Technology has changed significantly in the past 20 years and, as a result, has influenced every aspect of our lives. People rely on modern tech for everything from daily chores to complex tasks. Technology has had a significant impact on the world of business as well. It has disrupted several industries, abolished a few, and transformed how we work on an everyday basis. Here's a look at some ways in which technology has changed business.
Instant communication, regardless of distance, has been one of the biggest influences on businesses. It allows different branches of a company to interact seamlessly, for multiple teams to work on a single project without any delays in communication, and so much more. Rapid communication has improved productivity and also influenced how customers interact with businesses.
Impact on Customers
Technology has changed the way customers shop. It has given them access to all the information they need so they can make informed decisions. People can now read online reviews, watch demo videos, and see ratings or testimonials before making a decision. They're also not hesitant about sharing their experiences online or approaching companies with complaints if a product or service doesn’t live up to their expectations.
Access to Data
Data is a gold mine for businesses. It gives them insight into customer mindset, competitors, industry trends, and the impact of cultural and political trends on the business. Entrepreneurs can then use this information to refine business practices and reach a wider audience.
Modern technology has made it easier for people to start ventures. Prospective entrepreneurs can open an eCommerce store or sell products on websites like Etsy or Amazon with very little investment. Even people who don’t have much capital can start their own business, which wasn’t as easy 20 years ago.
Digital marketing has proven to be an equalizer, helping small businesses with limited resources shine. Companies can approach customers through different channels with minimal investment. It is easier for entrepreneurs to advertise online, create effective digital marketing campaigns, and make content to draw people in. Even regular smartphones can shoot professional-quality marketing content like pictures or videos.
Many modern businesses have an international presence, regardless of their size. Technology has made it easier for a small business in Japan to then sell products to customers in the UK. It is easier to expand, get global customers, and communicate with them seamlessly. Social media helps companies connect with a broad audience too. Products go viral and draw attention from unexplored markets.
Transparency from Businesses
Modern customers hold companies up to a different stand compared to customers a few decades ago. For example, many customers care about personal products being cruelty-free or technologies being environmentally-friendly. They also expect businesses to follow modern ethics by providing an environment free of discrimination, racial bias, gender bias, and other oppressive factors. Technology has facilitated this- people online don't hesitate to raise their voices against companies that don't live up to these standards.
Influence of Influencers
In the past, companies would hire actors, musicians, and other such celebrities to promote their products through advertisement or other marketing content; however, modern technology and platforms like YouTube or Instagram have given rise to influencers, who are much more effective in promoting products than celebrities. These influencers are people entrenched in the industry. They test different products, provide opinions, and offer recommendations. Influencers can sway customer opinions, which makes them an excellent investment.
These are just some of the many ways in which technology has changed the way businesses are run.
As an information technology company with many years of experience, we’ve helped hundreds of clients leverage technology to become more efficient and increase profits. Interested in learning more? Let’s connect. Send us an email or give us a call so we can get the conversation started.