TRANSFORMATION OF BUSINESS STRATEGIES IN THE DIGITAL ECONOMY: INTERNATIONAL EXPERIENCE AND PROSPECTS

Digital technologies have emerged as a key catalyst for transforming business strategies in the context of Industry 4.0. The present study examines the challenges and opportunities facing companies in the context of digital transformation. It also provides recommendations for adapting to the new economic landscape. A review of the experiences of the world’s leading companies indicates that competitiveness in the digital economy is contingent upon the implementation of digital innovations, the expansion of e-commerce, and the assurance of consumer demand for personalization. Digital transformation failures have been associated with a lack of foresight and ability to adapt to the digital landscape, resistance to innovation, and an unwillingness to change the business model to meet the demands of the digital environment. The article reveals a correlation between the adoption of digital solutions and the growth of companies’ innovation potential. The study’s findings underscore the notion that the most substantial impact of digital transformation is predominantly evident in industries that prioritize the development of innovative products. A comprehensive study has revealed that companies are adopting a variety of strategies to successfully transition to the digital economy. The most common strategies include the creation of a compelling online identity, search engine optimization (SEO), content branding, social media marketing, video marketing, mobile optimization, and big data analytics. The study proposes a conceptual framework for adapting business strategies to the challenges of digital transformation. The study discusses the prospects for the development of digital transformation and the role of government in promoting the digital economy. It develops a conceptual model of the driving forces, barriers, and state support for the digital transformation of small enterprises. The article is a valuable resource for entrepreneurs, managers, and researchers interested in the effectiveness of business strategies in the digital economy.