E-commerce has been thriving more than ever. Its market growth seems like no pandemic ever happened. Its growth has increased up to at least $10.36 trillion in 2020 alone. It’s one of the industries that has found the silver lining through the COVID-19 pandemic.
Before we dive into some of the trends and breakthroughs in digital technology, let’s discuss its importance.
Socio-economic Impact
Digital technology has put the world closer than ever before. It’s paved a path for efficient and reliable social connectivity. This way, friends, families, and loved ones can see and hear each other through distances and quarantine restrictions. Wherever they are globally, regardless of policies on quarantine and other forms of restrictions, people can still reach out to each other.
Various software, websites, and applications have moved to the forefront of social interactions to provide avenues for the world to come together. Today, we can communicate better. And it’s not just great for personal relationships. It’s also great for professional collaborations. Today, virtual offices reign supreme.
Employees, associates, and partners benefit from real-time communication. They can even create and assign tasks and projects virtually, allowing broad reach and personalization features for management. Online meetings have become so much more productive, efficient, and accessible. And that’s why people no longer have to travel. The pandemic may have put an end to business travel, and yet businesses still see growth through virtual conferences that connect each end of the world.
Today, people don’t even have to bring heavier equipment like laptops and computers. They can communicate, collaborate, or find solutions through mobile applications on their phones. Digital technology has also stepped up in terms of data privacy and security because now, many brands have stepped up to offer their services in fore storage, sharing, and protection. There are even automatic reporting features available.
The effects of a closer network with excellent communication tools and abilities have helped raise economies worldwide. For starters, it has opened millions of careers and jobs for people around the world. In fact, in the U.S. alone, at least 750,000 jobs were generated in 2020. It’s an industry that thrives despite economic shutdowns being experienced worldwide.
Digital technology also contributes to GDP growth. One of the biggest motivators to this growth is the booming e-commerce all over the world. Today, people have been selling goods and services online on such massive scales. Businesses are investing in, and people are buying through online advertising. Companies have been investing in better quality management strategies in various areas, from design and build, to finding the right packaging supplier, to international shipping.
Demand has given rise to an emergency of new industries and services. Private and public organizations have jumped to streamline their goods and services through technology. Today, what was once a prized feature for private businesses has been transformed into essential services in the public sector. For example, both sides have been modernized and changed.
The private and public workforce has become accustomed to digital technology, from virtual project management to communications. Micro and macro-work platforms have emerged to transform business processes. Today, each task can be created, tracked, and accomplished virtually with no need for the usual physical facilities like an office or even paper. It has cut down business-cost and lessened, if not eliminate, wastage of time, effort, and company resources.
Overall, digital technology has innovated businesses across the world. The internet has generated so many opportunities for personal and professional growth. In return, we’re seeing improvements not only in the economy but in the homes of ordinary people. Today, more and more families are given access to valuable resources. They’re moving up from the poverty line. More and more children now have access to education, and that’s how literacy rates have improved worldwide.
When households become more self-sufficient through job opportunities, we open more doors for the younger generation to thrive. Technology and science have become a reality, and people are reporting high satisfaction rates from their lives. And that’s one of the essential socioeconomic impacts of digital technology. Now, let’s examine some of the biggest trends in the industry.
Artificial Intelligence (AI)
AI has come to the forefront due to demand and resources. Various companies have invested more time and resources in reducing human errors and risk transfer. There are now breakthroughs that allow AI to handle business operations, design, manufacture, and development 24/7. We have effectively reduced the need to staff repetitive jobs.
In addition, customers can now benefit from fast and reliable digital assistance through automation, allowing for enhancing customer experience. Businesses can even start to make decisions faster through market research and analysis tools that assist in solving complex problems. And the best part about AI is it preserve and secure business continuity.
Robotic Process Automation (RPA)
RPA has revolutionized businesses worldwide. It enables the management to better use staff resources and ultimately enhances customer interactions. It’s one of the refreshing legacies of IT infrastructure that more businesses should invest in. One of the best features of RPA is that it reduces costs and wastage by optimizing company tools, facilities, and resources.
RPA has also revolutionized the world’s workforce, giving global access to talent for companies. Today, they’re no longer limited to the local pool of employee candidates and associates. It’s a cost-effective means of creating and managing a virtual staff. Its features also allow an improved analysis for workflow management to have advanced governance over their workforce and business processes. This way, companies can scale quicker and more efficiently.
Edge Computing
Have you ever wondered if you can improve your company’s core business through technology? It’s now made even better through edge computing, an IT architecture with decentralized processing capabilities. Through edge computing, you can collect, manage, process, and store data. Its features boast incredible speed and security.
It can help scale businesses because it’s reliable and versatile. One of its benefits is that it can help save bandwidth by eliminating non-critical data. This way, you can reduce latency as well. Simply put, that can mean that you can process inquiries and requests faster and deliver efficient replies. And finally, since Edge computing eliminates significant transfers, you can secure and protect your data better.
Digital technology has a significant socioeconomic impact. It brings people together, streamlines the manufacture and delivery of goods and services, and helps boost markets and economies. What makes the industry great is its adaptability, as seen by its growth despite the pandemic. You can say that the industry has grown well because of it. Various breakthroughs in artificial intelligence, robotic process automation, and edge computing are silver linings that make businesses more efficient and profitable. And as a result, we see an economic rise from the generation of personal and professional growth to a steady decline of poverty.
