Hot topics | Coronavirus pandemic

How digital experiences are feeding the new digital economy

How digital experiences are feeding the new digital economy

Did you miss a session from the Future of Work Summit? Head over to our to stream.

Ken Fine, CEO of Heap, wrote in this article.

Since digital technology and the internet now mediate so many transactions across every industry, the business has realized that offering a is the key to business survival, it is becoming increasingly difficult to distinguish between the digital economy and the physical economy.

The digital economy and the economy may not yet be synonymous, but that gap is rapidly closing. A predicted that digital and digital-transformed enterprises would account for $53.3 trillion, roughly half the United States' GDP, by 2023, according to some economists.

The new norm is set to heightened expectations.

The coronavirus epidemic has only made tech hungrier, thanks to a mobile app like DoorDash. Several routine medical interventions migrated to telehealth, which could be a quarter billion dollar business.

When a check is not accepted via a credit unions phone app, when a local restaurant website does not load, customers leave. And odds are that they won't return to give the platform a second chance.

The three Im in a digital economy.

How will businesses compete in this increasingly digital environment? Just as they have always done, serving the needs of their customers. The best companies will do this by adhering to the three i's: information, insight, and iteration. The best companies will be those who focus on continually improving the digital experience they provide their customers. With frequent releases and updates, theyll keep setting and then exceeding new standards of accessibility and ease of use

Most digital businesses produce terabytes worth of information a day, but relatively few companies capture all the data their customers produce. This is leaving money on the table in a digital economy. How long does the average potential customer spend on the website or in the app? What age groups do not react to your sales pitches, and in which cities do your biggest fans reside?

Some of your websites that appear intuitive and helpful to your design team might be a point of consumer friction, while another page might send unreasonable amounts of customers to their browsers' "back" buttons.

All the insight in the world is useless unless it is practiced. In a nutshell of rapid and disconcerting changes, businesses must continuously reintroduce and refine their products. A/B testing, revised sales funnels, and tweaked landing pages all have features to play. Today's major digital economy players, like Amazon, Netflix, and Google, are constantly tweaking their websites and updating their apps in hopes of producing stickier and more convenient experiences.

The digital economy of 2023, when digital business is expected to account for half of GDP, will have many surprises for even the best-informed prognosticator. Businesses cannot expect that their December 2021 offerings will suffice for January 2022, much less January 2023.

Ken Fine is the CEO of.

Welcome to the VentureBeat community.

Here at DataDecisionMakers, experts, including the technical people who perform data work, can share data-related insights and innovation.

Join DataDecisionMakers for detailed information on cutting-edge ideas and current information.

You might even consider of yourself!

You may also like: