Acceleration of Digitalization of Trade During the Pandemic: Moving Toward Trade 4.0

Abstract

The research aims to investigate trade transformation in the context of technological transition and acceleration of its digitalization during the SARS-CoV-2 (COVID-19) pandemic. The methodological basis of this research includes analysis, synthesis, induction, deduction, causality, comparison, description, and logical thinking. The research found that during the COVID-19 pandemic, the digitalization of trade accelerated for several years to come. Industry enterprises (wholesalers and retailers) began to actively implement Industry 4.0 technologies (artificial intelligence, Internet of Things, cloud computing, big data analysis, and augmented and virtual reality) and adapt them to their needs. The main characteristics of today's trade are the creation of smart trade and technological space, platforming, digital automation, omnichannel, personalized sales, etc. Therefore, we can say that trade is undergoing revolutionary transformations, as a result of which Trade 4.0 is being born. A definition of Commerce 4.0 as a customer-oriented business with industry characteristics and digital models that meet the scientific and technical requirements and regulations of Industry 4.0 is given based on the analysis. Key features of Trade 4.0 are digitization of buyers, business processes, products, and services; transforming supply chains into customer-centric organizations; building a digital ecosystem around the company; variety of formats used by trade enterprises; omnichannel interaction with customers and sales; and flexibility of order execution options.

Citation

Zhuckovskaya, I.F., Yares, O.B. and Krasnova, M.V. (2024), "Acceleration of Digitalization of Trade During the Pandemic: Moving Toward Trade 4.0", Eshov, M.P., Abdurakhmanova, G.K., Burkhanov, A.U., Abdusalomova, N.B. and Ergasheva, S.T. (Ed.) Development of International Entrepreneurship Based on Corporate Accounting and Reporting According to IFRS (Advanced Series in Management, Vol. 33B), Emerald Publishing Limited, Leeds, pp. 15-22. https://doi.org/10.1108/S1877-63612024000033B003