One of the great benefits of digital transformation is the availability of data. With the help of access to data and data analysis, companies gain better knowledge about their customers and their consumption patterns, how internal processes can be streamlined, how unnecessary expenses can be avoided and how new business models should be developed. Access to data and data analysis is one of the foundations for digital success.
The most important pillars for swedish trade is to promote data-driven business development to include:
Balanced privacy protection
Too often, data useage and data analysis are placed in opposition to personal integrity. However, these parts can be combined and protected at the same time.
Much of the data collected and analyzed comes from individuals’ behaviors in various digital channels. If this is not handled responsibly, there may be risks to personal integrity. On the other hand, access to data assumes trust from the person who shares their data. This creates a dynamic where responsible companies have a vested interest in managing data in a way that creates trust with their customers.
The automatic collection of data that is done using various techniques of a visitor’s actions on a website is essential and enables optimization of the website’s function and user-friendliness. Without access to data and the ability to collect and store data from websites, the user experience would be much worse.
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Functional competition
The impact of digital transformation and globalization on trade basically entails a social development that should be welcomed and an evolution of the industry that is both positive and irreversible. In many cases, the new business models in the digital economy – such as platforms – contribute innovation and creativity while driving growth and increasing competition. The main reason why many of the new digital business models are successful is that they bring benefits to both consumers and companies. Trading companies benefit from the new digital tools in many different ways, for example through opportunities to effectively reach new customers, reduce costs, develop their business models or to cost-effectively expand into new markets.
In summary, it is therefore significant that trading companies continue to develop towards the digital direction. Partly to be able to retain customers, but also to strengthen its position in today’s competitive market.
The impact of digitalisation and globalization on trade basically entails a societal development that should be welcomed and an evolution of the industry that is both positive and irreversible. In many cases, the new business models in the digital economy – such as platforms – contribute innovation and creativity while driving growth and increasing competition. The main reason why many of the new digital business models are successful is that they bring benefits to both consumers and companies. Trading companies benefit from the new digital tools in many different ways, for example through opportunities to effectively reach new customers, reduce costs, develop their business models or to cost-effectively expand into new markets.
In summary, it is therefore significant that trading companies continue to develop towards the digital direction. Partly to be able to retain customers, but also to strengthen its position in today’s competitive market.
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