Digital Economy Shaping Modern Marketing Landscapes

As it is well known that the effects of movement of digital economy now are evident everywhere. This played a major role in changing the economic expansion of the global economy in the current twenty one century. So, digital economy was born as part of managing innovation is really just an insight of looking into the future, being creative and imaginative so you can create a new tech before your competition that make you unique and distinctive. It’s not just the big companies that need to do this. It is almost every firm must innovate and use digital economy to compete and prove itself in the market to survive and go ahead then earn the profits and benefits.

Due to the wider use of the internet, it seems that digital economy is carrying on internet. Actually, it is fact the digital economy depends on internet to be more effective for earning more benefits and profits than fell into disuse internet. Nevertheless, the story of digital economy doesn’t end here, the digital economy demonstrates the widespread use of information technology including (hardware, software, applications, and communications) in all portions of the economy, through the internal operations of organizations (private, public, business, governmental and profit and non-profit), and transactions between individuals, as customers, people, and incorporations. As a matter of fact via scaling technology to support digital economy, it seems that the product life cycles illustrates how economic opportunities await in the period of intense exponential growth relative to leverage technology, stimulating companies to produce new innovations. In fact, we should use new manners, ways or methods as innovation to keep us up for the market needs, otherwise we will lose the battle for other competitive companies then we lose our value in the market.

As, a matter of fact, there are no set metrics for the digital economy as it was just defined, but the available metrics give some sense of the overall size. The growth rates of the digital economy was measured of the digital (IT/ICT) sector for many of developing countries as India, more than 7% of GDP estimated to the outcomes of using IT sector and average labor productivity in India per worker in Mid-2010 was around $ 10,000 but in software industry it was over $ 37,000.

Measuring the digital economy faces challenges related to vague boundaries, poor data quality, pricing issues, and blind spot of masking of much digital activity.
Vague boundaries: due to unclear because some wonder of things at digital economy are limited due to ICT doesn’t give enough detailed information or does not say exactly what they mean.
Poor data quality: as incomplete data or corrupted data due to the data not being entered into the system properly For example, if the address does not include a postal code at all, or missing some information related to the customer information or his/her requirements, so it will be sort of difficult to deliver the product to the right place or as his/her ordered.
Pricing issues: due to the lack of electronic control over product on the internet, the prices vary from one site to another and in some cases they may be fake or fabricated by some scams on the internet for unexcited product.
Blind spot of masking of much digital: Many activities have been occurred for the surfing in internet, the moment you click into the shopping sites, those websites will start running or display ads on partner websites or sponsoring or try to lure you to another product. So, most these websites tends to come tracing / tracking the awareness of your activities there to collect some info about who are you, what do you think or desire and so on, then they know how to drag you to their products and services as amazon did or facebook to sell your info to the third parties that how can they earn money from their customers

Eventually, The fact indicates that the digital economy has become a major competitive requirement. Moreover, across diverse industries, winners as well often become losers, if they do not keep up with need of markets. For instance, Kodak, Nokia and Blockbuster that couldn’t go forward with their rivals/competitors Apple/Samsung and Netflix respectively so, they lost their value and reputation in the market, due to their leaders’ myopic attitude to see the faint signals of future disruption.

Frankly, the sluggishness of Nokia management that refused to adopt the company with a drastic changing market. For instance they rejected to adapt their smartphones with the Android operating system that became popular all over the world. Instead they spent a long time tailgating Samsung. Furthermore, the ambiguity of Nokia sudden rise and fall is contributed to managerial factors, conglomeration, and to the innovation. It is highly recommended that these sides should be paid enormous attention due to their massive contributions to the company’s success and failure.

Nevertheless, in order to go forward and success in our business today and onward. We should learn from our past and understand the culture and the environment that we are living into it right now or planning to open a new firm on foreign countries. People always are looking for modernization, but why do they prefer to modernize their methods?; As most of them have their own reasons to understand the concept of modernization, they exert an enormous influence to develop their methods of development due to its enormous impact on the socio-economic development for their communities. People all over the world introduced business to their countries to better the socio-economic development process that possesses many advantages in information technology, telecommunication technology, and digital knowledge
We need to encourage innovation in the industry, nothing can change, or will change, without technological innovations.

As we know, many people are baffled by the speed of technological innovation.
We must encourage innovation if the firms are willing to remain competitive, since the innovation becomes cornerstones of their assets. Innovations in information technology have totally changed the way students work and either the corporations. The fact still remains the E.business is much inexpensive than the traditional transaction that requires traveling to meet in person the counterparts. In addition, it is inexpensive to set does not need much money to possess the gear required to commence e.business.

E.business has been popular all over the world due to its numerous dividends, it is expected that E.business will be the most popular to perform any transaction in addition to the government trend to support this approach.
Digital marketing professionals today have their models as thousands of digital ways to interact with their customers for e.g. Managers, Entrepreneurs, Students, Housewives and so on.
Incidentally, changing has the most adverse impact on human prosperity and the most reason to make people be innovators or fan with innovation.

Note: Hope My message finds you well in good health and condition
Have a wonderful day everyone!
Best Regards,
Waleed R.

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