Innovation and Digital Strategies

This report explores the significance of digital platforms and economies in today's fast-paced world, with a focus on the start-up 100% natural skin care products. It discusses the benefits of digital marketing, the transformation of markets and goods, and the need for policies to reduce risks associated with digital platforms.

Innovation and digital strategies
2019

Innovation
Executive Summary
The ever-rising use of digital platforms have simultaneously allowed the rise in the digital
economy and therefore, this calls for the need to development of such policies that will allow
the users to make full use of the digital platforms The present reports sheds light on digital
economies and digital platforms with a strong emphasis on the start up named 100% natural
skin care products
2

Innovation
Contents
Introduction...........................................................................................................................................4
Insights gained from digital economies and platforms..........................................................................4
Positioning the start-up..........................................................................................................................4
Move forward on the changed scenarios................................................................................................5
Conclusion.............................................................................................................................................6
References.............................................................................................................................................7
3

Innovation
Introduction
Digital platforms have made it easier for users to communicate product related information to
their existing and potential customers (Belk, 2014). Now, with a click of a button, the product
can be highlighted over the website. Digital platforms are not just more engaging but also
cost-efficient, time-saving and hassle-free as well. It just smoothens out the whole process for
the reach of the information can be simply worldwide.
Insights gained from digital economies and platforms
Researching on digital platforms and digital economies while working for my start-up 100%
natural skin care products, I have come across the significance of the same in today’s fast
pacing world. I have learned that a platform can only be successful if it creates room for
innovation by means of encouraging individuals in developing appropriate content which
ultimately shall boost their businesses not only in the case of existing ones but also for start-
ups as well. Digital platforms are required to cope up and continue to operate efficiently
towards achieving economic growth and societal transformation as we are entering into the
Fourth Industrial Revolution. The relationships between employees, employers, and
consumers are transforming due to digital platforms. Talking about current trend it is seen
that most consumers prefer online shopping over physical shopping for any and every kind of
products may it be groceries or may it be finding a life-partner on a matrimonial website
(Belk, 2014).
Positioning the start-up
The use of digital platforms is ever rising and therefore, the markets are supposed to support
it to the extent possible. Digitalization has bought about a revolution in the current industry
scenario and I am elated that my start-up will face less trouble owing to the benefits. It has
transformed everything right from the nature of markets and goods, manufacturing and
delivery process, payment process, etc (IMF, 2018). Not just the productivity is boosted but
also the organizations are now exposed to new technologies and ideas. It has also proved out
to be cost efficient and has created room for various types of jobs. The same I noted when I
made a cost planning for my products. In my opinion, it can be said that the organizations are
now more dependent on artificial intelligence as compared to earlier. I believe that the
policymakers are responsible for creating such a business environment which will make
4

Innovation
consumers, employees, employers, and citizens as a whole to derive benefits from the ever-
evolving digital platforms (IMF, 2018). There must be an implementation of such policies
that shall reduce or eliminate the risks that are experienced by individuals while using digital
platforms. In my opinion, digital marketing is the newest version of conventional marketing
where the products are being displayed and sold online rather than door to door selling and
store selling hence this will help me startup that is 100% skin care products Customers
nowadays prefer hassle-free and less time-consuming shopping where they can simply relax
and chose the best product after drawing comparisons related to its reviews, price and other
details amongst all the available options anywhere and anytime (Bruhn, Schoenmueller &
Schafer, 2012).
Move forward on the changed scenarios
Digital marketing also helps in catering to a larger audience. In traditional marketing, it used
to take long years for brand recognition and its positioning in the market while in today’s
digital market where there are unlimited resources available to create awareness of the
product, it has become a lot easier to create a brand name and get it established in the market.
Digital marketing has undoubtedly been a blessing in disguise for most of the individuals
who opted or are opting for start-ups (Rachel, 2011). As per my learning, I have seen that not
only digital marketing has simplified the determination of ROI for project start-ups but has
even allowed me to plan budgets for marketing campaigns so as to regulate the conversion
rate that will ultimately boost their sales and profits. Well, I believe that in order to derive
better benefits which will further assist in catering more customers, companies must
encourage and opt for digital marketing now. This will also help the organizations in deriving
benefits from sharing infrastructure and standardized web technologies which will make it
easier for the employees and business partners to find and share business information from
anywhere and at any time (Keneddy, 2015).
5

Innovation
Conclusion
With the ever rise in demand for digital platforms there must also be reliable online shopping
stores so that the risk of deception that is at present faced by the customers is minimized or
just eliminated. Software as a Service (SaaS) or Platform as a Service (PaaS) are few
examples of cost-efficient cloud technology-based Software that offers standardized form
finance, HR, back-office functions and other tasks such as web hosting and storage. In my
opinion, to derive maximum benefits from these utility models one must raise their
performance standards.
6

Innovation
References
Belk, R. (2014). You are what you can access: Sharing and collaborative consumption online.
Journal of Business research. DOI: 10.1016/j.jbusres.2013.10.001
Bruhn, M., Schoenmueller, V. & Schafer, D. B. (2012) Are social media replacing traditional
media in terms of brand equity creation?. Management Research Review, 35(9), pp. 770-790.
Available from: https://doi.org/10.1108/01409171211255948 [Accessed 27 May 2019]
IMF. (2018) The Long and Short of The Digital Revolution. Available from:
https://www.imf.org/external/pubs/ft/fandd/2018/06/impact-of-digital-technology-on-
economic-growth/muhleisen.htm [Accessed 27 May 2019]
Keneddy, J. (2015) Conceptual boundaries of Sharing. Information, communication and
society. 19(4), 461-471 Available from: ttps://doi.org/10.1080/1369118X.2015.1046894
[Accessed 27 May 2019]
Rachel, B. (2011) What's mine is yours : how collaborative consumption is changing the way
we live. London. Collins.
7