Citation:

Naman Mishra "The Current Era of Ecommerce and Its Contribution to the Digital Economy" International Research Journal of Economics and Management Studies, Vol. 2, No. 1, pp. 218-228, 2023.

Abstract:

Purpose: Through the help of this research, we have studied the magnanimous shifts in the economy pertaining to the current era of electronic commerce and the advent of the new digital currency. We have seen that the economic resources have changed to a greater extent with these new technologies and the internet playing a major role in expanding businesses and reaching every nook and cranny of the country. Through this research we see that how many small-time businesses were able to adapt to a coverage of the whole country and how the digital economy with the inclusion of UPI has changed the way people transact their money and keep track of their expenses.

Methodology: The study was performed by taking a mixture of both the secondary as well as the primary data; with the secondary data being sourced from various websites like Euromonitor, National Data Sources of various nations, Morgan Stanley Research estimates, BCG, India Brand Equity Foundation as well as the national payments corporation of India (NPCI). While the primary data was compiled from the manual survey of people with them weighing on the effects of the technology and the digital economy, with the focus of the sample size being around 418. Being qualitative in nature more focused was given on the impacts of the technology and the shifts were explained with the help of the supporting data, the chi squared test is used to support our hypothesis.

Findings: With the conclusion of the study, we see that digitalization of the daily lives of the people have changed the way people contribute to the economy, with better method of finance tracking and spending limits. Even the business owners are at benefit from the same with their business expanding and booming like no other, with the digital currency backing them to step out in the front with no fear of fraud.

Practical Implications: The study helped us to peer inside the minds of the masses regarding the trust of the electronic commerce and the digital economy. We see that people have adopted these new methods and are ready to place their trust in the same process; with the business owners also getting the boost as required to place them on the forefront of economic process.

Significance: This study was significant as it allowed us to see the importance of technology in the economy as well as how the mindsets of the people have changed after the pandemic regarding these ways of life allowing for the ease of business to these new age businesses. We also see that how much technology had changed the way of business and the boom of the e-commerce over the past decade (2012-2022).

References:

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Keywords:

Digital Currency, Digital Economy, Digital Transactions, Ecommerce.