IMPLEMENTATION OF DIGITAL TRANSFORMATION IN TRADE AND ACCOUNT FEATURES

Abstract

The article is devoted to the topical issues of defining digital transformation in trade and accounting features. The concept and essence of digital transformation in trade is explored, digital transformation in trade not only facilitates business processes, but also opens up new opportunities for business growth and development worldwide. Digital trade involves cross-border transactions of goods and services that are done digitally or ordered digitally, which can be delivered in both digital and physical form. Digital commerce means: more traditional trade in all sectors (natural resources, agro-food industry, low-tech and high-tech manufacturing and services) due to lower trade costs; more digitally ordered parcels crossing borders, making trade more accessible to micro, small and medium enterprises (MSMEs) and individuals, with implications for customs and other agencies to manage the growing influx parcels; more digital commerce, including new services (such as intermediary services or cloud computing services) and lower-cost services (applications), often provided through new technologies (platforms); more complex or "smart" products that combine the characteristics of goods and services and are constantly connected (smart solutions, the Internet of Things); more digital trade processes enable more orderly crossing of borders for goods and wider adoption and/or recognition of electronic signatures, electronic contracts, electronic communications and electronic records being transferred; increasing cross-border data flows that underlie all digital trade transactions and raise new challenges (e.g. privacy, national security, intellectual property protection, cyber security, industrial policy). Elements and features of digital transformation are systematized. Digitization increases the scale, volume and speed of trade. This enables companies to offer new products and services to more digitally connected customers around the world. It also allows companies, especially small ones, to use new and innovative digital tools to overcome barriers to growth by helping to facilitate payments, enabling collaboration, avoiding fixed capital investments through the use of cloud services, and using alternative funding mechanisms such as crowdfunding. An assessment of the state of development of world trade was made. Trends in the implementation of digital transformation in trade and accounting features were studied. Prospective directions for using digital transformation in trade have been determined.