The era of technology today is a wealth of opportunities for companies, individuals and customers on how they can amass wealth/services not only from their physical area of operation but from the entire global market that is virgin to the market niche you have to provide to the world. This has changed the eco-system on how the different players operate, compete and interact with service providers and customers.
Covid-19 brought this to our realization and forced the marketplace to make changes on how it can mutate to meet the demands of its players and on its door front was technology. With technology, companies have turned to digital tools and strategies to survive in an interconnected world. This forms the e-commerce era. In this write-up, I will explore how businesses can harness the opportunities provided by the digital era to thrive but also be sustainable.
Mindset:
Business, people and customers must change their thinking from the traditional business processes and this will unlock a wealth of opportunities as the digital era provides a marketplace of over 334 million companies and 7.9 billion people; who are potential customers, service providers and employees. If we look at this as an opportunity and gear up that we can serve them, then the sky is not the limit but rather a stepping-stone. The will to learn, and unlearn certain things is key to opening up opportunities and I believe the marketplace provided by the digital era can satisfy all businesses, the emerging ones and those that are already established.
Skillset:
How well can you go online and sell or buy something, do you have the know-how? Because if you do, then you have competitive advantages over your competitor. Thank God, that children born in 2018 can use our phones. Unknowingly they can wipe your account if the Google/ Apple pay option is active on your smartphone. As they access different games they may make payments unknowingly and to you a loss, to the child an active phone app and to the App owner, it is business (Unfortunately such payments are instant with minimum checks). Social media on the other hand, especially WhatsApp, has enabled learning and increased usage and ownership of smartphones and has bridged the digital divide gap. Now my grandmother can make and receive WhatsApp calls. This means that they have attained skills and own a digital device that allows them to access digital services. The learning curve is climbing.
Authentic:
This is where many of us go wrong; business is based on trust and the delivery of service, and products you have promised to offer. We have not yet mastered the game. Many of the international providers like the Amazons who are now penetrating our economy have done this and have earned the trust and loyalty of their customers and supplier. We must reach this level where we deliver what we promise. We have purchased things online and on delivery, you are shocked! There is a huge difference between the online Items and the actual delivered. So my appeal to those out there, you must learn provide authentic goods and services. This will give you a competitive age in a world where people have to trust you without physically meeting you.
Risk:
Risk is good and we must gather the guts to take calculated risks. Imagine paying money for an item on a computer. This comes with confidence and trust, its Tough; I did one time get a gig and I was to pay $45,000, got the money and wired it. The confirmation took 3 days (my state of mind in those 3 days you can imagine). When it came, I knew I was $5,500 rich. Thereafter my risk appetite has grown. I urge you to start small and eventually you will get there. This is not to say that there are no bad days, they are there but how you mitigate around them is a topic for another day. The digital era has opened doors but to enter those spaces, your risk weight must tip the scale to a certain degree.
Tax laws:
Today everything has a tax component and our neighbour the URA is sensitizing us on a daily but also looking for ways to collect money for the state. You no longer need to have a physical office to be a taxable person; the tax authorities have understood the ecommerce world and have imposed digital taxes regardless of your physical presence. It is therefore, important to know that the tax authority have broadened the definitions, scope of digital services, and have imposed a tax on them. Online Platforms like Facebook, WhatsApp, telegram, tiktok, influencers will be required to pay Digital Service Tax. For any type of business progress, tax is a major Player. What are you going to do about it?
Conclusion;
Businesses in the digital era must recognize the transformative power of technology and leverage it to their advantage. Embracing digitalization enables businesses to enhance connectivity, expand their global reach, and unlock new growth opportunities. By changing our mindset, improving our skills, earning trust and making positive calculated risks, businesses can thrive in the digital age. However, it is essential to remember that the digital era is a dynamic and ever-evolving landscape. To sustain success, businesses must continually adapt, innovate, and stay abreast of emerging technologies and trends. By doing so, they can remain competitive and seize the immense opportunities that the digital era presents.
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