The Future of Digital Economy – Megatrends

Today, the online advertising market, through search engines has reached 90 billion dollars. The smartphone market is worth $435 billion. The development of new technologies has led to the emergence of new markets and the growth of related industries. The world is changing so fast that we can say that the future is there. But in many cities and countries, the digital planet is still evolving at a different speed.

The Future of Digital Economy
That is why the ability to see new trends and adaptation in real time ensures the competitiveness and success of the digital economy.
In this piece of information, we want to share our observations on key trends that are at the heart of most industry and business model changes.

1. Globalization

Globalization has created a unique market and information space in the global economy and has liberalized the sale of products and services.

  • 1/5 of global products and services are produced by multinational companies. Examples include Microsoft, Oracle, Procter & Gamble, Mars, Gazprom, General Motors, LUKOIL, McDonald’s, etc.
  • 2007 represents the moment when the number of people living in cities has surpassed for the first time the number of people living in rural areas. In the future, the population will grow mainly in cities.
  • By 2020, more than 80 billion devices will be connected to the Internet. Access to information everywhere improves transparency in all areas, including the economy. Companies will strive to make activities and operations very transparent.
  • In the context of economic and political globalization, migratory flows increase every year. Migration of workers is widespread, but one-third of migrants are refugees from warring countries.

2. Lean Consumption

In the modern world, lean consumption has become more important, and experience has become better than property.
Mass consumption and mass production in the early 1990s evolved into personal consumption and industrialization:

  • Pebble wristwatch with iPhones and Android: over $ 10 million has been raised for a development project in 2012. This is the most successful crowdfunding campaign from the largest fundraising site – Kickstarter.
  • Airbnb is considered a successful example of sharing the economy. With this company, travelers can study the offers from homeowners around the world and rent them.
  • Car sharing saves about 70% of transportation costs and only pays customers who use the car. Vehicles are used more efficiently, and the number of forced robberies is decreasing.
  • Yandex. Taxi tests the combined fare, where taxi drivers can drive many passengers they do not know each other.
  • Taxi groups are a good example: Yandex. Taxi, Uber, and Gett are designed for consumers who do not want to wait, spend time talking to a taxi driver and want service in five minutes.

3. Techniques and innovations

The rapid development of technologies is one of the most critical factors affecting the behavior of modern consumers. Unilaterally, technologies aim to increase consumer potential by providing access to a wide range of goods and services. On the other hand, the development of technologies makes our lives more complicated and changeable.

  • Technologies have great potential for commercial development. Technologies are an effective mechanism, but they can also create new customer experiences and new revenue streams.
  • Internet: the technical tools learned to communicate and transfer data. Even refrigerators, boilers, or vacuum cleaners can generate information.
  • High-tech companies cannot run out of cloud computing and it consulting and services. The problems caused by server overload, cyber-attacks, and large capital investments are over.
  • Products can be paid by phone. Apple Pay, Android Pay and LG Pay technologies streamlined the lives of customers and made transactions based on magnetic switching technology.

4. Digitization of communications

Information and communication technologies (ICTs) are changing communication patterns between individuals and between clients and companies. It becomes simple to create and maintain communication, and there is more capability for remote communication.

  • Users around the world use smart devices such as mobile phones and tablets. Consumer behavior and
  • 37% of routine communications in Germany are executed with digital devices.
  • Around 80% of global consumers are using smartphones.
  • The trend of Omni-channel is on the rise: people have the feasibility to make purchases through different channels such as mobile devices, brick-and-mortar points of sales, and personal computers.
  • In the social networks, the opinion leaders have become the most crucial channels of promotion. More than 60% users say they give preference to their recommendations.

Author’s Bio:The author is John Peterson working as a professional writer at a network security company in Malaysia. He works specifically on cybersecurity and cloud computing projects. He was born in Fullerton, California in June 1990. Since childhood, he has been collecting inspirational paintings, and this is his hobby!

Leave a Comment

Your email address will not be published. Required fields are marked *