Modernising the Digital Ecosystem in Colombia
The technological progress resulting from digitalisation has generated tremendous benefits for consumers around the world. Primarily leveraged by mobile, access to digital content is becoming universal, with more than three billion people connecting through mobile devices every day. Colombia has 52 million mobile connections and almost 13 million unique mobile internet users, indicating that access is starting to penetrate lower income levels.
Three key characteristics of the new digital ecosystem are driving this progress:
- Modularity: Digital products and services are made up of a combination of complementary inputs (applications, content, devices and communications) that multiply, almost endlessly, the array of choices to satisfy consumer needs.
- Economies of scale and scope: The ubiquity of the internet allows increasingly better services to be made available to companies and users at constantly falling prices, or even free of charge.
- Dynamism: The constant evolution of the digital ecosystem means that both new and existing companies have powerful incentives to invest and innovate, and therefore to create new products that satisfy user needs more efficiently (cheaper and/or better products). At the same time it generates more competition as a result of entry into neighbouring markets.