Improved policy mechanisms for the promotion of future digital business economy during covid-19 pandemic

Recent advances in the field of digital technology have enabled the expansion of the business market to a new level. Digital business markets encompass eminent features like increased transparency, enhanced customer relationship, flexible business targets, customer participation, etc. It aids in enhancing traditional business quality by bridging the relationship between the suppliers and the customers. The massive development of internet technology in recent years has largely contributed to the emergence of digital business. The digitization of the business world helps small and medium enterprises create a new digital network, which allows overcoming large enterprises' dominance. Since small and medium enterprises play a major role in determining a country's economy, the digital market's emergence and development are very important. The self-organizing capability of the digital market is the main advantage for newly emerging enterprises. Recently, the Covid-19 pandemic has resulted in customers' migration from offline shopping to the online market. These changing business models mandate the need for policies and control mechanisms. Using these policies, digital business projects are developed using an open environment using which the small and medium enterprises can interact with each other. These policies and control mechanisms outline the rules to be followed to avoid the current digital market issues. These policies must be designed to improve and ensure the welfare of future digital business systems. Thus, this paper aims to explore the policies associated with regulating and promoting the digital business economy.