Digital Industry
- greaterlondon
- Apr 18, 2015
- 3 min read
Digital technology is something that will hold more and more importance in the coming years for the UK and its capital London, and indeed the rest of the world in terms of infrastructure, communication and finance. Digital progress will herald changes in the way consumers act and interact, which will have serious implications for the vast majority of established industries. Consumers are already beginning to replace long traditions of spending and communicating with digital products, bringing new challenges to the table such as security and marketing.
Businesses are evolving in a similar way, with the introduction of digital technologies such as cloud computing, which again brings new potential for fresh thinking and fresh capitalization.
The digital market is alive and kicking, and the success of a range of technological companies, from long established giants to new start ups, are all reporting huge amounts of progress in a market that is seeing an inexorable increase. Web hosting start-up CatN are a good example of this with their private cloud hostingattracting the attention of blue chip companies and central government departments.
Bright sparks of the digital world
Only a few decades ago, the thought of having a business that revolved around a product or service that could not be physically held was very strange indeed. The picture in London today is very different, with the total technology and internet industries contributing over £60 billion to the UK economy, and with the digital e-commerce market worth more than £600 million across the UK.
Areas in London are rapidly changing with the influx and increase of digital companies. Office space in Londonhas doubled over the last year to make room for new technology and internet companies, such as Google, who have taken over 150,000 square feet in Covent Garden, and the online discount deal website Groupon moving into a 40,000 square foot space near Monument.
The story of Stylistpick is indicative of the rapid rise that internet companies like Groupon are relishing. Just over a year ago, the company was run by a single person. The idea of Stylistpick is that you go to the website and take a style quiz, after which an employed team of stylists pick what clothes are right for you, and points you in the direction of the relevant retailer, offering discounts and other rewards. The company now has 45 members of staff and has earned over £10 million, and has plans for large scale expansion.
At the other end of the spectrum, Google has a new and highly attractive set of offices in London, with office spaces that resemble a trendy and comfortable student house rather than a traditional office. To most, being in the digital industry means being at the cutting edge, and with more and more investment coming into the digital market, the chance for bright ideas to blossom has never been better.
The Future of Digital
Considering the future of the digital market means understanding today's (and tomorrow's) digital consumer. The new opportunities in the digital industry are offset by the emerging digital mentality of getting everything right here and right now, and the uncertainty over the accuracy and reliability of traditional metrics used to study pre-digital consumer trends. The digital industry is rapidly diversifying despite being very new, and many experts are stating that more things need to be taken into consideration.
The new digital consumer has an awareness and selectiveness unlike any generation before, and is used to immediate access for a range of media at any time. They are highly informed, and are free to compare on their own behalf and through the use of social networks. If this market base is to be successful, then digital content needs more than just a business focused, it needs to include creativity and cultural awareness to ensure the relevancy and success of new services.
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