Sourav Rout: We live in a world where if something is not on the internet, it doesn’t exist. In this digital age, businesses have had to modify their business models to accommodate the new reality. Digital first built and created a demand for new business models that help customers with quick and convenient access to any product and service online. This helps companies to stay relevant and be able to deliver in an appropriate manner.
For the numerous brick and mortar entities that went through digital transformation to become digital first model or transformed into a strictly online operation, they needed a proper and functional business model to adapt to. When a company undergoes digital transformation, they need to design a functioning framework that considers how the internet and modern software solutions will enable them to build a bridge between the customer’s needs and their products. The digital business models aid them to respond better to their customers’ needs.