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• In the Digital Revolution the economy is based on digital technologies including:
Digital communication networks, Computers, Software, and other related information technologies
• Digital revolution is also called Internet economy, New economy or Web economy
i). Digital networking and communication infrastructures provide a global platform where people and organizations can Interact, Communicate, Collaborate, and Search for information.
The global platform includes the following characteristics:
- A vast array of digitizable products
- Consumers and firms conduct financial transactions digitally
- Microprocessors and networking capabilities embedded in physical goods
ii). The term digital economy also refers to the convergence of computing and communication technologies on the Internet and other networks and the resulting flow of information and technology that is stimulating e-commerce and vast organizational changes.
- This convergence enables all types of information (data, audio, video, etc.) to be stored, processed, and transmitted over networks to many destinations worldwide
iii). Web-based E-Commerce (EC) systems are accelerating the digital revolution by providing competitive advantage to organizations
iv). Reach vs. richness: Another economic impact of EC is the trade-off between the number of customers a company can reach (called “reach”) and the amount of interactions and information services they can provide to customers (called “richness”)
Kavungya answered the question on May 9, 2019 at 09:46
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