What is a digital economy?

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 companies 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, with the purchase, processing and delivery of these goods and services 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 later years of the 20th century, as technology paved the way for more and more electronic commerce to take place online, including the delivery of downloadable software and e-books at the time of shipment. an online payment for these products.

One of the main focuses of the digital economy is the fast and easy delivery of services via 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-ready 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 to the device of their choice.

One of the benefits of the digital economy is that consumers are often able to obtain 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 hard copy of the book. Likewise, music aficionados can purchase 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 shipped in the mail. Some sites participating in this digital economy setup allow consumers to purchase individual tracks from their favorite artists and download them at nominal per-song rates.

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In recent years, the concept of the digital economy has begun to branch out from the commerce aspect of buying and selling electronics online. Today, the idea also includes using virtual processes as part of the ongoing operation of businesses, the inner workings of governments, and the quick and efficient execution of business-to-business transactions. As technology continues to advance, the digital economy is set to continue expanding as a wider range of goods and services are offered electronically, allowing consumers to meet their needs and desires at an accelerated pace.

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