Thriving in the Digital Era: Proven Business Strategies for Sustainable Success in an Evolving Digital Landscape
Before jumping into the meaning of Digital Businesses or Businesses in Digital Era we must know the meaning of Digital. Digital means ‘Technology’ or a Smarter way of Processing’s, now if we will add the digital with business it says doing Businesses with smarter way by using the Technologies. Digital businesses reduce the efficiencies, Example, customers fill out a credit card application form online reduces the inefficiencies of a paper application process.
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Digital businesses have increased globally because of increase in the number of internet users, social media, and smart phone users.
Above chart represents the increase in the number of users of social media over the years, it is also telling the story how rapidly the internet users are increasing in past 10 years, with this people has started investing more into digital businesses that led to the development of digital economy globally.
Differences between Traditional and digital businesses.
- As per the industry expert’s Digital businesses have greater business opportunity as compared to Traditional businesses.
- Digital businesses are easier for growth and generate revenue which now a day will become difficult with traditional business models.
- Processing of digital businesses are easy and comparable with business models.
Elements of Digital Businesses
Application of Trending Technologies – Digital businesses are capable of using trending technologies and provide better experiences to the customers and a Competitive Environment in the market.
Technological change in the Businesses – Digitalization brings technological changes in the businesses, it changed businesses fundamentally, this digital transformation brought changes in the advancement of Natives.
Exploration of new Business Models – Digitalization in the economy brought the new ideas of business models that makes the digital businesses different from the traditional businesses again. Most of the new business models are highly focused in customer satisfaction.
Examples of Digital Business
Uber a technological revolutionized transportation business an E-business which allows its customers to use smart phones to schedule a taxi online. It is a business connects people with drivers at a very large scale by using the internet. It requires a smartphone with a GPS system, internet and Uber installed AAP to book a ride.
Netflix is a good example of a company that has switched from E-business to digital business. It has transformed the way people view Movies and Television Media. As internet reached to everyone it becomes easy for someone to watch their favorite movies at any point of time.