THE IMPACT OF E-COMMERCE ON THE

 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.

            Similarly, since e-commerce and the digital economy are inextricably connected, telecommunication has had a significant positive effect on their growth. The method of reaching out to different companies, consumers, and target markets has been rendered all the more simple and effective thanks to modern and updated ways of telecommunication.

    

            Furthermore, blogs and customer support have played a significant role in enhancing the overall online business experience. With the advent of information and communication technology (ICT), reaching out to consumers to support and direct them has become more effective, and it has also made it easier for buyers and companies to reach out for assistance. People can contact the firm and the company's customer support center via the company's website. The whole procedure has been more efficient and time-saving thanks to automated responses and robotic assistance. Additionally, remote customer support centers also provided fresh career openings for people all over the world. E-commerce and the digital economy have benefited greatly as a result.

            Some several other techniques and activities have a significant effect on digital banking as a result of e-commerce. All of these things are becoming something of a model in the real world, with a future that can be everything one can envision, and both aspects, as mentioned above, go hand in hand.

            For various countries around the world, the method of digitizing industry, trade, and the economy is different, and each nation is moving at its own rate. Within an economy, each sector moves at its own rate, depending on the state of the economy and the technological department. Market retailing, on the other hand, has grown in popularity as a result of digital purchases.

            Internet use, internet disclosure, internet experience, and ICT enhancement all have positive consequences for the country's information technology (IT) infrastructure and E-Commerce growth. The development of ICT and IT technology is affecting the behavior of internet consumers when it comes to making online purchases, according to the findings.

4. Conclusion 

            To summarise, the "digital economy" refers to the economy of the internet and online commerce. In comparison to other sectors of the economy, this one is increasingly expanding with the passing of time and the advancement of technology and information technology. Digital valuation processes are the foundation of this economy. E-commerce, on the other hand, is a form of industry that takes place over the internet and involves different forms of electronic networking, as well as direct access to billions of internet users all over the planet.

            With advancements in the fields of computers, information and communication technology (ICT), and online banking, e-commerce is now rising at a rapid pace. The “internet transactions,” which attract more online shoppers and fuel both e-commerce and the digital economy, are the most important factor that affects both of these trends. With the advancement of research and technology, both the digital economy and e-commerce are paradigms of bright future prospects. This is the way business will be done in the future, and that will result in massive digitization of business and the economies all over the planet.

            E-commerce is inextricably linked to the digital economy, and policies to strengthen online business would inevitably enhance the digital economy. This is a significant accomplishment, as it explains why the digital economy is the fastest-growing sector of the economy. Since all of the variables that influence these fields are digital and linked to technology, they require very little financial investment and maintenance, resulting in enormous income and financial development. E-commerce methods have provided for increased business expansion, and online banking methods have aided in this growth and development, laying a strong foundation for the digital economy and its promising future in the global online community.