Digitalization in Trade & Business
The world is at the dawn of the next technological revolution, bearing transformational implications for all. Digitalization will create opportunities for entrepreneurs and businesses, and bring benefits to consumers. Information and communication technologies (ICT), such as the Internet, have transformed the economic exchange of goods, services, data, and information, which collectively constitute e-commerce and digital trade. The United Nations Conference on Trade and Development (UNCTAD) reported that e-commerce sales hiked to $25.6 trillion globally in 2018, up 8 percent from 2017. From e-files, blueprints, data-hosting systems, and software solutions to websites, emails, music, and movies, electronic transmissions and the content and services they constitute are critical to today’s global economy.
The benefits of e-commerce and digital trade are clear, abundant, and undebatable. Not only does the 21st-century economy enable more trade to occur, but it also connects the previously unconnected to the global marketplace. Electronic transmissions undoubtedly promote Internet penetration and mobile connectivity. Consumers have an increased ability to access a comprehensive set of goods and services at reduced prices and higher quality. Businesses (especially small and medium-sized enterprises (SMEs)) can easily enter new markets around the world, often through the use of platforms. This diversifies their sales and thus increases their profitability and likelihood of survival. In effect, e-commerce and digital trade shrink the distance between buyer and seller—by nearly one-third. Easing online transactions expands efficiency and speed while lowering operational costs and bureaucratic procedures. Academic research has shown that e-commerce reduces transaction or trade costs by a substantial margin.
The digital economy offers opportunities for entrepreneurship, innovation and new job creation. A range of e-commerce players has emerged across developing countries and the least developed countries in recent years, offering new payment solutions, e-commerce platforms and innovative logistics. Digitalization can help businesses, in particular small and medium-sized enterprises, overcome barriers to their expansion. It can enable them to engage in peer-to-peer collaboration in innovation and use alternative funding mechanisms such as crowdfunding. In addition, new cloud based solutions can reduce the need for investing in information technology equipment and corresponding in-house expertise. E-commerce can facilitate the scaling-up of micro, small and medium sized enterprises by providing financing opportunities and the means to build verifiable online transaction records that may help attract new customers and business partners.
E-Commerce Platform from Digital Axom Foundation
Digital Axom Foundation will build an e-Commerce platform for entrepreneurs in Assam to promote and sell their products in the international market. This E-Commerce platform will be available free of cost to Assamese Entrepreneurs. This e-Commerce platform platforms do not only help SMEs reach more geographies, but also help to sustain business.
