Gregory Lee

The digital era has stepped into what can probably be termed third gear, with extensive transformation of processes, industries and economies but also with much room for expansion.

E-commerce often substitutes for employment in brick-and-mortar stores, for instance — cashiers are substituted for delivery personnel and warehouse packers. The same goes for substitution effects in revenues from traditional players to online players, though again consumers sometimes gain in net value share. Some arguments can be made for why localised, widespread e-commerce is a good substitute for large, incumbent businesses.

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