The economy as we all know relies a lot on trades, in other words, buying and selling – the focus is on the money. Is that all there is to the economy?

“Economy is also defined as: The wealth and resources of a country or region, esp. in terms of the production and consumption of goods and services” – Google definitions

I would like to suggest that there’s more to that today – in this digital economy.

What drives the digital economy?

#1: People

Erik Qualman mentioned in his book “Socialnomics” that social media is a people-driven economy that will change the way we live and do business – no longer a ‘toy’ for kids anymore.

Relationships and networks, that’s what the digital economy is all about and both cannot be bought with money alone. It takes time, effort and commitment and buying fans / followers won’t speed up the process. Think about it – gone were the days where people were influenced by well-crafted sales pitches. It’s all about real, human recommendations. That’s where comments, ‘likes’ and ‘shares’ come in and many businesses have seen (and reap) the benefits.

#2: Integration

This is an era of integration. You see the latest electronic devices being integrated with so many functions from touch screens, web browsing capabilities, cameras, GPS and even near field communication functions. In business, you see companies merging together to achieve competitive advantage and outsourcing somewhat becomes a norm unlike before where companies hire their own developers, support teams and graphic designers.

This is also true in advertising / marketing campaigns. Companies are using what I call integrated media, combining both social and conventional media for better reach, control and effectiveness. Printed ads are no longer limited to static information with QR (Quick Response) or AR (Augmented Reality) codes; customer interaction goes beyond phone and email support with the inclusion of social media tools such as Twitter and Facebook; events become more interesting with visitors literally ‘liking’ a particular product / display on the spot!

#3: Minimalists

Businesses and companies are moving towards the minimalistic approach. Today’s websites are a good indication – most websites are clutter free unlike before where they are overloaded with information. They understand that more is not necessarily better thus small businesses are also becoming more focused, from total solution providers to specialized solution providers.

Is your business ready for the digital economy? What are your thoughts on the digital economy? How will it evolve further?