Digital business is broader in its scope than e-commerce. It is similar to e-business, first coined by IBM in 1997 and described as– “the transformation of key business process through the use of internet technology”.
Digital business is just a new label- there is no distinction between the role of digital business and traditional IT. The key digital business processes are the organizational processes or units in the centre of the figure. They include research and development, marketing, manufacturing, and inbound and outbound logistics. The buy-side e-commerce transactions with suppliers and the sell-side e-commerce transactions with customers can also be considered key digital business process.
The digital economy is rapidly growing. At the core of this ‘new’ economy is digital business, its practices, business models and engagement with consumers. Not surprisingly digital business means different things to all. In other words, “A digital business sustainably integrates human resources and contemporary digital technologies to create value for the business and its customers”.
Marketing involves understanding of prospects, needs and the development of products and services which would be attractive to buyers. It also includes activities such as promotion and the selling of products and services, market research and advertising.
Over the years the physical form of marketing was predominately used to reach out to customers. However, the evolution and popularity of information technology has increased the importance of digital marketing activities. Digital marketing uses marketing methods, primarily dependent on the use of the technologies such as social networks while physical marketing depends on the ability of customers to touch or interact with the products and services in order to experience these products in reality. For instance, physical marketing could include individual consultations, physical display board or signs.
Advantages of Digital Business Platforms-
There are various types of digital platforms. Choosing the right digital platform for your marketing needs is crucial to the success of your business. Platform business models are ideal for young companies, start-ups as well as established organizations. For start-ups it presents an opportunity to grab a share of the established markets and grow big at faster pace. Digital business platforms are a point of convergence where businesses and people meet. Hence, platforms serve as a connection between buyers and sellers. Finding a buyer for your product is no longer a challenge. With digital business platforms facilitating the product or service to an end user- business is easier than ever before.
Benefit from a Digital Business Platform-
The most common challenge faced by an aging enterprise is how it can function like a newer and more agile business. This is where digital business platforms can help solve the problem. Essentially business platforms are built keeping in mind three components namely- culture, technology, and strategy. The collaborating of these three components leads to a refinement of ideas and paves the way forward towards identifying the right business platform.
Digital commerce (D-commerce) is just like e-commerce, meant for selling and delivering digital goods online. D-commerce deals with only digital goods, not tangible goods or services. D-commerce is used by companies that sell subscriptions, documents, and news. D-commerce is considered a form of e-commerce because it deals with the exchange of electronic goods.
The rise of digital platforms has provided new perspectives for business development. Based on the company’s existing business model, digital business platforms can connect organizations with B2B (business to business) client’s Digital business platform contribute to a richer user experience. They are easier and quicker to set up, as they are easy to access.