So much has changed thanks to technological advancements in recent years. Businesses have been especially impacted by technological advancements, ranging from how businesses communicate with their customers to how they sell their products and services.
The changes brought on by technology in the world of business have occurred at immense speed over the last decade mostly due to the internet and the rate at which technology is rapidly evolving. One of the biggest influences can be seen in how more and more businesses are opting for the ecommerce model instead of the traditional physical or brick and mortar store.
With quality web hosting solutions for ecommerce stores becoming more affordable, easier to access and utilise. More businesses are opting for the option of presenting their wares and services to clients online rather than at a physical address. This in conjunction with how easy it is to start an ecommerce website even without prior web development training or skills, thanks to platforms such as Shopify, WordPress, Magento, and so on, has also been a major influencer.
The fact that starting an ecommerce website is now easy and affordable isn’t the only reason more businesses are now moving towards ecommerce. Due to improvements in mobile technology, convenient access to the internet, and the widespread use of social media, a significant number of customers spend a lot of their time online now. This has led to the internet becoming the preferred place for most people to get things done. In order to match the preferences of their customer base, it was only wise that businesses present their wares to customers on their preferred platform – the internet.
Online shopping has skyrocketed in recent years, making it clear that any business that has failed to catch up to the times by switching to an online or ecommerce model is only shooting itself in the foot and crippling its competitiveness. Even major retail brands such as Walmart, Tesco, Target, and so on have had no choice but to adapt an ecommerce model in order to stay competitive with businesses like Amazon and eBay.
Other reasons why more businesses are opting for the ecommerce model include:
- Reduced Operating Costs
Without the need to maintain a physical store and spend on all the overheads that come with maintaining such a premises, a business can greatly minimise its expenses and thus maximise profit. This is the reason many small businesses are opting for ecommerce instead of a physical store.
- Mobile access
Almost every human in the world possesses a smartphone or smart device of some sort that grants them unfettered access to the internet. This huge demographic of potential customers is what businesses are targeting now through online marketing campaigns which are relatively less expensive but are more far reaching (globally), penetrative, and effective than traditional ads.
- Improved Communication
With social media and similar technological advances, businesses can stay in touch with their clients around the clock. This enables businesses to provide their clients with the latest news about their products and services as soon as the information is ready. It also creates a great avenue for businesses to ensure they stay relevant in the face of increasing number of competing businesses
Advances in technology are modifying the business model on a regular basis and it is expected that what we have on ground now will not be the same in the next five to ten years.