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INTERSHIP PPT
pros and cons to the growing digital economy both economically and psychologically
BHUMI SHAH
PPSIJC
DIGITAL ECONOMY
DIGITAL ECONOMY
WHAT IS IT?
Definition
Digital Economy
It entails engaging in economic activity
providing good and services services to consumers
using electronic communication and digital technology
The backbone of the digital economy is hyper connectivity
With the ongoing digitalisation, consumers' choices are largely dependent on and our influenced by what they see on social media
HOW HAS IT BEEN AFFECTED
ECONOMICALLY
ECONOMICALLY
Digital economy is based online
the conventional economy is built on real stores, products, and currency transactions
Some digital offerings no longer include tangible items. For example, as we binge-watch our favourite shows on various platforms, they are the ones that do not require tangible items and have everything delivered over the Internet.
PSYCOLOGICALLY
PSYCHOLOGICAL
This often affects the cognitive psychological aspect of humankind, as this restriction does not allow room to explore, which often shrinks the ability to think.
PROS AND CONS
Creates significant data, which can give new insights into creating consumer-friendly products and services
PROS
PROS
#3
#1
#2
allows businesses to abandon their physical stores
Widening the thought process
Tempted to purchase more while one lounges in their comfort zone, not having to prepare for any sort of inconvenience
Thus bypass a portion of the retail chain and send individualized items directly from the manufacture or warehouse to people,s home
CONS
Controlled by monopolistic businesses
CONS
Psychological behavior of an individual. Shrinking ability to grow and think
EXAMPLES
The enormous generation of data can also assist governments and nonprofits to understand what's going on in the economy
EXAMPLES
Technological unemployment