What are digital substitutes?
Traditional educational institutions including colleges, universities and business schools have been offering many virtual classes and online instructor-led programs since the start of the Corona pandemic. Often with the same group learning methods and with frontal teaching, but online. And usually you can only start with a long standard learning program at a certain time. Very ‘old-school’ don’t you agree?
On-demand virtual learning offers a flexible, effective and efficient tailor-made personalised solution for this. That is a good example of what is called digital substitutes.
What are digital substitutes?
In microeconomics, two services or products are substitutes if digital services and/or digital products can be used for the same purpose offline services an/or goods by a customer. That is, a customer perceives both services or goods as similar or comparable, so that having more of one service or good causes the customer to need or want less of the other service or good.
More: ‘What are digital economics?’, What is the on-demand economy?, What is a ‘virtual organisation’?’, ‘What are digital services?’, ‘What is a ‘digital product’?’ & What is on-demand learning
Since the beginning of the Covid-19-pandemic, many online substitute services and or substitute digital products replaced offline services and physical products due to different types of generic of sector-based lockdowns for instance.
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If you want to know more about how you can seize the opportunities of using different substitute services or products to start, grow and scale your business, don’t hesitate to give me a call or app on 06-34387806, or e-mail me here .
Kind regards,
Tony de Bree
ps
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