What You Should Know About the New Economy

Well, if you haven’t realized it by now, and yes, we are living and doing business in the New Economy.

What is this New Economy?

The “New Economy” is the same as the “Internet Economy”, or the “Digital Economy”. Surely you are on the right road – it is about the internet…It is also about automation, data collecting and analyzing. In fact, the internet has moved us from the “Old Economy” to the “New Economy”.

What are we doing differently?

Doing things in the 'Old economy' How things work in the 'New economy'
Doing local business Doing business anywhere
 Waiting for customers to visit your shop Customers go online and click on your website link
 Shopping hours 9 am to 9 pm Customers shop 24/7
 Pay rent and salaries Pay web hosting and data
 Shop owner carries stock Manufacturer carries the stock
 High prices because of high costs Lower prices because of low costs and risk
 Little information available about products Products are described in detail on retail websites
 Difficult to compare product and service prices Product and service prices can be compared instantly
 Limited variety in product lines Large range of products and brands available
 Reach thousands of people with advertising Access millions of people through social netwo

The “New Economy” is about knowledge and new ideas.

Knowledge and new ideas are crucial for a business to grow and survive in the “New Economy”. Therefore, the more you know and the more creative the ideas your business can generate, the better chance it will stand in this fast changing environment.

The “New Economy” is about networking

In this economy digitization enabled that we can be in touch with whomever we want, twenty four hours a day. As result, social networks such as Facebook and Linked have transposed our daily lives. And Twitter telling us in real time of an event anywhere…

Uncertainties of the “New Economy”

The validity of electronic contracts, the protection of personal details and data, and secure online payment methods are a concern for many people. Then there is the possibility of job losses and industries shutting down…

Concluding

Well, at the end of the day we’ve move on where we are now, starting the 4th industrial revolution. Have you heard lately about artificial intelligence, internet of things, big data, or augmented reality or chat bots – the list go on…

Read also: Finding Customers in the Vastness of the Internet

A Marketing Plan helps you to communicate the right content to the right audience. Also,  a well researched and written Business Plan helps to get your business started the right way.

Image: pixabay.com

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Douw G Steyn

Douw G Steyn

Management consultant, blog writer, dreamer

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