Digital Economy and Slow Economic Times

It was recently reported that internet traffic to retail sites through the first week in March this year was up 16%-24% higher than the same week last year! These findings are interesting, according to InternetRetailer. There is usually a downturn in internet traffic to retail sites in the months following the holidays. This year is different, and experts speculate it’s because more and more consumers turn to the internet to access information and make purchases!

Economists tell us that 60% our current economy is fueled by consumer spending. Consumer confidence drives our current economy.

If these statistics are correct, then it becomes even more evident that we have embraced a digital economy.

What we discover with this economic slow down as we do in all economic slowdowns, not everyone is affected by the slowdown. (In the Great Depression 34% of the people were out of work. That meant that 66% of the people were still working!)

When lightening starts a natural forest fire, it destroys many trees and other forms of plant and animal life. It also gives birth to new forms of trees, plants and animals.

So too with economic slowdowns, recessions, whatever we call them. Many businesses will cease to exist when the economic times are harsh. Other businesses will prosper and grow as a result of the economic times.

How do you act in a digital economy when the slow down or recession occurs? What are the things you can do to not just survive but prosper in such an a recession? These will be the subject of my next series of blogs. How can you use your web presence and your belief in the digital economy to prosper in these tougher economic times?

I will start with some general thoughts on how to recession proof your business. Then I will dig deeper into the areas of a digital economy business where you can use the internet and their web presence to strength and enhance your business position in slower economic times.

As always your comments are welcomed.