International Journal of Trend in Scientific Research and Development (IJTSRD)

Volume 4 Issue 6, September-October 2020 Available Online: www.ijtsrd.com e-ISSN: 2456 – 6470

Digital Business
A. Karthik, M. Karthikeyan, P. H. Gopikannan
Student, Sri Krishna Adithya College of Arts and Science, Kovaipudur, Tamil Nadu, India

ABSTRACT How to cite this paper: A. Karthik | M.

The linking of computers around the world is going to have far reaching Karthikeyan | P. H. Gopikannan "Digital
effects, and the spread of knowledge, the interchange of ideas and the Business" Published
dissemination of information are going to produce a revolution in our society. in International
Digital business use technology to create new value in business models, Journal of Trend in
customer experiences and the internal capabilities that support its core Scientific Research
operations. The term includes both digital-only brands and traditional players and Development
that are transforming their businesses with digital technologies. the more (ijtsrd), ISSN: 2456-
important benefits derived from developing a digital business include the 6470, Volume-4 | IJTSRD33644
ability of your organization to rapidly develop and move into new markets; Issue-6, October
uncover and form partnerships; reach new customers and expand your brand 2020, pp.1213-1215, URL:
with new and existing customers as an innovator, among many others. Digital www.ijtsrd.com/papers/ijtsrd33644.pdf
business is about the creation of new business designs by blurring the physical
and digital world. It is about the interaction and negotiations between, Copyright © 2020 by author(s) and
business, and things. International Journal of Trend in Scientific
Research and Development Journal. This
KEYWORDS: Digital marketing, Affiliate marketing, Socialmedia marketing is an Open Access article distributed
under the terms of
the Creative
Commons Attribution
License (CC BY 4.0)
(http://creativecommons.org/licenses/by/4.0)

1. INTRODUCTION
Digital business models are disrupting 50-year old business. Explore new business models that put customer
companies in telecommunications, transportation, experience at the center of digital strategy. People are often
advertising, e-commerce, automotive, insurance and many willing to spend more for an exceptional customer
other industries. This course will explore the business experience, making it a key differentiator in the digital
models of software disruptors of the west such as Apple, economy. Business models that align with this hyper focus
Google, Facebook and Amazon, and the east such as Xiaomi on customer satisfaction will eventually center on digital
and weChat. The class uses a structured framework for services, since digital is increasingly the experience that
analysing business models with numerous examples so that people prefer. It may be helpful for companies to review
students can apply it to their own business or case study. common elements of digital business and compare them
Digital business is the creation of new business designs that against their own business models. These are some of the
not only connect people and businesses but also connect trends that differentiate digital from traditional processes.
people and businesses with things to drive revenue and
efficiency. Digital business helps to eliminate barriers that 3. Digital business and its steps:
now exist among industry segments while creating new Digital business model ideas typically have higher scaling
value chains and business opportunities that traditional potential and a broader range of payment models that are
businesses cannot offer. accepted by customers. However, for companies that do not
consider IT as their core competence, highly digitalized
2. History of digital business: solutions are often associated with additional organizational
Digital Business was founded in 1996 to help small challenges: different development processes and invoicing
businesses in Toronto, Brampton and Vaughan get the most schemes as well as a change in service provision, since the
out of their technology. Over the years we've helped many focus is often on the delivery of digital services instead of
organizations relieve their technology worries so that they product sales. This requires the acceptance of longer
can concentrate on growing their businesses and realizing implementation periods, an increased willingness for change
their goals. Digital business is what combines traditional in top management and, in addition, often an adjustment of
business models with the digital world. Differently to e the corporate culture and employee capabilities.
Business, Digital has an ecosystem, where we connect all
parties, by using technology. Uber cements its place as a Step 1: Problem/Solution-Fit:
digital business because it is, at its core, a platform that Of the nine sections on the BMC, the most critical is initially
connects people and drivers at a massive scale through the your customer segment and value proposition. Therefore, if
internet, while creating an experience that improves on what you can identify the people with the problem you are looking
was previously available to people. Netflix is a good example to solve, as well as the solution to their problem, then you
of a company that switched from e-business to digital have identified the Problem-Solution Fit.

@ IJTSRD | Unique Paper ID – IJTSRD33644 | Volume – 4 | Issue – 6 | September-October 2020 Page 1213
 International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
Step 2: Product/Market-Fit: The need of maintenance is based on the actual or imminent
Achieving product market fit is an essential step for any fail. Ideally, maintenance is carried out to keep equipment
company that is interested in growth hacking and scaling and systems running efficiently during at least its usual life
exponentially. Product market fit (PMF) has evolved as a cycle. As such, practical functioning of equipment is a
concept over time. Moreover, PMF requirements increase as function based on time. The study further revealed that
a business matures. Here is a schematic that my team uses to employment downsizing, financial crisis, lack of experience
assess PMF prior to investment and among our portfolio and training, technological changes, racism, gender and lack
companies. of education were the major causes of job insecurity in the
construction industry.
Step 3: Willingness to Pay:
This third step is about deep diving into the revenue model. 6. Digital business strategy:
Many companies find it very difficult to not check the Digital business strategy focuses on using technology to
willingness of customers to pay until this step, as this is the improve business performance, whether that means creating
crucial aspect from their point of view. Ultimately, however, new products or reimagining current processes. It specifies
the direct interest of the customer, which is checked in the the direction an organization will take to create new
previous phases, is the most concrete indication to this point competitive advantages with technology, as well as the
that a profitable business model can be developed. These are tactics it will use to achieve these changes.
the main three steps in digital business. Increased Market Share,
Better Customer Interaction Through Web & Mobile
4. Advantages of digital business: Channels,
A “digital presence” simply refers to how your business Higher Revenues For Your Business.
appears onlineit's what people find when they search for
your business or company on the internet. Digital presence A higher market share usually means greater sales, lesser
includes content that you control, like your website and effort to sell more and a strong barrier to entry for other
social media profiles, but also content that you don't control, competitors. A higher market share also means that if the
such as online In order to make a decision, one must have a market expands, the leader gains more than the others. To
choice between two or more options. increase market share means increasing the effort you put
Digital presence. into sales as a business, and using new or additional
New contact channels with customers. strategies to help you get there. Market share is the percent
The customer at the heart of the Universe. of total sales in an industry generated by a particular
Better decision-making. company. Simply put, market share is calculated by taking
It improves efficiency and productivity. the company’s sales over a certain period of time, and
It encourages innovation. dividing it by the total sales of the industry over that same
It makes communication and teamwork easier. period. Customer interactions are the lifeblood of your
It improves working conditions. business because they humanize your brand. When
customers feel they’re engaging with a person rather than a
Working conditions covers areas such as space, temperature, faceless corporation, they enter an emotional relationship
lighting, ventilation, humidity and welfare facilities, with your brand that fosters a strong sense of loyalty. As a
including access to drinking water. Working conditions result, finding ways to interact with customers on an
covers areas such as welfare facilities, ventilation, emotional level is what allows you to build a vibrant and
cleanliness, space, lighting and temperature. As such, leaders growing community. With over two billion monthly active
can do several things to encourage clear team users, Facebook is a necessary communication channel for
communication: Work out loud to set the tone for open brand. Through organizational tools such as groups and
communication and transparency. Encourage, and take part pages, Facebook makes it easy to gather large groups of like-
in, debate and honest feedback on team projects. Respect minded customers and form a community. Building this
feedback and new ideas, even if they're in contrast to their community allows you to quickly and effectively share
own opinion. important information with your customers about what’s
going on with your brand, but also allows its members to
5. Disadvantages of digital business: interact with each other and discuss your products. Rewards
So, it is a natural thing for man to become dependent on programs are an amazing way of interacting with your
technology. The usage of technology has also increased the customers online because they allow you to build emotional
level of crimes and criminals. Its improper use or misuse connections with customers on the basis of reciprocal
makes mankind fearful and increases the suffering of relationships. When a customer is rewarded for an action,
mankind. But security issues and privacy issues are entirely they feel obliged to reciprocate that generosity with their
two different beasts. A security issue occurs when a hacker loyalty. This means that interactions with customers aren’t
gains unauthorized access to a site's protected coding or limited to one purchase — instead, more customers see the
written language. Privacy issues, those involving the value in continuing to interact with your business and stay
unwarranted access of private information, don't necessarily engaged over a longer period of time.
have to involve security breaches.
Dependability on technology. There are only four ways to increase your revenue:
Security, privacy issues. Increase the number of customers.
Maintenance costs due to a constantly evolving Increase the average transaction size.
environment. Increase the frequency of transactions per customer.
Higher transparency of pricing and increased price Raise your prices.
competition.
Worldwide competition through globalisation.

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 International Journal of Trend in Scientific Research and Development (IJTSRD) @ www.ijtsrd.com eISSN: 2456-6470
Average transaction size is calculated by dividing total sales might raise prices simply because its supplier raised prices
for a given period by the total number of transactions for on materials or finished goods.Raising prices is more
that same period. In other words, the metric is the average effective than selling more products. In other words, quality
amount your customer spends on merchandise on a is better than quantity. As your business's increases in costs
shopping trip.One of the most basic reasons companies raise are not the same as the increases in price, most of the
prices on their products and services is to adjust to revenue you get from increasing prices goes to increasing
increased business costs. A product reseller, for instance, profits.

7. Conclusion: advantage of digital marketing.The research and practice of

Now that we’re at the close of our journey to mastering digital business is improving with the advancement of
digital business, I hope that the discussion of disruptive technology. The advancement in technology fosters
technologies, platform business models, digital services multifaceted opportunities and at the same time poses
mastery and innovation management approaches has helped unprecedented challenges for the marketers. Marketers
to shed some light into the practices of today’s digital make use of Digital Portfolio as a platform to promote a
business leaders and provide a glimpse of what’s to come in professional brand by defining the product in a manner that
the future, along with some strategic considerations, adds credibility.
techniques and approaches that you can apply within your
own initiatives conclusion of digital business has now 8. Reference links
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it, consumers and marketers must know the advantage and
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benefits and harmful sides, then you won’t get the full business

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