The way business was carried out 200 years ago is different from the way it is carried out nowadays and this is as a result of different advanced technology produced for the purpose of easing our daily lives like the use of online stores which facilitates business transactions without physical contact of the buyer and the seller and therefore solving the problem of transportation and having to carry goods around looking for buyers like it was done decades ago, Technology has also solved the problem of moving from store to store looking for products.
Although several small and large businesses have not adopted the use of online stores and several other technologies geared towards business ; those who now has experienced drastic growth in their business and here are some of the importance of adopting technology in business.
PROVISION OF ADVANCED INSIGHTS
Advanced insights such as what customers buy the most, what customers review the most, the age of customers, the location of customers and the time in which customers mostly purchase your goods are needed for proper marketing and thanks to social media platforms like Facebook, LinkedIn, tiktok, Instagram, snapchat and other tools like shopify; these mentioned insights (information) can become readily available and inturn enable proper advertising and marketing in general .
REDUCTION IN TRANSPORTATION COST
Due to the presence of online stores and other Ecommerce shops, transportation cost is split between consumers and sellers; the consumers have to pay for transportation of products to their doorsteps or nearby stations and the sellers will pay for transportation of their goods from production companies instead of the sellers covering the whole transportation costs.
FAST DISCOVERY OF NEWLY LAUNCHED BUSINESSES
Due to use of advertisement on social media's and other platforms, newly launched business can grow quickly by leveraging the advanced insights and proper marketing of products .
There is reduction in entry barrier and because of that Ecommerce stores can open today and make a thousand sales on the same day.-SCALING OF BUSINESSES WITH ADVANCED INSIGHTS
The provision of advanced insights can make the scaling of businesses easier because business owners know where there buyers are coming from and so there will gear there marketing towards specific people thereby reducing exercive marketing costs and will give the required results.
INCREASE IN NUMBER OF CUSTOMERS
Like I said before, a new business store can get upto one thousand sales in a single day by advertising on popular social networks and other platforms. All it takes is proper marketing and management which can be achieved by utilization of already provided advanced insights on different consumers. A good example is running facebook or tiktok ads to a shopify store.
IT FACILITATES INTERNATIONAL TRADE
nowadays, importation and exportation can be done with mobile phones and laptops and this has brought about drastic growth in business involving importation and exportation like Amazon, Alibaba and other sectors such as health and transportation sector.
TECHNOLOGY HAS CHANGED OUR LIVES AND WILL CONTINUE IF UTILISED IN THE RIGHT WAY BECAUSE EVERYTHING THAT HAS AN ADVANTAGE ALSO HAS A DISADVANTAGE.
THANK YOU FOR READING..