As more countries embrace global digital business practices, the need for regulatory and infrastructural support is becoming ever more pressing. From broadband availability to talent, digital businesses require diverse infrastructural infrastructure. But there are still some factors that hinder the growth of digital businesses, such as cross-border inefficiencies and poor quality of trade infrastructure and logistics services. The World Bank evaluation of national regulatory and infrastructural support provides a comparative perspective on the competitiveness of countries and regions.
One of the most important steps for the success of any digital business strategy is to develop a business model that is aligned with the company’s objectives. One of the ways to accomplish this is by focusing on the customer. By focusing on customer-centricity and creating a more personalized experience, consumers will be more likely to make repeat purchases. By integrating this strategy, businesses can increase revenue and cut costs while also reducing operating expenses.
Another important factor is government regulations and restrictions. China has several restrictive laws and regulations that hamper digital business growth. In addition, China has low government transparency and data availability. Yet China is a rapidly evolving and highly innovative digital economy. However, its EDDB performance is weak compared to other countries. The world’s leading economies are among the top-ranked countries in EDDB, despite being weaker in a number of ways.