How digital experiences are fueling the new digital economy
This article was written by Ken Fine, CEO of Heap
“The digital economy” and “the economy” may not yet be synonymous, but that gap is quickly closing. A recent analysis predicted that digital and digital-transformed businesses would account for $53.3 trillion, roughly half the United States’ Gross Domestic Product, by 2023. And, because these projections don’t account for free goods and services in the digital economy, some economists believe that the given estimates are likely too conservative.
For businesses in the digital economy, the biggest byproduct of moving everything on-screen and online was that consumers increasingly expect their needs to be met through digital experiences. The average consumer has now internalized Amazon-style one-click convenience as their baseline. Disappoint them and they’ll take their business elsewhere, “walking” to the next business with a few screen taps or keystrokes. A sticking point that slowed down a transaction yesterday is likely to cancel that transaction today. When a check can’t be deposited via a credit union’s phone app, when a local restaurant’s website doesn’t load, when a digital storefront is not integrated with familiar payment processors — customers simply leave. And odds are they won’t return to give the platform a second chance.
Read the full post at VentureBeat
