Perhaps the most relevant impact on human society as a whole are the changes occurring economically and how the economy reacts to these changes. Trade and industry have always been a dominating factor for the masses, much more than politics or education when it comes to economic development and progress, and this is where the internet nowadays has taken the masses by storm. Every small business owner and established enterprise wants to make waves in this era of practical dominance through owning the biggest share over the virtual real estate. If you don’t believe us just check out the Bitcoin prices for a better understanding.
In this blog post, we’ll offer constructive impacts the internet has brought to how businesses across the globe operate and how deeply felt and profound these impacts have made their ways into our daily lives. So let’s begin shall we:
Numbers Don’t Lie
By 2000 to mid-2012, statistics reveal that there has been a staggering increase of more than 500% in the number of internet users across the globe. What’s more astounding is the fact that wherever there has been a growth for information and communication technology, the income levels of those areas have also generally progressed. This speaks volumes towards what the internet has to offer in terms of economic development. With no sign of slowing down in the near future it would seem right to claim that the internet is the more insightful medium or channel for businesses and trades around the world. And it seems there’s no end in sight as more and more users want to spend time surfing online and across social media platforms.
Ease of Communication
Reaching a larger audience is beneficial in a number of ways. It offers opportunities to be a part of a larger environment where social interactions are supported through common views. You are able to pitch your products and services directly, without any barriers, to everyone who has access to the internet. The only hindrance it seems is your own ability to adequately communicate your business to potential customer needs on the internet.
Online Transactions
With online payment, wire transfers, ecommerce, and e-banking making their way into our cell phones, it’s no wonder the internet offers outstanding convenience for making payments, just the simple click of a button. This has greatly reduced the decision making time for the majority of customers. Not only does it promote obsessive buying tendencies, but also plays on the psychological aspect of the buyer by urging them to purchase your product or service via compulsive behavior.
Buyers Get to Have Their Say At last
It is not just about the sellers, the buyers get a win as well. The internet offers buyers a wide range of suppliers and vendors for the same product or service. This means that if you don’t want to spend more on an item simply search online for a cheaper supplier and voila, the internet has done its job. This enormous virtual playground has fewer regulatory market barriers than standard brick and mortar businesses. This translates to a bigger virtual market where literally millions of buyers and sellers can interact with each other without much hassle. As an online buyer, you can always get a second opinion or a cheaper price for the product or service you’re looking to purchase.
Advertising & Marketing
We all know the powerful impact that internet social media platforms have made in our lives. Younger demographics tend to gravitate towards anything that has the potential to go viral, making the internet the best advertising and marketing platform according to many companies and organizations. Whether you are a sales executive, a marketer, brand manager, or business development officer, advertising and promoting your brand image across digital platforms on the internet is now your best option. With SEO, SMM, and other technical tools, selling your products on the internet has become so easy that people will buy them without you doing any sort of supportive effort.
Analytics and Traffic Information
Google and various search engines are merely bigger giants in yet a much bigger playing field. The best part of the internet are the various analytical tools and traffic information provided by search engines and social media platforms on visitors to your site or those that view your product or service. With some technical knowhow, you are able to catch up on high levels of accurate buying trends, consumer behavior and loads of other valuable insights that might not have been possible without the internet. There’s not a business anywhere in the world that would not love the ability to predict the future actions of potential customers, allowing them to plan ahead and target the needs and wants of their customers.
Interaction and Engagement
Whether it’s the comment section of a popular social media website, or a simple feedback form on your product or service, the interaction and engagement the internet has to offer is brilliant. A simple blog could transform your timeline into a customer touch-point, whether it is a status update, a tweet, or an article you just posted. The internet is an open platform where people are not afraid to say what they want in this open forum, so get ready to interact with your customers as if they’re sitting right next to you. And this goes a step further when you interact directly with your customers through live chats and video calls.
Big Data
If you are not a statistician, then the internet will probably transform you into one. With huge piles of data breaching the barriers of your database due to abundance and fluency, many companies around the world are now becoming diehard fans of collecting data. This not only provides companies with valuable data patterns and trends of human behavior and customer interactions, it also provides them with the edge they need to monopolize their market and become leaders in their industry.
Hyper Growth
If all goes well, then within a decade or so we are looking at explosive economic growth at an exceeded pace. With convenience, connections, and interactions increasing on a daily basis, the internet still has more to offer. For those who join the internet bandwagon, exciting and triumphant times lay ahead. The forecast predicted by the growing body of evidence supports the claim that due to the internet alone, business will flourish tremendously with sales expected to double every single year in the next five years. Though this forecast may differ for companies operating in different sectors of the industry, the overall review of the internet and its impact on businesses has been very positive.
Conclusion
We hope that this blog was helpful with regard to opportunities that the internet has to offer for businesses operating nowadays. Although it would be correct to say that the internet is still young and has yet to pass the test of time. The internet has been very impactful throughout its advent, shaping the way people are now doing business across the globe. With more internet data becoming increasingly common, who knows what the future may hold for those who utilize the power of the internet to improve their business.
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