Digital Business Opportunity: The Next Gen Growth
26 August, 2020: By Ajoy Maitra
Digital transformation has opened it avenue amidst the global pandemic, when people prefer to stay safe at home. Many sectors and industries can accept this as an opportunity to modify existing basics of doing business. According to the researchers, the global digital transformation is expected to portray around 18% CAGR over the forecast period with the present valuation of $817.05 Billion by 2025 - report by Market Research Future.
With better penetration of technology in the life of common people through use of mobile digital services, marketing has greater prospects to reach the mass in one place. Data shared plays a pivotal role in guiding accurate sales information based on the preferences of an individual leading to a more potential conversion.
Real time processing of data necessitates the demand for 5G networks & cloud computing for better digital services in the world.
Emerging need of automation through machine learning and blockchain ensures enhanced cybersecurity.
How about virtual retail through the use of VR technology, often used in gaming and now enhanced for medical operations or conducting meetings in corporate space?
Virtual Reality has a great potential in retail services as customers may still visit the stores without being physically present and get the selected goods delivered at home. Maintaining regulations for social distancing and complying with the retail requirements, such adoption of technology modifies to serve a purpose would prove beneficial for the society as well as the economy as retails surge back the market liquidity.
DIGITAL TRANSFORMATION
Easy availability of mobile devices has demanded massive digitalization of services for real-time access without secluding hours for a particular task to be performed by a queue or a visit. Mainly for the two obvious reasons: Quarantine and Social Distancing, the retail world is forced to lead digital transformation for survival in the economic downturn.Telemedicine and Digital Health
Digital Health is in priority, due to the pandemic and evolving requirement to meet urgencies of the elderly population when visiting a doctor or going to store is not recommended. With remotely available remedies, the risks of waiting hours and exposure to virus outbreak gets eliminated. Many online mobile apps have platformed their existence in this need-of-the-hour situation facilitating delivery services of life saving drugs at doorsteps.
In a draft on Global Strategy by WHO on 27 July, 2020:
"The 2030 Agenda for Sustainable Development highlights that the spread of information and communications technology and global interconnectedness has great potential to accelerate human progress, to bridge the digital divide and to develop knowledge societies."Digital Marketing
Recent reports portrays increased use of digital media or social media as means to bypass the barrier of economic distress caused due to COVID-19 pandemic.
With better penetration of technology in the life of common people through use of mobile digital services, marketing has greater prospects to reach the mass in one place. Data shared plays a pivotal role in guiding accurate sales information based on the preferences of an individual leading to a more potential conversion.
Cybersecurity & Cloud Services
With exabytes of data accessed every minute, the need for cybersecurity emerges through enhanced technological upgrades. As the need of the hour promotes digitisation, leveraging cloud services emerges for the access to huge amounts of data required to be stacked with security leading to a long-term business transformation.
Real time processing of data necessitates the demand for 5G networks & cloud computing for better digital services in the world.
Emerging need of automation through machine learning and blockchain ensures enhanced cybersecurity.
Virtual Retail Services
Jeff Bezos in his 2018 letter to his shareholders, called Amazon as a "small player" in retail as only 10% of the retail goes through e-commerce facilities and people still prefers to visit a store to choose among the varieties of products. At the latest, retail has been disrupted and the worst hit sector post COVID19 pandemic and still continues to linger behind with strict regulations to avoid mass gathering.
How about virtual retail through the use of VR technology, often used in gaming and now enhanced for medical operations or conducting meetings in corporate space?
Virtual Reality has a great potential in retail services as customers may still visit the stores without being physically present and get the selected goods delivered at home. Maintaining regulations for social distancing and complying with the retail requirements, such adoption of technology modifies to serve a purpose would prove beneficial for the society as well as the economy as retails surge back the market liquidity.