After the Industrial Revolution, the business world stayed pretty much the same for almost a century. With the rapid advancement of technology, businesses which employ the traditional methods are becoming obsolete. Some might even say that the exponential growth of technology is too fast for the world to catch up. Below are some ways technology is affecting the business world.
- Mobile Solutions:
If you think about it, we cannot practically survive without mobiles and other gadgets. The Generation Y, or Millennial if you will, is obsessed with technology. Businesses have recognized the potential of this and the result is that almost everything can be done from a remote location if your device is equipped with the right software. One can buy, sell, shop and share their experience with their friends every day in no time at all.
- Customer Segmentation:
Segmentation is a marketing concept where customers are divided into groups or segments based on similar characteristics. The same is done with technology too. You can easily find out about people from their social media. Their preferred smartphone brand, their memberships in clubs, their preferred spot for dining. Not only technology has dramatically helped in making segmentations, technology itself has become a subject of segmentation.
This one is perhaps one of the most important effect of technology not only on businesses but in everything else. Technology has definitely helped us stay connected with each other. We can text, chat, video chat, live stream and much more in almost anywhere in the world. Businesses are able to get customer feedback about their products or services easily. They can also address customer complaints much more quickly.
- Social impact:
The social media can be either rewarding or devastating for any business. The rise of social networking has shrunk the world and now users can connect to each other without any regard to geographical obstacle. financial background, or even social status. Consider this; years ago, you would still be buying products from a company who has an average customer service or product offerings. But now, even a single post from someone in a far off country can prove to have terrible consequences for a company’s image. And we all know, once it is on the internet, it is there forever. Which is why, businesses, be they large or small, are always worried about the brand image on social media. They have managers and teams on the lookout for any potential damaging post which can prove to be negative publicity.
- Potential increase in business:
Technology introduces small businesses to new markets. Instead of just selling goods and services in the local market, small businesses can now expand into regional, national and international markets too. A common example is of the retail business. Retail websites are the most common way to sell products to different markets.
The use of websites also reduces the costs of doing business. Low scale business can also use internet marketing to reach new marketplaces and customers through carefully placed web banners or ads.