Consumers have access to more products at cheaper prices in a digital economy than in a traditional economy.
A digital economy is one that is primarily concerned with the production and sale of electronic goods and services by businesses operating in a virtual environment and providing these goods and services through electronic commerce. This concept is widely applied to companies that offer electronic or digital products online, the purchase, processing and delivery of these goods and services being carried out by downloading or granting access to services hosted on a remote server. The idea of a digital economy began to emerge in the closing years of the 20th century, when technology paved the way for more and more e-commerce to take place online, including the delivery of software and e-books via website download. shipping time an online payment for these products.
One of the main focuses of the digital economy is the fast and easy delivery of services over the Internet. In recent years, electronic delivery has become more and more popular in various fields. A common example has to do with reading material. In response to the growing number of people using Internet-enabled devices to read the text of different novels or textbooks, a growing number of vendors have launched virtual bookstores that allow consumers to browse the selections on offer and purchase electronic copies. of these texts. Payment is made through a secure process on the website and the consumer can download the text on the device of their choice.
One of the benefits of the digital economy is that consumers can often get products at lower prices than their print counterparts. For example, an electronic version of a new novel can be 25-50% cheaper than buying a print copy of the book. Similarly, music fans can buy the latest releases from their favorite artists for less than the cost of buying a CD at a local brick-and-mortar store, or even buy the CD online and have it delivered by mail. Some sites participating in this configuration of the digital economy allow consumers to purchase individual tracks from their favorite artists and download them for nominal per-song fees.
In recent years, the concept of the digital economy has started to branch out from the business aspect of buying and selling electronics online. Today, the idea also includes the use of virtual processes as part of the ongoing operation of companies, the internal workings of governments, and the quick and efficient execution of transactions between companies. As technology continues to advance, the digital economy is likely to continue to expand as a wider range of goods and services are offered electronically, allowing consumers to satisfy their needs and wants at an accelerating rate.