How Digital Media Changes Business

With the further development of digital media technology, text, audio, and video are intertwined with each other to create more media forms. Changes in the structure of the media industry have brought about tremendous changes in business models. Information, markets and convenient interactive media platforms all provide advertisers with huge commercial opportunities.

Internet +” and “artificial intelligence +” promote the formation of the new business model. The Internet has become ubiquitous. Digital applications and services have emerged in many areas. Internet payments, shared bicycles, and Internet banking is profoundly changing people’s lifestyles and industries. These changes also bring new job opportunities, rapid business growth as well as public concerns.

As a driving force that cannot be ignored, digital media is driving the traditional industry to accelerate the Internet process and shift from the mobile Internet to the smart era. You can find a video from TED which talks about the new digital business model:

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The New Digital Business by Richard Heaslip. Source: TEDxOxbridge

In addition, there are other FOUR major changes brought by digital media to business.

Industrial integration

The global digital economy is facing a new round of industrial revolution and has created a large number of industry development opportunities. Many converged industries are constantly emerging, providing opportunities for the large-scale outbreak of the industry.

The smart era is coming. Since the late 1990s, the Internet has begun commercialization. The digital economy has been dominated by information and Internet applications. E-commerce and search advertising have achieved rapid development.

Many industries are integrated through media technologies and use the Internet platform to achieve close cooperation between industries. For example, the application of online taxi-hailing service enables car owners to connect closely with taxi companies, and use the app’s media platform to provide convenient services to passengers. This will greatly increase work efficiency and reduce costs.

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Startup From The Bottom: Here Is How Uber Started Out. Source: Gulf Elite. Find here.

 

The emergence of  social business models

In the past few years, both the traditional media and the new media have been undergoing digital transformation, but the new trend is the transition from digital to social. So, there has been social media. David Meerman Scott, a US communications research scholar, believes that social media is an online platform where people share insights, information, homesickness, and relationships. With the rise of social networks, traditional portals have had to start opening social media.

When business and social media converge, a new concept “social business” emerges.

Social business refers to a new business model formed through social media. It often depends on social media platforms to promote their products or brands.

Human is a social animal, and in today’s society, the relationship between people is partly connected by the Internet as a link. Content on social media often affects people’s views on the brand. Users rely too much on other people’s comments on social media or recommend products for selection, which greatly expands the role of social business. In my blog A social business talent tells you the most popular marketing strategy on social media also explains for you to explain in detail the development and application of social business.

Service refinement

The digital business emphasizes personalized and customized production and services. It captures the needs of users through big data, provides precise services, and greatly improves service quality.

Data is driving service innovation. In order to gain the favor of customers, enterprises must gain insight into the needs of customers. To understand the needs of customers, we must first obtain the customer’s data, as well as accurate algorithms.

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How Big Data is Driving Technological Innovation. Source: NetworkWorld. Find here.

The customer is the “God”, the competition between enterprises is the fight that who can grasp the psychology of netizens. Who can catch the eyes of netizens, and who thus successfully achieve market share.

The customer’s mind can guess. The Internet industry has been relying on big data to “observe the user’s mind” for more than ten years. Many algorithms have matured, and some Internet products have thus obtained an excellent user experience and gained a wide user base.

With the increasing complexity of data and the increasing difficulty of users’ competition, “user insights” are also constantly undergoing innovation and development.

Market globalization

Globalization has been the main measure of cross-border merchandise trade and financial activities, and today is increasingly integrated with digitalization. E-mail, social media, e-commerce, video and other media deliver large amounts of data and information every second, in an era where digital networks are all over the world, connecting you and us, and connecting all things.

Industries in different countries around the world are connected through the media and use digital technology to achieve dialogue and cooperation that does not limit time and space.

It is worth mentioning that globalization will also give rise to the emergence of retail giants and build an intelligent delivery system. As the e-commerce business volume skyrocketed, retail giants began to consider build a logistics team.

On the one hand, the express company’s business volume tends to be saturated. On the other hand, smart technology and “Internet+” thinking also provide new ideas for future logistics development. The logistics giant’s own logistics team will further stimulate the potential of artificial intelligence and subvert the existing logistics industry.

What do you think about new digital media and business?

Let us know your opinions and thoughts in the comment section below.

 

 

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