Digital economy is one collective term for all economic transactions that occur on the internet. It is also known as the Web Economy or the Internet Economy.
The world is continually changing, and one of the fundamental drivers is digital transformation. In the past two decades, world has seen the tremendous growth of digital platforms and their influence on lives.
Digital economy is one collective term for all economic transactions that occur on the internet. It is also known as the Web Economy or the Internet Economy.
Digital economy is defined as an economy that focuses on digital technologies, that is centred on digital and computing technologies. It basically covers all business, economic, social, cultural etc. activities that are supported by the web and other digital communication technologies.
The term is also referred to as the New Economy. There are three main components of this economy, namely, e-business, e-business infrastructureand e-commerce.
Now consumers are influenced by things they see on social media (Facebook, Twitter, Instagram, youtube). For example, Indiaโs train booking system and banking systems are highly digitalised. The digital economy is a term that also captures the impact of digital technology on patterns of production and consumption.
This also includes how goods and services are marketed, traded and paid for. The term evolved during 1990s, when the focus was on the impact of the internet on the economy. Itโs about using new technology to advance the world.
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