wether you are getting the right products or not because people can fake reviews and you can end up buying rubbish just because of those reviews.  The moment the reviews are manipulated then if they are noticed they should be reported, so that they don't deceive people that's the correct thing to do but a lot of people might choose to ignore.

I totally agree with you about the oldies. Many of them still rely on the normal methodologies and the old methods. When you tell them that they should increase their online and social media presence, they will tell you that they know better than you because they've been in the business for years. I understand their end but once one of them is certainly curious about such, they'll have a case study about it and will have an idea if it should be done for their business or not. Now, the freelancing marketplaces are also getting those lowballed professionals because of people that would like to pay cheaply for services like this.

Don't businesses usually have their own stuff like that? At least the big ones would've already had it included in their plans to follow through at least a few years back. Maybe except for AI automation, that one was probably just recently made important. Small businesses probably started developing their own when the pandemic started though since it was the only method for them to grow in the current situation back then.

And I guess the biggest thing here is that it lets businesses easily go global. Just look at streamers and the merch they sell. Easily a lot of streamers merch are able to be sold across the globe easily. Schedule wise might take longer but hey, better than never.

Digital universe is already a reality for most businesses. What varies is how immersed they are into it, but it's undeniable that digital universe is involved with them in some scale. It can be a simple research on Google which displays the business location, pictures and reviews, or it can be a paid traffic campaign the business owner launches on social medias, or even a delivery service for the product the business sells, which only exists thanks to digital means.

However, it's not an entirely positive phenomenon at all. It's much easier to fake and manipulate through digital means than physically. You never know if the product you purchased is the one you are going to receive. Regards food delivery through apps, it's a very common situation where I live. And curiously, reviews don't rate such incidents. Or they are also manipulated, or customers just don't care at all...

I mostly talk exclusively from my situation but believe me, we are very technically advanced in terms of informational technologies. I'll tell you what's another problem, most of business owners or those who start businesses, are 40+ people. They grew up without IT technologies and have the old mentality. It's hard to convince them to invest in social media marketing, to create a website and grow their business digitally. Even if you convince them to do it, then they hesitate to pay money, it's hard to explain to them that there is a process of UI/UX design, then coding and etc, they usually end up hiring a guy who does a cheap useless website for some bucks and then these business owners are crying, saying that digital space is a waste of time.

We can say that's some of the exceptions but if we're going to talk in general, most of the countries now are connected to the web and they can have their digital economy there. And as a businessman, I'll consider if it's going to be a good addition to having a website for my business but you're right that if my target market is my local area that doesn't use mostly the internet then it makes no sense at all. But if we look at the whole thing with the global competitiveness now of many service industries, you'd see how huge it is and those few people or cities or rural areas that you're talking about having no connectivity at all are just a few and most of them are irrelevant for the digital economy. And with some tools like Starlink or any type of other the same satellite dish tool, even in those areas that are not serviceable by the ISPs can have their own share to the global digital economy by not being a businessman but as freelance workers.

Digital tech indeed changed and is still transforming the lives of people, how they interact and how they live their life every single day. There may be pros and cons but we can't just eradicate this new age in humanity. What we can do is just minimize the use of it if you feel you are being controlled already by the digital gadgets surrounding you.

Just think of the benefits that it can do to people -
> improved efficiency and productivity
> increased accessibility and inclusivity
> cost-savings and competitive advantage
> business and societal benefits and many more

So can you turn down the impact of digital age to humanity? We will be hypocrite if we say, we don't need it at all.

The digital industry is a very big sector and it is growing day by day, there are millions of people who benefit from it and improve themselves in this field.
Digital technology has many main components. Blockchain and cryptocurrencies are in this economy and I am happy to be here.
There are many more areas such as e-commerce and social media platforms or fintech. They are growing and transforming very fast, it is very important to adapt to these areas in our age.

The most prominent thing about today's digital economy is the interaction between many people online through social media applications such as Instagram, Facebook, Twitter and others. Not only just interaction but many things can be done such as seeking profit or working in that even crime is included. Many people today who take advantage of their digital economy have succeeded in building their own careers by opening a business online, this is one example of a good side that can be a motivation.
I am sure that most people today spend their daily time with the internet and social media that are developing because of this digital economy. Like in a blog that I found, indeed some points like what you said are some examples of the evolution of the digital economy, for details on the website below.

https://www.techtarget.com/searchcio/definition/digital-economy

Digitalization to me should be a dream for every society and community even businesses its indeed a height to attain, when you have complete digitalization then you should be talking about the system where you will experience efficiency, high level productivity, better
 experience  highly advantageous competition this should cut across different parastatals ranging from the health sector, finance companies etc

I mean, are you 25 years late to the party that you've just realized all these things, or what is the particular purpose of this thread as there is not even a sliver of a question in among what you have regurgitated. Yes the world is getting ever more connected and that will translate into ever more innovation. We saw the blockchain pop out of nowhere and social networks these days are using all sorts of manipulative algorithms to cement their position. One thing that has gotten worse is the subscription model, where companies are always trying to rent you software instead of letting you buy it outright, because it builds a continuous revenue stream - but it's generally consumer unfriendly.

The things you mentioned seem to have been implemented by many business people in order to advance their own companies with new revenue targets that could be multiplied. Because companies that do not use this as a form of their adjustment to the digital and technological things that are currently evolving will be defeated by their competitors. So, these aspects have indeed been widely utilized by large and small companies at this time because business always has a lot of competition so that every business person must have a wider reach to continue to win and get sufficient profits.

Years ago, experts emphasized that the Internet is as important as water and our world could be destroyed without the Internet or water. So it is no surprise that everything is gradually becoming digital and a fully digital world may be our goal.

But besides the conveniences and benefits they bring to life, it is undeniable that they also cause harm and challenges to us. For example, scam becomes more serious and difficult to control when carried out on the internet, social networks...or internet incidents will cause serious damage to businesses like the recent incidents of CrowdStrike and Microsoft. Dependence on the Internet and complete digitalization also has unpredictable downsides, it is not as perfect as we think.

From this we can now observe that the level of digitalization has enhanced striking changes on the operations of the business. For any organization in this period of history, digital technology can no longer be an extra but a necessity for organizations to remain relevant. Those who are unable to address these forms may lose customers to other competitors that are more effective in tapping in the digital media platforms. For instance, social media networking and electronic commerce platforms are presently the main strategies through which many organisations connect with more customers faster. Internet presence also decreases operating expenses, while maximizing benefits particularly in the areas where firms interface with clients and customers –marketing and market entry.

Nonetheless, it is rather clear that digital adoption trends look to be ever more predominant, at the same time, not all business sectors can abandon traditional methods. Peculiar fields that imported their operations dependent on direct service or have relations with contact and measure may yet maintain significance to standard forms of necessary business practices. However, even if they serve a local market, they can still seize digitalization advantages in managing, advertising, or communicating with consumers. Hence, if not all business sectors can completely ignore the use of traditional approaches, then incorporating digital elements into these businesses’ everyday activities is central to the process of sustaining and enhancing the organizations’ performance within a progressively digitalized environment.

No, that's not entirely true. There are cities where people aren't technically advanced or the highest percentage of the population is 30-40+ and have no idea how things work online. If in this particular city, you create an online shop or a website, that will be a waste of money, time and resources because everyone is old-fashioned. The Internet needs businesses that are in capitals and in advanced cities, like Barcelona, Madrid, Berlin, Munich, Milan, Dublin, Oslo and etc.

Almost everything is going digital, because we are in the digital era and that is why whatever business you are into, you should make it digital for easy access by people and the widespread of your products. Look at casinos went digital because they understand the benefits of running your business digitally. It is stress free and you don't need to start running from pillar to post in order to advertise your business, technology will do that for you and your customers will have easy access to reach you from all part of the world. From the look of things, soonest digital economy is dominate and if you are not in the moving train as a business owner, you might be left out in the ball park.

Many businesses that do not keep up with the times of the digitalization era then the business becomes undeveloped and left behind by other aspects, so we need to follow what has become the current era with digitalization then we need to follow that direction.

For example, some people who have followed digitalization on social media have developed a business from scratch until now they are big, sitting at home but able to sell on e-commerce and have massive income.

I think almost all businesses now need digitalization and they are no longer in the traditional way because that is in the past maybe only a few businesses are still able to survive in this current trend.

the point is to always follow the development of the times and adapt to it. As long as it is done, the business will continue to survive and can be updated with all aspects that provide a positive impact compared to running a business with a traditional system that rejects the entry of digitalization. And this is proven by countries that are able to be open to digitalization but still have limitations on policies that are able to participate in business competition.

It's true that the digital economy has opened up a lot of markets, opportunities, and possibilities. Those who are quick to realize that there's so much potential and money on it, get the first dibs and the advantage of being the first. The tech giants that we're seeing right now, they're somehow first on what they do and focused with. That's the reason why they have the advantage because no one has done what they've done or there were people and attempts that have been first before them but they've sticked to their plan and saw the future potential of this industry. And now, they're reaping the success that they're having and maybe in the next 5 years or so, we'd see more advancement on this economy.

Any business that fails to embrace digitalization will gradually lose relevance. People want to get the best and easiest service and digitalization makes it possible. Gone are the days when you want customers to come to your business location to buy a product. Customers want to be in the comfort of their homes select what they want, order for them and get them delivered as soon as possible.

Businesses are also embracing this modern technology because it makes their operations more effective and efficient. Advanced tools tasks like accounting, evaluating and record keeping could be done by software. This will help to cut down the number of workers which leads to a reduction in running costs. Many big corporations have downsized their workforce because of digitalization

The digital economy is such a big industry and I've read some quotes in the past that if a business is not on the internet, soon, they'll be out of business. And that seems to be a true thing while for some chosen niches and industries, they can thrive even without the use of the internet and even if they can't go online/digital. While it's also being pressured because of the development and advancement of AI, I believe that this is where things are going to go into this digital and gig economy.

The development of the current digital system which is indeed increasingly sophisticated has helped many people in various ways, one of which is in work, business, or others. Large companies currently work cooperatively with their place of operation and also by relying on this digital to expand their marketing, of course this is one of the positive sides of the growing digital development, also with other people or consumers it becomes easy in terms of wanting to buy products, because they do not need to step foot to buy it just by using their gadgets they can access it to see the quality of the product then pay by transfer and wait for the product they bought to arrive.
For people who do think about business or the future, utilizing this digital development has become a spice for the smooth running of their business, but not everyone is an expert in this, so there are also some people who work together in developing their companies by utilizing the current developments which are increasingly sophisticated.

Now, in the era of digital business, it is very necessary with the developments achieved, making it easier and its benefits can be felt, among countries the economy is getting better with the existence of digital devices, trade will be smoother, especially communication, so there are no obstacles even though they are far away, that is the main thing.

Digitalization is one major way of spreading your business, especially in this social media age, the global community has been brought together through digitalization, products can be ordered by consumers from any part of the world and you will receive them from your dootsteps, no matter how far reaching you are. So far a country to move from analog to digitalization in terms of economy, it helps to track down data collection and revenue mobilization, hence a country can have an accurate database, accurate budgeting for infrastructure becomes easier. So far, the world has come to appreciate the Digital society and that's the way to go.

Digital Economy entails the economic process that involves connecting peoples, business, information, data etc it involves the online transfer of information and transaction across multiple channels for the purpose of business growth and getting a wider market Base.
Some aspect of digital Economy includes
_E commerce
_ Social Networking
_ Digital Entanglement
_ AI Automation etc
In this present world economy there's need for companies to go digital with their business as their are allot of benefits attached to it, some importance's of Digital Economy includes
Reduced cost
A wider market Base
Increased productivity
Creates new Revenue streams
Access to more data
Improved customer experience