The Digital Marketplace: A New Paradigm Requiring Digital Twins And Digital Trust

The Digital Marketplace: A New Paradigm Requiring Digital Twins And Digital  Trust

The Birth Of The Digital Twin

The buyer’s behavior and decision-making process is valuable information that the information intermediary collects and makes available to the sellers.

Eventually, the amount of information collected by the information intermediary about the user — especially about the potential buyer — grows to a sufficient volume to form an autonomous buyer model that is detailed enough to anticipate the buyer’s need and offers the seller the ability to predict future behavior. Learn here how to Work smarter and Grow faster with us.

Due to the rapid enhancements in AI and big data, these “digital tracks” have evolved into the digital twin. 

Think of the digital twin as a personal virtual robot that can perform actions on behalf of the real customer for all types of digital transactions, based on continuous learning of their digital behavior. This pattern is akin to the investments done through an assets and portfolio management company — we invest money with an agent who continuously manages it on our behalf for a targeted rate of return.

To achieve this, it is vital to trust the digital version, or the “clone,” so that the decisions are synchronous with the real customer’s thoughts and actions. The agent should be mindful of customer input and take automated actions. 

The Criticality Of Digital Trust

Digital trust is the relationship between a person and an autonomous intelligent agent in the digital realm. The person trusts the agent to be their true representative and meet their daily needs by committing transactions on their behalf in the digital world.

There are three basic aspects of trust: honesty, the desire to benefit and the ability to fulfill a commitment.

If we apply these characteristics to a transaction in the digital world — taking into account the digital environment or, to be more precise, the digital platform on which digital economic relations are performed — we see that the honesty aspect relates mainly to the mechanism for providing information about the product. The desire to benefit is transformed into the correctness of the models, and the ability to fulfill the commitment is transformed in the completeness of these models and the maturity of the mechanisms of digital reality or digital provisioning.

Among the numerous consequences of this phenomenon, it is evident that the transactional nature of our economy has become a thing of the past. The new digital economic model is nontransactional. This is the critical and fundamental difference between the digital and the predigital economy. Another phenomenon will be that customers will continue to offer and augment their preferences in exchange for a higher quality of service. The new economics of digital trust will be driven by loyalty models that will reward engagement.

The manifestation of these specific features in the economy renders us witnesses to and participants within the transformation affecting the deepest foundations of modern economic relations.

The proposed idea of the digital economy being a nontransactional communication environment of autonomous agents carries many consequences — from a complete revision of risk models to the emergence of new market paradigms.

Many digital multi-experience “super-apps” are emerging today that offer to connect consumers to ecosystems of global and local partners, from multidisciplinary markets such as sports and media to entertainment, travel and leisure. E-health and e-education are also driving automation, integration of services and trust across these ecosystems. 

The digital consumer will move away from buying packs and plans and focus on virtual experiences that will create moments that matter.

In this new digital economy, we will need to continuously understand our digital behavior in social media and other ecosystems and ensure our digital twins represent our best and most accurate digital persona.