Sunday April 05, 2020 |Notes

Digital economy is more than moving the traditional economy online

The world is moving to a fully digital economy. Covid-19 and the 'stay-at-home' response is pushing businesses and individuals to make that transition at the fastest-rate in our history.

In a matter of weeks, nearly every office building and school in the entire country has closed and millions are moving their education, business, and communication to digital platforms. It's not easy - and it shouldn't be approached in the manner of making a copy of the way things work in the traditional, physical world.

One of the mistakes I see being made is trying force the physical economy into the digital economy and this isn't the way to approach it. There are limitations to what can be done via technology.

  • Video chat doesn't fully capture all non-verbal/facial communication that occurs in a physical-world meeting - but it's also possible to communicate in better ways, i.e. giving people time to respond in a asynchronous manner after having time to entertain a thought.
  • Customers can't touch and feel products in the digital world, but it's possible to provide a wider selection of products and stock less inventory.

Digital creates new possibilities and should enhance - not replace - the old ways of doing things.

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