According to Wikipedia “the internet economy or the digital economy is an economy heavily based on digital computing technology.” To most of us the word digital economy might be relatively new but the internet through which it has become so prevalent is not. Since the early days of its inception in the mid 80’s the internet has grown nonstop and prolifically to now dominate almost all aspect of modern life. In this blog I want to share how the internet is growing and with it what is the impact on the global economy, the opportunities that are present today which never existed in the past and how you can take advantage of it.
According to a report conducted by Boston Consulting Group “by 2016, there will be 3 billion Internet users globally—almost half the world’s population.” The Internet economy will reach $4.2 trillion in the G-20 economies alone. The digital economy worldwide, if it were a national economy, would be ahead of Germany ranking 5th highest in terms of GDP. The growth is highest across the G20 countries, amounting for over 4% GDP or $2.3 trillion in 2010 leaving Italy and Brazil behind. In some countries the internet is contributing 8% to the GDP creating more economical impact than several industries put together.
In ten years the internet has seen its users rise over 32% in the developed markets and a whopping 276% in the developing markets. As the internet use rises desktops are becoming less relevant as most of the traffic is coming from mobile users.
In 2010 there were 800 million internet users with 200 million coming online every year, which means by 2016 there will be close to 2 billion people just in the G20 countries on the internet. Google supported the findings of the report above projecting over 3 billion people or close to half the world’s population will be using the internet by 2016. What’s more interesting is that social networks reach about 80 percent of users in developed and developing economies alike and by 2016 80% of internet users will access the web using a mobile phone across the globe.
In the G20 nations UK leads the charge with an expected 12.4% or $ 347 billion of its GDP being contributed by the digital economy. The US will see its digital economy contribute 5.4% or $1 trillion to the GDP by 2016 lagging behind South Korea, China, India and Japan in proportion to its GDP but not in total dollar amount. The total G20 internet economy accounts for a staggering 4.9$trillion!
To put this into perspective according to one report people are spending thousands of dollars shopping online. For example, in 2015 US shoppers spent a little more than $1800 online while the average Brit spend a little under $1650. Although these are combined dollars being spent on retail and other online purchases it gives you an idea of the enormous opportunity that exist.
So what does this mean for you? If you are looking to start an online business, then quite obviously there has never been a better time. More and more people are taking advantage of the digital economy as either consumers or service providers. The internet is literally exploding with potential consumers that are looking to make their next online purchase.
One of things I have learnt over the years is that people look to the internet primarily to access information, the web is where consumers find unbiased information for whatever product they are searching for. But more than products I have found that people are looking for solutions on the internet. Solutions to problems they can’t find anywhere else, relationships, health, money, finance etc.
The money question is the probably the most researched. We have all been there browsing the internet for an opportunity to improve our finances either it be get rich quick schemes or legitimate online businesses. Did you know that the phrase ‘online business’ gets close to fifty thousand average monthly searches on Google? That’s a lot of people looking for a solution to one of the most common problems for all alike, young and old, financially stable or not, married or single, across the board: how to be financially independent? Have enough freedom in life to pursue what they really want to do, provide their families with the life that is full of joy and opportunities.
I believe what people are looking for the most when searching for online opportunities is the possibility of creating the freedom and the time to be their loved ones. May be you are one of those people looking for a solution, I know I was when I started this journey. One of the best online programs focused on value creation that I have come across is the Six Figure Mentors, they help you create a life and business by providing a valuable service that has potential to transform lives. To learn more about a tried and true online business model, check out the business model Six Figure Mentors teaches. Click here to watch the explanatory videos.