The Impact of Increased Cell Phone Networking, usage of Smartphones and Social Media for doing Business Transactions

Abstract

India has gone through a phase of drastic, long lasting, influential changes in the area of information technology. The major factors contributing to this sea change are telecommunication networks, smart phones and user friendly apps. Such significant developments have empowered the people to decide on various choices which were not available a few years back. India also has a very young population which is entering into this digital economy. Today's time might be a significant phase in understanding how India is going to be doing business in the near future. It is a time for businesses to decide how they are going to do business in the future. Already some of the online business brand names are more famous than the traditional brand names. The Indian government's policy of digitization is also more conducive to online business transactions.
India is a developing country and because of its developing nature is set to do more internet business in the future. We are already witnessing the impact of digital transformation (DX) on some of India's businesses, during the past few years. We have been witnesses to many traditional businesses losing business or change to digital technology to survive during this information technology revolution. We should also note the growth of entrepreneurs who identified the opportunities offered by the information technology revolution and used them to establish successful businesses, which are growing at a fast rate. At this point we should also keep in mind that digital transformation (DX) is in a fluid state. Changes are inevitable and privately owned businesses are going to most probably dominate most of these transformations and compete with each other to capture their market share.
Most importantly how the penetration of cell phone networks, smart phones, the role of social media and people's empowerment is going to develop the economy. How far economic growth is going to be influenced by digital transformation (DX).