A Review on Digitalization of Agriculture and Economic Business Model Strategies in the 21 st Century

Abstract

Firms all over the world today are embracing new and innovative technologies in all facets of the economy including agriculture and business enterprise. These improved technologies enhance work efficiency and improves better performances. Agriculture and economic business digitalization have come to stay owing to the technological era. Nowadays organizations take advantage of these digital technologies in creating values, products and services in return for profits. A digital platform is used to develop unique selling proposition (USP). This indicates that a buyer will pay for goods or services, which is often monetized. Digital agricultural technologies are changing the face of modern agriculture. Wireless connectivity, data analytics, and data-driven genome editing are quickly being employed in agriculture because they give more precision in decision making and practice. These intriguing and novel technologies are being developed to enhance agricultural operations and economic businesses. In the coming years, every sector of the economy will be entirely online, and firms and individuals are expected to embrace these digital technologies to launch the needed revolutions in world agriculture and businesses. In the business world of today, transformation is crucial to remain competitive. Changing from analog to digital operations is taking precedence across the world. Freemium model, subscription model, ad-supported model, ecosystem model, and hidden-revenue model are some of the business models examined. However, reducing information asymmetry, matching buyers and sellers, lowering transaction costs in commercial markets, changing pricing approach, pursuing new markets, adopting new technological advancement and creating new goods or services are approaches in digitalizing agriculture and economic business growth.