Digitalization has had an impact on our daily lives, including the economic aspect. This can be seen in the way customers shop. In the past, if we wanted to buy something, we would have to go out of the house and visit a store that provided the goods we needed. However, now we can shop from home because there are technological developments that make the payment transaction process easier.

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Meanwhile, the economic activities that we do every day in the digital era allow us to connect directly with various types of businesses and companies. It is estimated that in the future this intensity will increase. To be able to adapt, we need to prepare ourselves to face the digital economy. Let’s find out first what the digital economy is and its benefits for our daily lives!


Understanding the digital economy


The digital economy is an economic activity that stems from the transformation of the traditional economy. This transformation is supported by the development of the internet, data management, and the use of electronic devices. So, it can be concluded that the digital economy emerged due to changes in business and market models from the traditional economy.


How to implement the digital economy


Basically, the way to implement the digital economy is similar to the traditional economy. You see, both the digital economy and the traditional economy both focus on producing goods and services. However, the means used are different because there is digitization. An example is a product in the form of a book. In a traditional economy, books are sold in bookstores. However, in the digital economy, books that are sold can be obtained not only in physical form, but also in digital form. The buyers will also make payments not in cash, but through non-cash payments.


Benefits of the digital economy


Through the presence of the digital economy, the limitations of the traditional economy can be overcome. In a way, the digital economy makes things that were previously impossible to do possible. So, what are the things you can take advantage of through the digital economy? Here is the explanation!


1. Reduce expenses


If you are a business owner, then the digital economy can help you reduce expenses, both in terms of production, marketing, to delivery of goods. For example, in the past, business owners had to place advertisements in print media, which of course cost a lot of money. However, now business owners can reduce promotional costs through advertising on social media.


2. Reach more customers


A few decades ago, the business run by your parents might have only had customers not far away. However, nowadays, if you open a business, you can offer the products and services you provide to customers who live in a different city or country. Moreover, there is a Cashlez payment solution that provides various transaction options, such as QR Code and Payment Link for customers who do not come directly to the store.

[Also read: 6 Challenges of the Digital Age Business Owners Face]


3. Become more efficient


The digital economy plays an important role in making the business you run more efficient. You see, there are various technological conveniences that help you work using the system, not manually. One of them is the sales report service from Cashlez which records all transactions directly. Without the need to come to the place of business, you can monitor all sales anytime and anywhere.


The digital economy opens up new opportunities for people, including business owners, to develop. You see, in this era, the boundaries that used to be a barrier to doing business will be reduced. So, you can be more creative and innovate through the products and services that you provide.

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