Author - Associate Nupur Mehrotra
The economy can be defined as the place where the process of production and consumption takes place by the people and for the people for the proper growth of the entire nation. Without the export and import of goods and services, the economy will never be able to stabilize or develop. Not only the big multinational companies, the corporation but also the government and an individual contributor to the development of an economy. It is very important to understand that the economy never remains static, it was keeping on changing with the change in the factors such a culture, the political status, the new laws that are framed for the betterment , etc.
With the changing time, the economy has transformed itself into the digital economy. The life of every human being nowadays is connected to the digital world, it’s a trap which cannot be resisted. The digital economy is a new concept to the nation and it has various challenges to be overcome whereas a lot of opportunities waiting to be traded. This will not only bring a new change in the working of the economy but also push the economy towards success.
Now lets us understand the opportunities and challenges of the digital economy-
- The first and the foremost concept regarding the digital economy is the online trading system taking place between the people living all together in different parts of India as well as the entire world, in common word the international marketing has increased drastically after the introduction of online business.
- It has become very easy to trade online as all the information needed are uploaded and given us as the size, information about the looks and material used and images of the product and few videos.
- Another added advantage is that neither the seller not the buyer need has to take pain for finding each other and walking a long distance to buy a product, they are just a click away from each other. For instance, if one wants to buy the smartwatch which is only available in other countries, they can still buy it with one click. It would have been impossible without this digital concept.
- The introduction of the digital economy has led to globalization, liberalization, privatization, virtualization as well as the innovation of workstation at a commonplace making the process of trading easy and positively competitive.
- Before the introduction of this technology, the work was actually hectic, taking long working hours as well as un-reliable as all the work was done manually. There were high chances of getting wrong at places but now the entire work is done online. This has reduced the workload as well as paperwork and increased the probability of efficiency.
- Many companies and industries have benefited from this technology as there is a common platform where every information is provided and the process is transparent and the reliability has increased. But n the other has it bring some disadvantages to the companies as most of the policies and strategies are visible to the people at large.
- The digital economy has forced the industry people to rethink about the way they go about their business and ensure that the consumer’s demand or welfare is put before anything else.
- Not only the old firms but also the startups have pulled up their socks and are moving towards innovation and are determinant o achieve success by adopting the rule of ‘consumers first’.
- Cost for advertisement has decreased as people can post is online to the right group of people who would stay longer and cost minimum.
- The buyers, as well as the sellers, are now aware of their rights as well as their duties towards each other.
India would become a very powerful world by being digitally connected. Digitalization has brought a wider scope for India to grow in technological spheres. This basically aims to provide all the services digitally from paying off bills to the selling and buying online and many more as discussed above. This concept of the digital economy is removing the gap between the government organizations and the general public and has increased transparency in the work process. Digital learning and education is the need of the hour and this has been made possible through digitalization. India with such introduction of digitalization will see the glory and will progress in all fields. Digitalization has bridged the gap between hope and opportunity. But it is very important to understand that if we continue to fear from the fear of losing something in the process we might not reach heights.
‘‘ALL WE NEED IS COMPUTER, A NETWORK CONNECTION, AND A BRIGHT SPARK OF INITIATIVE AND CREATIVITY TO JOIN THE ECONOMY’’
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