THE ROLE OF DIGITALIZATION AND IT'S IMPACT ON BUSINESS GROWTH

  

Digitalization is actually the process that revolves around digital technologies. Businesses took a huge hit due to pandemic but thanks to the help of the digital world those businesses are now taking off. It has actually simplified the process of doing businesses it has eradicated the third party connection and buyers and sellers are now directly connected to each other. Less man-power is needed, due to the efficiency of technologies thus leads to operational costs being reduced due to the less need of human resources. Workflows are becoming more automated as a result of the adoption of digital technology, and there are less human errors.

 

The number of Marketplaces and their Market size has increased significantly with the increase in digitalization as more people are moving towards online shopping. The amount of traffic that marketplaces such as Etsy, Amazon, and eBay have received has grown exponentially in the past few years. Amazon prime same-day delivery has made it very convenient for shoppers to buy products on their marketplace and with the the rise in 3 party logistics fulfillment centers around the world customers receive their parcel in less than 2 days. Digitalization in every business stage from product validation, sourcing, logistics, and marketing has improved businesses to increase their revenues with product validation software, Global sourcing platforms and the variety of platforms to advertise products with huge relevant audiences means that the entire supply chain process and later the process to market to a niche audience is easier than ever before thanks to digitalization.

Digitalization is actually very budget-friendly; it assists you with saving expense, not only this but businesses are connecting universally now, which is prompting more client collaboration. One of the huge impact digitalization has brought is that it has enlivened our youth to come up with creative digital advanced explication giving a cutthroat edge in the business world and a legitimate digitalization plan can help revive measures, to improve the quality and advance consistency of businesses.

 

Analyzing data without the use of digital technologies is really difficult because a huge number of audiences of each niche hangs out on social media platforms and makes a search for the query on Google or Bing. This is the reason the digital data coming from these platforms holds significant value for businesses and brands around the world. The digital data tells a lot about the segment, behavior, and demographics of the audience of that particular niche. This data is integral for business owners as a major chunk of strategies are built around that data and most successful and thriving companies make major business decisions based on this data.

The importance of having a personal audience is also increasing because of this and digital data and actually is an asset in this digital age. Having access to this relevant digital data, when compiled helps greatly with the analysis of the strengths, weaknesses, opportunities, and threats. The data of what competitors are doing is incredibly important for businesses to analyze and be one step ahead of the competitors. We wouldn't even come close to the amount of data processing that we have now if it weren't for digital technology. It's almost impossible.  So digitalization does have a huge impact on business growth.