THE IMPACT OF E-COMMERCE ON THE DIGITAL ECONOMY
THE DIGITAL ECONOMY AND THE Effects OF E-COMMERCE
Summary
Commerce has progressed to the point that it is now universally available. The Internet and networking software were the driving forces behind this point. Commercial business has shifted to the Internet, which has expanded across the globe and is now accessible 24 hours a day, seven days a week. Both large and small businesses have built their foundations on new online market sites. This worldwide accessibility of digital tools for doing business began with the advancement and dissemination of information technology. In the growth of the modern economy, the symbiosis between information technology and industry has become a major force. This essay explains terms like "e-commerce" and "digital economy," as well as including a short overview of how these ideas came to be part of our current world. The key facets of e-commerce that have driven the growth of the digital economy are discussed in this article. The essay further examines best practices and examines electronic commerce approaches and technologies, as well as how they can be used in business growth.
1. Overview
In basic terms, the "Digital Economy" is the economy of the internet, also known as "Web Economy," "Internet Economy," and "Online Economy." It is the method of earning money digitally via a variety of online companies while also developing an economy through electronic networking. This is the culture of "the internet of the internet," which has a general framework that is comparable to our financial economy but differs significantly in terms of structures and strategies.
Both factors and actors in "internet meaning systems" are considered part of the digital economy. Multimedia agencies, e-commerce, digital internet marketing, and smartphone solution providers, gaming developers, social networking providers, and other aspects all play a role in this area of the economy and are directly influenced by them. In comparison to other sectors of the economy that are experiencing financial and economic difficulties, the "digital economy" is rising at significant rates of about 10-15 percent each year.
The "green economy" is often linked to the "digital economy." The current focus on the advancement of global economies and communities is primarily focused on two aspects: "the promise of information and communication technology (ICT) and the threat of environmental sustainability."
In plain terms, e-commerce refers to the operation of an enterprise over the internet. It is a form of online business that takes place over the internet. Creating a successful online company involves strategies for networking through social media and other internet platforms.
In today's corporate world, e-commerce is exploding. The term "e-commerce" stands for "electronic commerce," and it refers to the practice of buying and selling products and services, as well as doing business, through an "electronic network."
Telemarketing, internet commercials, online shopping, company promotion through social networking, and other forms of e-commerce are all examples of e-commerce. It's a big world of enterprise on the internet, and the e-commerce opportunities are only getting better as technology advances.
Information Technology has had a significant impact on the potential growth of "financial sectors" as well as the diverse ways of doing business in various countries around the world. While addressing the growth of e-commerce with the growing usage of technologies such as smartphones and the "internet as a modern delivery platform for market transactions," the advancement of business by e-commerce in a developed world like Bangladesh faces current issues of a country with an evolving economy. He also discusses how the foreign trading industry is being more reliant on e-commerce and its opportunities, as well as how this necessitates a greater focus on issues like "e-commerce protection."
2. How the digital economy is affected by e-commerce
The global economy is directly influenced by e-commerce. As previously said, all of these real-world trends are intertwined with the internet and are essential to the growth and progress of information technology (IT) and technical innovation in general.
E-commerce is, without a doubt, the foundation of the modern economy. As previously said, e-commerce refers to internet trading and business conducted by electronic networking, and this sector contributes to the development of an online economy. The "new economy" is the economy that has grown and continues to expand as a result of e-commerce. As a result, the direct connection between e-commerce and the new ecosystem is now clear. Digital media, digital finance, the rise in internet networking, among other factors all have an effect on all of these online facets.
Internet advertising and online marketing, online transactions, social media networking, online platforms for businesses, online customers and customer service, telecommunication, telemarketing, and other aspects of e-commerce are all variables that directly influence the digital economy, and the rate at which these variables and aspects of e-commerce grow and develop has a direct impact on the digital economy.
E-commerce is becoming an industry practice as technology advances, and it is opening up exciting opportunities for the global digital economy. This suggests that as information and communication technology (ICT) and computing technology advance, the growth rates of online market transactions rise, assisting in the advancement of e-commerce, which, in turn, contributes to the development of a larger and faster-growing digital economy than other sectors of the economy. If internet users leave, development rates may be hampered; but, since society is more reliant on technology, tablets, computers, and social networking, such a hiccup is unlikely, and there are greater chances of continued growth fields. This assumes that, as time passes and technology advances in different areas, e-commerce and the digital revolution will become the future of the majority of global trading, industry, and marketing. It has now effectively taken over a large portion of foreign commerce and industry.
Computer and information technologies are having a major impact on “production and business” all around the planet.
According to the description provided by 'techopedia,' the word "digital economy" refers to all economic structures, purchases, communications, and events that are dependent on digital technologies. It is built on the usage of some of the many digital platforms available in today's environment, not just the internet.
The system of promotion and selling has undergone a transformative transformation as a result of the digitalization of company operations, which is known as eCommerce.” The means for digitizing industry and economy are primarily computing systems and application solution repositories, which are known as software resources. E-commerce is becoming more and more of a need for both consumers and sellers, fueling the digital economy's growth.
3. E-commerce best practices
Social media networking, internet advertising and promotions, online purchases, telecommunication, portals, customer care, and other e-commerce best practices that benefit the digital economy are only a few examples.
E-commerce through social media networking entails promoting your online business via various social media channels such as Facebook, Instagram, WhatsApp, Snap Chat, and others.
Since there are more than billions of people from all around the planet who can be targeted to advertise your company online, this can have a significant effect. This means you'll be able to attract a larger audience, and you'll be able to approach a certain group of audiences that you think would be more involved in your business. This approach is ideal for the digital economy because it needs no to no financial investment and has a large scope, resulting in a high financial return by boosting the online company.
Online advertising and marketing is a form of e-commerce campaign that entails posting advertisements for the company on the internet, social media, and other websites. "Google Ads," which have become a big hit in the modern field of industry, were one of the strongest instances of internet advertising and promotion. These advertisements are great in reaching out to a broad market around the entire world and are a highly effective strategy for boosting e-commerce and consequently boosting the digital economy as well.
The term "online transaction" refers to online financial purchases and transfers of money. Online sales have contributed significantly to the rise of e-commerce and, as a consequence, the digital economy as a whole. Making payments for online purchases had been made extremely easy through online transaction methods and it has further allowed international trade and business through the internet more successful and convenient for people all around the world. E-commerce has blossomed and developed into something fresh and enormous as a result of internet sales since online companies are no longer limited to a specific region; it has removed physical barriers to doing business all over the world, allowing for significant growth and expansion of the global economy.
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