Digitalisation is the process of converting information into digital format and using digital technology to optimise processes. Over the past few decades, the growth of digital technology has helped us communicate more effectively and created new opportunities for business and growth. It allows for more efficient systems and can help to develop existing businesses as well as establish new ones.
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With the current state of the UK’s economy, it’s important to look for ways in which the country can grow and become stronger. Recently, the UK government published its report on Digital Strategy, and how it aims to become a global science and tech superpower. In recent years, the UK has begun to foster a strong digital startup culture, leading to some huge companies. However, more can still be done to improve digitalisation and boost the country’s economy.
eCommerce
eCommerce or online shopping has become one of the main ways in which UK consumers buy goods. Currently, the eCommerce market in the UK is the third largest in the world and it’s predicted to grow by around 26% to reach a total value of £260 billion by 2025. The eCommerce market now accounts for an incredible 30% of all retail sales within the UK and this figure is increasing each year.
The ability to buy and sell online has made purchasing so much easier for consumers. In addition, it’s also made it more efficient for suppliers to order and sell products, leading to stronger businesses and faster growth. Although the looming threat of a lengthy recession and slow recovery could impact the market, eCommerce businesses are usually agile enough to be able to adapt.
The main benefit of companies that sell purely online is that they typically don’t have to deal with large overhead costs. In addition, many eCommerce sellers will use fulfilment services such as FBA to carry out the logistics for their orders, removing a lot of the work and costs involved.
Cloud Computing
According to the research, cloud computing is a key component of the technology stack that will support the UK’s digital future and is regarded by many business leaders as one of the major growth sectors for the nation. Cloud computing provides on-demand IT resources at prices that suit the consumer. These resources can include software, servers, networking and artificial intelligence.
In recent years, it’s become far more accessible thanks to better technology and faster internet speeds. There is a wide range of applications, and it can help take businesses to the next level, giving them access to resources and tools that may have otherwise been too expensive or out of reach.
Wider digital transformation in the UK continues to depend on digital infrastructures like cloud computing and high-speed connectivity. Low latency and edge technologies will play a bigger role in the development of new workflows for autonomous vehicles, smart networks, and advanced manufacturing during the coming ten years.
FinTech
Financial technology, better known as FinTech, has really taken off in the UK in recent years. Financial services apps such as Starling, Monzo and Revolut allow users to easily access their money and choose from a range of financial products. In addition, the buy now pay later services such as Klarna and Clearpay help people who don’t have access to credit cards.
This type of technology is crucial for a country that wants to grow its economy. It’s important that more people in the UK have better control of their finances, and these companies are helping to do that. The area has seen a lot of growth thanks to the regulatory sandbox that allows FinTech companies to grow before facing strong regulations. These companies have been able to grow and find new customers thanks to link building agency Europe and other services.
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