Monday March 30, 2020 |Notes

Digital economy is *not* an online copy of traditional economy

On my daily bike rides recently, I've spent a lot of time considering how the small businesses around me will be affected. Unfortunately most will not survive - unless they find a way to set themselves apart. There simply isn't a need for the fiftieth-best eyeglass retailer when consumers have nearly unlimited choices to great brands at every price level.

The digital economy is not a matter of simply moving traditional economy online. It's not simply building a website for every physical business and merely making a copy of the world online.

Within the digital economy, the rules are different. Overhead rent costs are lower, space constraints are minimal, foot traffic doesn't exist, fulfillment is integral, trust must be developed, etc. When the rules change, business structures and models must adapt as well.

A successful business in the digital economy wins by leveraging technology to complement great products/services. It creates something new & unlike competitors and earns attention by filling a specific need and providing a great experience for customers & clients.

The biggest shift from the old economy is the that there's no room for "common" businesses. Be uncommon & leverage technology for success.

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