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Digital Marketing - Essential Tool for Business Growth in the New Normal

Digital economy is a collective term for all economic transactions that occur on the internet and an economy that focuses on digital technologies. It essentially covers all business, economic, social, cultural and among activities that are supported by the web and other digital communication technologies.

Therefore, digital marketing also called online marketing is the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes not only emails, social media, and web-based advertising, but also text and multimedia messages as a marketing channel.

With the advent of technology and the process of globalization especially, in this post-COVID-19 era, the digital and traditional economies were merging into one as the digital economy has given rise to many new trends and start-up ideas. Almost all of the biggest companies in the world like Google, Apple, Microsoft and Amazon were from the digital world.

In the last 15 years, we have seen the tremendous growth of digital platforms and their influence on our lives as consumers now are influenced by things they see on social media like Facebook, Twitter, Instagram and other such popular websites.

As such, companies should try to fulfil the service expectations of digitally empowered customers and offer more experiences at great costs. Companies must try to become more innovative in order to respond to the highly competitive environment.

The promotion of the use of the internet, rise in E-Commerce, digital goods and services, and transparency as some merits of the digital economy and this has helped to reduce the black money and corruption in the market and make the economy more transparent.

The businesses that adapted and adopted the internet and embraced online business in the last decade have flourished since they don’t just do direct selling but buying, distribution, marketing, creating, selling have all become easier due to the digital economy.

However, the digital economy requires complex processes and technologies since building the platforms and their upkeep require experts and trained professionals which are not readily available, especially in rural and semi-rural areas.

Though the digital economy comes with great relief, it also has some disadvantages which are - the loss of employment, lack of experts, and need for heavy investment. The digital economy requires a strong infrastructure, high functioning internet, strong mobile networks and telecommunication.

Content created and supplied by: Business&Leaders (via Opera News )



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