In this dynamic world where countries are computing one another to come up with problem solving research and innovation, if you are not capable of beating that contest, the lonely option you have is to be recipient of technologies. As these technologies are a means of modernizing people’s way of living and bringing the ease of doing business, it is a must to have all at hand.
This era of technology helps to get any sort of information in a speed of light using digital technologies. The people residing in one bend of the world can exchange ideas, views and feeling with others residing in other places. In short, the gaps we were seen in previous centuries are now becoming a history of our planet.
By and large, the digital era makes the world a narrow village that visualizes what is happening in other parts of the world as we seemed to be physically present there. Using the advanced technologies, the players of international businesses can accelerate trade exchanges. This type of market system is called the digital marketing.
It is the promotion and marketing of goods and services to consumers through digital channels and electronic technologies. These digital channels can include the internet, mobile devices, social media platforms, webinars, search engines, online customer communities and other digital platforms.
Digital marketing also includes a range of approaches and tactics to reach and persuade the target audience through digital media, including email marketing, social media marketing, search engine optimization, content marketing and online advertising.
The goal of digital marketing is to improve brand awareness, generate leads, increase website traffic and, ultimately, drive sales and business growth. The process can involve digital marketing tactics similar to traditional marketing. Organizations can combine both traditional and digital marketing techniques as a strategy.
In this globalized era, a nation is alienated from others, would not be effective be it in political, social and economic spheres. Hence, apart from understanding how the world countries are interacting one another, applying various advanced technologies is what the era demands from us. Likewise, Digital marketing in Ethiopia is a rapidly growing field, as more and more businesses are realizing the potential of the internet to reach customers and accelerate businesses.
In order to maintain economic fracture and accelerate the ongoing Ethiopia’s growth, it is quite imperative to improve digital economy and expand industry revolution.
So as to make the market stable and control the ever mounting inflation and price hike, there is no better option than advancing the digital market.
Apart from improving the finance system, the digital economy helps citizens to transacting their money from one account to the other accounts and strengthening business engagement so as to create more jobs.
Digitalizing the finance system is one of the ways that helps to recover the economy. For this reason, encouraging potential businesses to engage in this area is quite critical.
Recognizing the low level of awareness of the society towards the application of digital finance system is an off-putting challenge; intellectuals and the media should discharge their share to create a well informed society and reverse the situation observed now and then.
As we are not producing product that meet the desired quality and standard, products that we are now observing are imported ones. And this is greatly contributing to economic crack.
Members of Ethiopian Economic Association who are also participating in the world economic exhibitions should also take a responsibility of attracting foreign investors and improve the digital economy.
Digital system is one of the immense options that the 21st century brought to the world. Accordingly, the digital finance is the best option of the day that helps the revival of the country’s economy. Countries in the world are now engaged in the digital system. For Ethiopia to be fully involved in the system, fundamental policy changes are highly needed.
Digital financial system is also optional instrument to minimize, avoid erroneous working system and attract investments.
Parallel to implementing digital finance system, producing standard goods that arouse the interest of local buyers is also critical. The developed countries gave priority for their local products. In order to prop up the present economic performance of the country, the government needs to interfere in the market regulating the market and strengthening the digital system.
Apart from upgrading the digital system, improving the service provides in the government institutions and modernizing the working system is also significant.
BY GIRMACHEW GASHAW
THE ETHIOPIAN HERALD TUESDAY 16 JANUARY 2024
