Virtual development can be translated as creative mechanisms developers use to integrate technology with real-life aspects, including the economy and cultures. Virtual developers influence various aspects of life to make life easier and attainable. They create various virtual products, including games, eBooks, and magazines, thus creating channels that influence quick methods of economic growth.
Here are the 6 ways in which the virtual development sustains the economy:
1. Creation of employment
Creating virtual products collaborates with the number of employment opportunities required to pull it off. Employment opportunities can be created directly or indirectly. Opportunities are created directly through the people hired by the organization to create the product. It is also created indirectly by the consumers who purchase the said products and commercialize them to third parties.
2. The increase in profit margins
Once developers get an idea to create a product, they can either finance their project or approach a financial institution or organizations to invest. The upside to this move is that once a company invests and the products' returns supersede the investors' expectations, thus increasing the profit margins.
3. Appropriate tax rates
Taxes are deductions or handouts issued to the government to ensure the effective running of certain services, including welfare and others. Virtual developments increase the economy’s growth, thus increasing the rates of taxes. The increased rates might not necessarily negatively impact each development stage, remitting a certain amount of taxes depending on the jurisdiction.
4. Access to new markets and economic ties
Virtual developments create a new market with every product that is launched. Each developed product issues an economical solution, creating a market filled with predicaments that require critical and lasting solutions.
5. A rise in Security issues
With the development of virtual products come several alarms of security concerns. Various developers have found mechanisms to prevent security breaches. However, the solutions offered to such situations are usually temporary, thus leading to other various concerns.
The security concerns result from hackers or internet scammers who target innocent victims via these products.
6. Virtual Consumer Satisfaction and testimonials
Several consumers create avenues to share their experience with certain products or an institution's contact person. These testimonials can either make or break the app developer's vision as it indirectly negatively affects the brand due to an employee's mistake.
Several consumers swap their experience stories, thus damaging a virtual product's credibility. Thus every organization should create avenues and training to educate their employees on dealing with consumers effectively no matter how rowdy they seem; this training will boost its reputation and gather loyalty from its consumers.
In the End
The virtual world is still a product avenue for several institutions to tap and create a significant profit margin. However, as much as an increase influences the economy in a company's gains and success, certain aspects are developed through an individual's abilities and talents. Virtual development is on the rise; thus, every creation is a solution to the persisting problem and even though it attempts to solve one situation; it creates other questions, difficulties, theories and research for the next item and motivates the next generation of scholars.
