Virtual Economy over the Real Economy

by Wasim Ismail on June 1, 2011

 

Virtual economy has been beneficial to several businesses. It reduces travel and hotel costs for conferences, trainings and much more. We now have online meetings with most of our clients and also do online training with some of my remote staffs; we are able to discuss many things online, face-to-face via Skype. We can also sell or buy products virtually. The whole experience saves time, money and gives one a choice to work from anywhere around the globe.

When we say virtual, we deal things virtually. This set up works well with call centers or BPO (Business Process Outsourcing) companies. With Businesses like these, many jobs are now possible online; telemarketing, inbound and outbound cold callings, accounting, graphic designing, web development, article writing and more, there are online markets like alibaba.com where business can look for other business, suppliers, wholesales, and also on the other hand there are platforms like oDesk and fiverr.com where one can go and look for any task to be done online, the beauty of it, it can all be done over the net.

Unlike real economy, we can deal widely with virtual economy and reach businesses or markets from various places as long as the Internet is at present, because virtual economy reaches far, you can have variety of choices before buying the product, sometimes you can get it at a cheaper price. Also, if your needs are business services. You can have the manpower that you need even without visiting the human resource providers. You can rent or buy offices or places and people virtually.

In connection, despite that, there are no real or tangible interactions; you can get the specialized services that you need. Virtually, you can reach more for the specific talents that you want.

Virtual economy can deal with cheaper prices. Hence, just by being smart, you can gain so much out of these cheap prices. Some can sell even without buying the products yet just by providing lead days and allowance time for delivery, this is very popular in electronic products. If you do not have the stocks yet at hand, there can be delays on delivery but it is almost always that virtual transactions are done in a short span of time unless maybe if you are dealing with billions.

Opportunities for deserving talents are also rich in virtual economy. No need to invest much, some just need to be smart and keep on enhancing their talents to gain higher profits online. Sometimes, those that are not being recognized in their own land make so much in the world of virtual economy.

The success of virtual economy does not mean surpassing the real economy. However, with so much advantages that we can do virtually, the rise and fall of virtual economy can now have a greater impact in the progress of real economy. See summarized list of benefits below:

Virtual Advantages

  1. Cost Effective
  2. Time Effective
  3. Specialized Talents
  4. Easy Communications
  5. Wider Reach of Target Markets
  6. Higher Chances for Deserving Talents

We all know that real economy will not vanish hence we cannot neglect the emergence and continuous success of virtual economy.

Image from: SXC

 

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