One of the most significant and successful business innovations is ”Digitalisation”. The concept is described as the gradual transition of existing economic and social systems into the digital age. The swift shift of businesses into such a model is being looked at as the future of the economy.
Digitalisation subsequently led to the surfacing of “Digital Marketing” which has opened up immense opportunities for businesses to grow. It includes expanding company presence such as company websites, mobile apps, and social media company pages. This is in conjunction with online communications techniques including the likes of search engine marketing, social media marketing, online advertising, e-mail marketing and partnership arrangements with other websites.
Digitalisation and Global Trade :
The Internet has made the world smaller. Buyers and sellers are just a click away. Digitally enabled trade changed the way cross-border economic transactions have been happening. Soon, international competitiveness of every country’s economies will rely on the digital transformation taken up by then . This digital transformation in turn depends on a country’s resources and economic development achieved. In a nutshell, the gross domestic product (GDP) per capita decides the future of a nation’s digital transformation. The Fourth Industrial Revolution project is a powerful driver of deployment of digital trade in International trade.
Digital India :
The initiative of Digital India by GOI focuses primarily at reducing the dependence on paperwork for international trade, and the streamlining of both governance and monitoring of trade transactions.
The initiative says it’s a “trillion-dollar dream” for India. The initiative is to empower people, reduce corruption and improve public service delivery to benefit the poor.
It consists of three components that form the fundamental characteristics of the programme:
The initiative also aims to connect rural areas with high-speed internet networks.
Challenges of Digitalisation
A transition from the conventional business model to having an online store or online presence could be a rocky one. From the algorithms to keyword search, the field is a different title altogether. The approach must be comprehensive and pragmatic, covering everybody vertical in the business model.
The right combination of new hires, team upskilling and use of agency partners would define the success of your digital marketing strategy. Your business your team has to adopt to being agile and customer-centric way one. Often, your exhausting resources may not be sufficient and help from external sources would be required.
Digital world is a competitive space. The pressure to deliver results, competing priorities and ever changing technology can be overwhelming. Business owners must first define a specific strategy for themselves. The strategy would be effective only if it is customised to the dynamics and requisites of one’s own business. Targeting customer opportunities, assessing capabilities, prioritizing gaps and establishing the roadmap to turn customer insight into growth are all the integral components of this .
For a business to success in this , it is necessary to assemble the right experts, use best practices and immersive collaboration.
Digitalisation has widened the horizons of business in India. With that established, the need of the hour is to bridge the digital gaps and strengthen the prowess. Laying a sturdy foundation of digitally enabled trade in India would be a great boost to the economy. The process being much more simplified, the need for the importers to undergo the physical processes is diminished .
All the activities can digitally aid to improve the productivity of businesses, and raise levels of innovation and competitiveness which leads to increased opportunities for international trade.