DIGITAL ECONOMY

Digital Economy is defined as "An economy that is based on electronic commerce, e.g., trade on the Internet. (glossaryofmarketing.com, 2011)

Digital technologies are transforming business, organizations, & society. E.g." The RCUK Digital economy programme is supporting research to understand how the novel design & use of digital technologies can contribute to an innovative, healthy economy & inclusive society. The RCUK organization is also researching on the hospital of the future, digital schools, & parks etc." (rcukdigitaleconomy.org.uk, 2011)

So far, digital economy is a useful process in which people are buying & selling online which is also known as E-Commerce or Electronic Commerce. E commerce is a benefited business process through which people can not only buy or sell through internet in the country where they are living but they can also do business all over the world where this technology is available for the growth of Digital Economy. The new generation is a bit lazy & they want their needs to be fulfilled with ease or sitting at home. E – Commerce is helping the new era & also growing the economy.

With growing population and resource mobilization, digital economy is not limited to business trading & services, this phenomenon is providing the services to government, hospitals, schools, and many other small or big organizations.

OLD ECONOMY VS NEW ECONOMY
1. Old economy requires control but the new economy requires Collaboration.
2. Old economy is/was predictive but the new Economy is more experimental.
3. Clear boundaries & definition were the main aspects of old economy, where shifting borders & consensus meaning are aspects of New Economy.
4. Value is measureable in Old Economy but the value is emergent in New economy.
5. Another factor is that the Old Economy is assembly line focused while the New Economy is community focused.
(wistechnology.com, 2011)

Example

An example of online trading is Dell organization, they are selling their hardware through E-Commerce and dell organization is also a virtual organization because they are doing business online. Dell Corp. gives discount if an individual or organizations do business online. It is giving an ease to this era, which is efficient, eligible, & faster way to buy the products online. Another benefit of doing business with dell.com online is that there is no problem for the buyers to deal with the retailers or other problems like before.


REFERENCES
Available at http://www.glossaryofmarketing.com/definition/digital-economy.html

Available at http://www.rcukdigitaleconomy.org.uk/home/what-is-digital-economy.html

Available at http://wistechnology.com/articles/557/