What is Digital Economy
Digital Economy refers to an economy that is based on digital computing technologies, particularly conducting business through markets based on the internet and the World Wide Web. The Digital Economy is also referred as the Internet Economy, New Economy, or Web Economy.
The development of digital economy is in tandem with its applications such as Big Data Analytics (BDA), cloud computing, mobile apps and Internet of Things (IoT), which may raise demand for new skills that can support this new business methods.
Malaysia’s First Unicorn?
To build a vibrant digital economy for Malaysia, government has created an e-commerce platform to capitalize on the myriad opportunities provided by new technologies of BDA and IoT. Based on Penjana, the eligible Micro, Small and Medium-Sized Enterprises (MSMEs) will be on-boarded onto e-commerce to shift towards business digitalisation. Participating e-commerce platforms will support MSMEs in on-boarding training, seller subsidy and sales support.
Towards, all these initiatives, Malaysian local business should grab the opportunities and upgrade their new skills to be the first “Malaysia’s Unicorns” in e-commerce business, which in line with international e-commerce platform like LAZADA, ZALORA, GRAB, GO-JEK and BUKALAPAK.
The role of Big Data?
With Malaysia's population estimated at 32.7 million, big data plays an important role in delivering efficient services to the people. Big data create an awareness to use data wisely while ensuring data secrecy. This could enhance Malaysia’s digital economy as digital data is one of the core elements of value creation in the digital economy.
Together with big data, Malaysia’s digital economy will be in line with current global technology for the country’s economic growth.
Digital Economy during COVID-19
During the pandemic of COVID-19, most of the businesses have turned to online digital platforms for their activities as an immediate action to stabilize the business. For instance, in terms of education, working site, shopping, entertainment and health care, customers are shifting persistently into e-commerce buying to fulfill their needs.
COVID-19 has brought an enormous impact globally, particularly in the expand of digital economy activities. Together with big data, it contributes to the changes in making decisions and business transactions. The use of big data and technological availability will be led to innovation growth, improvement to quality of delivery and added value for industries.
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