Market means the place where we buy or sell things. Whenever we heard about the word “Market”, our mind fills up with the visuals of Fruit or Vegetable market, Grocery stores, Cloth Market etc. Although it’s natural and relevant according to our gained teachings but with the fast paced evolving world, every term especially financial terms have evolved. Now it’s the time to update our knowledge with modern understandings to evolve with the speed of modern age. Before this evolutionary age called “Modern Age”, there was only one concept about the Market which I have discussed before, but with the Evolution of Money and the presence of different Financial Markets we will categorize it into two different Types;
Physical Markets
The older markets are generally called Physical Markets. Because, In old times we have to go somewhere in order to trade (buy or sell) something. For example, you have to create a Grocery Store to sell things, a Landa Bazar to sell used things like clothes, Mobile phones etc. But the main drawback of this kind of market is that you have to present at some particular place and time in order to make some profit. You cannot make some penny when you want, rather you have to follow some rules for some particular place.
Digital Markets
Unlike Physical Markets, Digital Marketplaces provide touch-to-trade opportunity to traders (buyers or sellers). A trader just have to go through some verification processes on internet and after it they can trade easily from their comfort zone. For example, you just have to go through some account creation and verification processes on “Amazon”, “Alibaba”, “Daraz” etc. digital marketplaces to buy or sell something.
Now, we will discuss each and every aspect of benefits of Digital markets over Physical markets. In this modern age where it looks impossible to convince old People to understand this Digital Market Era, we will explain it to you in easy way.
Benefits of Digital over Physical Markets:
1)Independency – a way to Financial freedom & Place
Whenever we talk about the digital world, a specific term “Financial freedom” fills up our mind. Digital markets give you a chance to become your own boss. You can run your business anywhere, anytime – without the pressure of a physical shop or a 9 to 5 job. That means a free way to earn money and free life!
2)24/7 System – a dream into reality
Physical markets require specific hours to work and it also can lead to holidays due to some reasonable conditions. But the digital market never shuts down. Your business runs 24 hours and 7 days (all the time) and the customer can shop at any time – just like a dream!
3)Global Reach – a better step toward customers
Unlike limitations to some place and customers for some region, Digital markets play better. Because of the Internet, your product is not just limited to one city or country, it reaches to the whole world. That means a person sitting in South Africa can also serve a customer in America.
4)Real Time Access – Data driven strategy
To bring more customers to a product and to maintain the supply of the Product you need discrete set of data from customers. So, the digital market gives you real-time data – who viewed the product, how much time it took, which page they visited. With these figures, you can make your strategy better and sell more.
5)AI Integration – Things speak itself
One of the latest and modern tool or innovation of this Digital Era is Artificial Intelligence. You just need some informative commands to keep your work done. AI tools make your businesses smarter. Chatbots, AI Agents, personalized recommendations, and smart emails work automatically — at your behalf!
6)Theft Proof – Say NO to Thieves
It’s very common that if we land a shop somewhere there is a risk of theft, but in the digital market everything is encrypted (protected) and secure. Digital payments and login systems make the data completely secure. There are 99.9% chances that you will not lose your data if you know Digital Safety Measures better and applied it correctly.
7)Absent Mode – a way to passive income
It’s necessary to be present at some particular place to do your work unless you will not. But on digital platforms, even if you are not online, your digital system keeps working and you are printing some pennies. Passive income means – you are sleeping and the system is making money for you!
8)E-cash – flying kiss to a bank
In Old times, you have to walk away a long way around Banks if you are having some business in a Physical Market. You do not own your money and efforts. You have to sign in a lot of number of papers to create a single bank account. But Digital payments have eliminated the need to visit banks. PayPal, Payoneer, and especially Crypto payments in Bitcoin, Ethereum etc. – everything is done from mobile. Fast, easy and smart!
9)Authority Building – review over view
It was very difficult to build trusted audience and customers around your product. But In digital Systems, online reviews and feedback build your credibility. The more positive the reviews, the stronger the trust — and trust means loyal customers.
10)Marketing – sharing is caring
Unlike Putting banners and posters on walls to get customers, you share your product through social media and email marketing – and every share can give you a new customer. Digital marketing is both cheap and powerful. Under some clicks you present your product for the world.
11)Less spendings – More Results
Digital markets have changed the entire shape of the market by lowering down the more expenses spending on relentless efforts. Physical shops have expenses on rent, bills and staff. All this doesn’t happen in the digital market – less money is spent and returns are higher. You don’t need to go to a store to sell something that costs less than your spendings. Just list it on the screen and the trade is ready to happen.
12)Customer Friendly – a healthy and conservative zone
Have you heard about the discounts on things, Yeah! Just mark it on your digital product like Physical Product and the customer is yours for all the time until you have right calculations. Because, Online shopping is easy, comfortable and tension-free for the customer. He can sit at home and relax and order – without crowds, traffic or smoke!
13)Exposure to New Markets – a way to innovation
Customer reviews always pay better in digital markets. Digital platforms bring you to a new customer, which physical shops can never reach. You learn from new people, create new products – innovation takes place.
14)Products launch at the speed of light
Unlike Physical Markets, launching a product in the digital world is a matter of just a few clicks. Idea comes today, launch tomorrow – no print wait, no packaging issues.
15)Customer Support Via AI – a best decision
Last but not the least. One of the best option to choose digital platform over physical is Customer Support. As Customer always wants to discuss a product or his confusions. AI-powered chatbots are available 24/7. They resolve customer queries instantly, without any human delay — keeping the customer happy and loyal.
Final Wordings:
Market Mentality Says:
“If you are not upgrading yourself, you are loosing the hope to survive in the market. Upgrading = Survival”
