The digital economy is a phenomenon that has snowballed over the past twenty-five years, as Amazon has grown from a humble one-man online bookstore operation to the world’s ninth largest company by revenue. While an extreme example, it is no exaggeration to say that the retail companies of the world are building out their digital strategies, the better to adapt to the pace of technological acceleration.
COVID-19 is Accelerating the Rise of the Digital Economy
Digital platforms are racing to offer goods and services online for their customer bases who are now, due to coronavirus restrictions, limited in what experiences they can enjoy. Firms such as Disney, that gain much of their revenue from experiences such as theme parks, theaters, and performances, are altering their long-term plans. For example, they are spinning up the activity of their digital services such as Disney+ to offer online streaming of productions that would normally be theatrical releases.
One avenue that is being explored is digital concerts. Travis Scott, a notable rap artist, performed in a digital concert using the Fortnite platform earlier this year. Attendees observed the concert in the guise of their digital avatars. Since then, digital technology companies such as Genies have advanced their avatar tech. Genies has partnered with companies like Giphy and Gucci, so that they can develop platforms to sell digital goods to their customers.
How to Take Advantage of the New Digital Economy
With technology advancing in the digital avatar space, opportunities abound for companies and brands to grab market share and sell digital products to consumers. With many people working from home part- or full-time and videoconferencing or meeting in virtual spaces, there could be options to outfit workers’ avatars with appropriate business wear, giving their avatars a digital transformation for the workplace. Just because you’re wearing sweatpants or pajamas while you work remotely doesn’t mean your avatar has to! Other opportunities to capitalize using avatar technology could include partnering with causes or political candidates to design support attire and accessories, such as hats, t-shirts, scarves, etc. Customers can then use their avatars to interact on social media or messaging apps to display their support.
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