The digital economy and the pandemic - opportunities, trends, projections

You don't need to be a dedicated expert or a personal shareholder in the digital economy, legal services, or trade, to be conscious about some essential trends in recent months, namely:

  • The capability to use digital tools and channels has become a fundamental tool for entrepreneurs trying not merely to survive the current crisis but also to make the most out of it.
  • The global pandemic has accelerated the process of digital transformation in virtually all sectors and united many industries in their endeavors to cooperate for designing a functional digital future.
  • Although the current pandemic has a severe negative impact on the world economy, the digital economy plays a crucial role in the battle against COVID-19.

Put shortly, if some uncertainties about the need for a long-term digital metamorphosis of the business kept lingering before 2020, the new coronavirus managed to silence them all quite successfully.

In a world of forced loss of contact, many companies' interactions with their customers and employees must inevitably happen digitally. In many cases, digital attendance becomes the only alternative for small, medium, and large businesses to endure in conditions of enforced closure and social distancing.

Leaving aside the force majeure circumstances, however, what are the tangible advantages of the economic digitalization that we should keep utilizing in the long run? We can mention just a few of them, to begin with:

  • Improved efficiency. The digital economy has the indisputable potential to optimize operations and automate processes in several industries. As a result, each company can better manage its time and human resources, minimize its waste and environmental footprint, and concentrate on revenue-generating pursuits.
  • Enhanced customer experience. Commercial digitalization can employ technologies such as IoT and artificial intelligence to offer customers a new generation of services, responding to needs before those needs are even stated.
  • Superior security. Contrary to some outdated assumptions, technologies such as blockchain and decentralized data storage could make digital processes far more secure and reliable than the easily manipulated physical reality.
  • Adaptability. The digital economy allows an exceptional range of performance in an otherwise physically limited world. It generally opens the door to the manners of the future - remote teams, virtual operations, omnichannel marketing, automated payments, and flexible terms for cooperation with partners and customers.
  • Excellent return on investment rate. Digitalization is, of course, a complicated and time-consuming process that requires a certain amount of financial investment. The good news is that virtual operations can spare a lot of time, resources, and losses in the long run, providing a much wider range of business adaptability to both the competition and its own customers.

In conclusion, the 2020 pandemic has lifted all barriers for the digital economy, which is currently performing its "creative destruction" - a process in which an outdated system collapses and goes into the past to pave the way for something new, more reliable, smarter and better.

Georgi Toshev and the partners in Toshev and Boteva law firm are actively dealing with the digital economy's legal dimensions, trying to create a common regulatory framework that will facilitate the entrepreneurs who are currently walking the inevitable path of digitalization.

We are here to discuss your case and offer you solutions that will turn this rather unsettled endeavor into the safest and wisest investment you have ever made in your business, in your future, in your dreams.


Have an idea! Brainstorm with us.

Have an idea? Brainstorm with us.

Dedicated to success!