Digital Economy Threatens Traditional Marketplaces: Are we ready for the Change?

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Digital Economy Threatens Traditional Marketplaces: Are we ready for the Change?

Whether the digital transformation is a blessing to mankind or a curse is the most debated topic in the world today. You probably understand that the digital transformation is based upon integrated and scalable networking solutions. Together these IT systems and deploy sensors are all contributors that lay the tracks-movement. You can implement these by
connecting fleets with sensors, and mobilization of workforces. Collecting real-time online data and employing Omni-channel strategies for better productivity and results is yet another example of digital impact. Relatively, are we secured against the digital wrongdoers? Let us find out.

Threats Oof A Digital World
Every cloud has a silver lining; this is what we are taught in schools. But what we often neglect the fact that even the brightest of days can turn gloomy as a result of these clouds covering up the sun’s surface. Similarly, we understand that the Digital Economy is the cornerstone of any country’s growth. The world today relies on advanced technology to combat the challenges it faces daily. But in all cases, we can overlook the loopholes present in the digital infrastructure. In the past, we have noticed multiple internet malpractices. For example, Yahoo was hacked and the personal data of millions of users were put on stake. ‘Data is the next gold’. With data being used for the wrong motif can certainly threaten the social lives of many.

Accessible Data Breach Individual Privacy
Advertising, since its inception, has been the biggest of industries in the world. It is the tool for business organizations to reach out their messages to thousands of potential customers. With the emergence of Online Advertising and PR platforms, the utility has been strengthened. One should not ignore the fact that today; nearly all the websites track our movements online. They all know which websites you are currently browsing and what’s the next pattern you might follow. This customer behavior monitoring system has enabled companies to come up with Smart solutions. They can show customized ads depending on your ethnicity, locality, gender, interests, and so on. Well, from a business point of view, this is certainly a power that these organizations have gotten hold of. But if we look at it from a universal point of view, are you really safe? It’s kind of putting a magnifying glass onto your privacy. What you do in your free time is completely your choice. But with the digital scenario in pace, there is a thin layer that keeps your privacy from being invaded. Have you noticed how you are shown repeated advertisings of the products once you searched on the internet? It is because they are tracking your moves. We live in a free world, but the digital world is not quite free of the users.

How Safe Is Your Money?
Now, let’s talk about the biggest threat on planet earth in modern days. Yes, you guessed it right. It’s the cybersecurity we are concerned about. It’s a fact that most people today rely on online payment processors for everyday transactions. Whether paying bills at a restaurant or buying things online, nearly every part of the online community involves digital payment. These payment systems are claimed to be secured with advanced software. But history has shown us that software solutions are subjected to experience bugs at some point in time. What would happen if mistakenly your money is sent to a different account because of a technological massacre?
Alternatively Or worse, what if a group of sophisticated hackers break into the system and wipe out the entire money pool in seconds. Well, these are all possibilities that we cannot ignore. No matter how much a company stresses on their capabilities of keeping your money secured, no one has control over the future. And we have seen it multiple times that illegal transactions (Digital Theft) are been made without the active participation of the owner. As the digital economy strengthens its root in today’s world, online security is something that should be paid proper attention to.

Price Wars Will Shatter Profitability
If an entire economy is transformed into a digital entity, business owners cannot ignore its wrath. With the internet allowing everyone to enter the business world, smaller businesses are successfully making their way into trade and commerce. But how much do they stand a chance against the biggest of corporations? They are often outplayed by the technology a budget that these big organizations possess. This is where price wars come into existence. Slashing the price of items available online is surely threatening the profitability of traditional marketplaces. Whom Will You Choose? A book that sells for $2 on the internet is available for $11 in your local bookstore. Besides, the former provides you free delivery, which means you wouldn’t require spending money on transportation. Of course, the customer wins in this case. But it surely destroys the hopes of a traditional shop owner. The digital economy might bring a massive change to the entire ecosystem we live in. But simultaneously, it comes with a price tag. Often this price is to be paid by smaller businesses, which is not at all healthy for the traditional economy.
Data Security Is Unavoidable
Cloud computing is yet other advancements made in the technology world. Today, we can store all our data in the cloud storage facilities. It has its perks. For instance, you can access the data from anywhere in the world and from any device of your choice. But this too comes with a threat. What if the server is failed due to a glitch and all your data is lost? Would you be able to cope up with the losses? This threat is more evident for business corporations that invest a lot of money for secured data storage. Their client data is at stake. It can get hacked, leaked, or completely destroyed, leaving behind a shattered economy. Is our infrastructure ready to combat these scenarios? Only when the right answer is found, shall we call ourselves to be eligible for a digital transformation. It has its benefits, but a slight glitch can destroy an entire economy in a blink.

 

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