Digital Economy entails the economic process that involves connecting peoples, business, information, data etc it involves the online transfer of information and transaction across multiple channels for the purpose of business growth and getting a wider market Base.
Any business that fails to embrace digitalization will gradually lose relevance. People want to get the best and easiest service and digitalization makes it possible. Gone are the days when you want customers to come to your business location to buy a product. Customers want to be in the comfort of their homes select what they want, order for them and get them delivered as soon as possible.
Businesses are also embracing this modern technology because it makes their operations more effective and efficient. Advanced tools tasks like accounting, evaluating and record keeping could be done by software. This will help to cut down the number of workers which leads to a reduction in running costs. Many big corporations have downsized their workforce because of digitalization