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nd digital commerce that are not seen as a part of the ict sector broader definitions also include industrial digitalization i e the production quantity and efficiency improvement brought about by the application of digital technology in traditional industries as an important extension of the digital economy into the wider societal economy 24 examples of industrial digitalization in traditional sectors include remote sensing automated farming equipment gps route optimization etc however few studies include industrial digitalization in the digital economy information technology edit the information technology it sector of the u s now makes up about 8 2 of the country s gdp and accounts for twice its share of the gdp as compared to the last decade 45 of spending on business equipment are investments in it products and services which is why companies such as intel microsoft and dell have grown from 12 million in 1987 to more than half a billion in 1997 26 the widespread adoption of ict combined with the rapid decline in price and increase in the performance of these technologies has contributed to the development of new activities in the private and public sectors these new technologies provide market reach lower costs and new opportunities for products and services that were not needed before this changes the way multinational enterprises mne and startups design their business models 27 digital platforms edit a digital platform operator is an entity or person offering an online communication service to the public based on computer algorithms used to classify content goods or services offered online or the connection of several parties for the sale of goods the provision of a service or the exchange or sharing of content goods and services 28 most of the largest digital platform companies are located in either the united states or china 8 digital adoption and share of population with high digital skills digital trade edit in the u s in the 1990s the clinton administration proposed the framework for global electronic commerce it contained the promotion of five principles used to guide the u s government s actions towards electronic commerce so that the digital economy s growth potential remains high these five principles include the leadership of the private sector the government avoiding undue restrictions on e commerce limited government involvement the government s recognition of the internet s unique qualities and the facilitation of e commerce on a global basis 26 governments have primarily restricted digital trade through three means 8 data flow restrictions regulations that require that companies store data e g personal information business records financial data government data in a particular country or go through a process before transferring the data abroad for example the eu s gdpr law only permits transfers of data on eu individuals to countries that have implemented certain data privacy safeguards and been certified by the eu data localization requirements regulations that require that data be stored on servers within a country digital services taxes taxes on revenues from the sale of digital services or goods e g online sales digital advertising e commerce data streaming by 2022 29 countries had digital service taxes gig economy edit gig work is labor that consists of temporary and flexible jobs usually done over delivery apps and rideshare services such as grubhub uber lyft and uber eats it can be desirable to those who want more flexibility in their schedule and can allow workers to make additional income outside of their traditional jobs most gig work supplements workers traditional jobs the full size of the gig economy and number of workers is not yet known katz and krueger estimated that only 0 5 of gig workers make most of their income off of platforms like uber lyft grubhub and doordash 29 since these workers are considered independent contractors these companies are not responsible for giving its workers benefits packages like it would for regular full time employees this has resulted in the formation of unions between gig and platform workers and various reforms within the industry blockchain and tokenized equity sharing gig economy platforms or applications are being developed to accelerate the gig economy as a full fledged digital economy contributor using new technologies impact on retail edit the digital economy has had a substantial impact on retail sales of consumer product goods one effect has been the fast proliferation of retailers with no physical presence such as ebay or amazon 30 additionally traditional retailers such as walmart and macy s and gap have restructured their businesses to adapt to a digital economy 31 some retailers like forever 21 have declared bankruptcy as a result of their failure to anticipate and adapt to a digital economy 32 others such as bebe stores have worked with outside vendors to completely convert their business one that is exclusively digital 33 these vendors such as ibm and microsoft have 34 enabled smaller retailers to compete with large multi national established brands 35 key features edit mobility edit mobility of intangibles edit both development and exploitation of intangible assets are key features of the digital economy this investment in and development of intangibles such as software is a core contributor to value creation and economic growth for companies in the digital economy 27 in early 2000 companies started substantially increasing the amount of capital allocated to intangibles such as branding design and technology rather than in hardware machinery or property 36 mobility of business functions edit advancements in information and communication technologies ict have significantly reduced the cost associated with the organization and coordination of complex activities over a long period some businesses are increasingly able to manage their global operations on an integrated basis from a central location separate geographically from the locations in which the operations are carried out and where their suppliers or customers are consequently it has allowed businesses to expand access to remote markets and provide goods and services across borders 27 reliance on data edit the digital economy relies on personal data collection in 1995 the data protection directive directive 95 46 ce art 2 defined data as any information relating to a natural person who can be identified by reference to his identification number or to information which is specific to him at that time this regulation emerged in response to the need to integrate the european market by adopting common european data protection standards the eu was able to harmonize conflicting national laws that were emerging as a trade barrier inhibiting commerce in europe 37 for this reason gdpr and its predecessor were viewed as internal market instruments facilitating the creation of a digital single market by allowing an unhindered flow of data within the entire common market 38 due to its ability to bridge the information asymmetry between supply and demand data now has an economic value when platforms compile personal data they gather preferences and interests which allow companies to exert a targeted action on the consumer through advertising algorithms classify reference and prioritize the preferences of individuals to better predict their behavior 39 via free access to platforms in exchange for the collection of personal data they make the content non rival thus the intangibility of content tends to give a collective natural aspect to this information accessible to everyone to benefit public good by creating a digital public space 39 the mckinsey global institute report 2014 notes five broad ways in which leveraging big data can create value for businesses creating transparency by making data more easily accessible to stakeholders with the capacity to use the data managing performance by enabling experimentation to analyze variability in performance and understand its root causes segmenting populations to customize products and services improve decision making by replacing or supporting human decision making with automated algorithms improve the development of new business models products and services 40 in 2011 the boston consulting group estimated that personal data collected in europe was worth 315 billion euros 41 network effect edit the network effect occurs when the value of a product or service to the user increases exponentially with the number of other users using the same product or service in servicer as carrier for instance whatsapp as snapchat wechat provided a free communication platform with friends and contacts the utility to use it relies on the fact that a substantial part of or friends and colleagues are already users 42 multi sided market edit the digital market can be labeled a multi sided market the notion developed by french nobel prize laureate jean tirole is based on the idea that platforms are two sided this can explain why some platforms can offer free content with customers on one side and the software developers or advertisers on the other on a market where multiple groups of persons interact through platforms as intermediaries the decisions of each group affect the outcome of the other group of persons through a positive or negative externality 43 when the users spend time on a page or click on links this creates a positive externality for the advertiser displaying a banner there the digital multinational enterprises mnes do not collect revenue from the user side but from the advertiser side thanks to the sale of online advertisement 41 response edit given its expected broad impact traditional firms are actively assessing how to respond to the changes brought about by the digital economy 44 45 46 for corporations the timing of their response is of the essence 47 banks are trying to innovate and use digital tools to improve their traditional business 48 governments are investing in infrastructure in 2013 the australian national broadband network for instance aimed to provide a 1 gb second download speed fiber based broadband to 93 of the population over ten years 49 digital infrastructure is essential for leveraging investment in digital transformation according to a survey conducted in 2021 16 of eu enterprises regard access to digital infrastructure to be a substantial barrier to investment 50 51 52 some traditional companies have tried to respond to the regulatory challenge imposed by the digital economy including through tax evasion due to the immaterial nature of digital activities these digital multinational enterprises mnes are extremely mobile which allows them to optimize tax evasion they can carry out high volumes of sales from a tax jurisdiction concretely governments face mne fiscal optimization from companies locating their activity in the countries where tax is the lowest on the other hand companies can undergo double taxation for the same activity or be confronted with legal and tax vagueness the conseil national du numérique concluded that the shortfall in corporate tax gain for apple google amazon and facebook was worth approximately 500 million euros in 2012 41 firms that invested to become more digital as a response to covid 19 by country 50 according to 55 of businesses surveyed in the european investment bank s investment survey in 2021 the covid 19 pandemic has increased the demand for digitalization 46 of businesses report that they have grown more digital 53 54 34 of enterprises that do not yet utilise advanced digital technology saw the covid 19 crisis as a chance to focus on digitisation 53 firms that have incorporated innovative digital technology are more positive about their industry s and the overall economic condition in the recovery from the covid 19 pandemic 50 55 56 there is however a discrepancy between businesses in more developed locations and less developed regions 57 58 businesses in poorer regions are more concerned about the pandemic s consequences companies in affected areas anticipate long term effects on their supply chain from the outbreak a bigger proportion of businesses anticipate permanent employment losses as a result of the digitalization transformation brought on by covid 19 59 60 during the pandemic 53 of enterprises in the european union that had previously implemented advanced digital technology invested more to become more digital 34 of non digital eu organizations viewed the crisis as a chance to begin investing in their digital transformation 50 61 38 of firms reported in a survey that they focused on basic digital technologies while 22 focused on advanced technologies such as robotics ai 62 organizations that invested in both advanced and basic digital technologies were found most likely to outperform during the pandemic 50 63 after the covid 19 outbreak the number of non digital enterprises that downsized was also greater than the share of non digital firms that had positive job growth non digital companies had a negative net employment balance 64 small and medium sized businesses are falling behind big and medium sized businesses only 30 of microenterprises in the european union claimed to have taken action to advance digitalization in 2022 compared to 63 of major businesses 65 66 in comparison to 71 in the united states the proportion of eu enterprises employing advanced digital technology increased from 2021 to 2022 reaching 69 65 66 one in two american businesses surveyed and 42 of european businesses increased their investments in digitalization in response to the pandemic in 2022 67 68 in europe 31 of people work for companies that are non digital compared to 22 of people in the united states this is also due to the fact that the european union has many more small businesses than the united states smaller businesses are less digital which has repercussions for the employees they hire non digital enterprises tend to pay lower wages and are less likely to create new employment they have also been less inclined to train their employees throughout the pandemic 50 69 enterprises in the eu have lower adoption rates for the internet of things than firms in the us the variations in adoption rates between the european union and the united states are driven by the lower use of technologies connected to the internet of things 50 70 71 72 in eastern and central europe manufacturing enterprises were the most likely to have implemented various digital technologies 47 during and after the covid 19 pandemic while construction firms were the least likely 14 large enterprises 49 versus 27 were more likely than smes to employ various technologies at the same time enterprises in these regions excel at robotics 49 the internet of things 42 and platform implementation 38 73 a cashless society describes an economic state in which transactions no longer use physical currency such as banknotes and coins as the medi...
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