A digital product is any software-enabled product or service that creates specific value for a target group of people i.e. the customers and users, and for the organisation that builds and provides it. The former uses the product aimed at solving a particular problem, or creating benefits to the users, organisations and community - think of the search engines that address the challenge of finding information on the internet; a banking app to offer online banking services in a faster and more convenient form; an eWallet app to offer digital payment services, an online CRM and so forth. There are many examples of successful digital products that positively impact our lives every day.
Essentially, digital products are services or tools that you interact with through a digital interaction point or we also call it as user interface (UI). It is often provided in different forms with the most popular being mobile, tablet and web. The user experience (UX), finally, arises when people interact with a digital product.
We do not see a digital product with the mindset as the final product. Technology has only evolved very fast. Digital products evolve continuously, we work to fine tune and enhance it with more features and better experiences as we learn new things about customer behaviour and needs.
The unprecedented disruption by COVID-19 is rapidly accelerating the digitalization of the economy. An estimated 70% of new value created in the economy over the next decade will be based on digitally enabled platform business models.
What makes us believe that digital transformation through developing digital products is not only to create the new digitally enabled business models, but also to generate business value after it too. It is just technology that can digitize the businesses to gain competitive value and tap into the new digital economy.
If you would like to bring digital transformation into your company, it's essential to find out your users' problems and what kind of value you'll be creating for them. It's important to mention that digital product agencies like Zurogix whose expertise is in discovering and creating successful digital products and experiences.