The Internet is a debatably the most important invention that mankind has ever accomplished. Having access to everyone at any given time is something of a dream back in the past and now that it is here there is no stopping the effects it has on society. Social media, GPS, email the list goes on and on what the Internet can do, it would be a shorter list to just tell what the Internet cannot do. Having this being said businesses have felt the effects of the ever growing technology of the World Wide Web in both positive and negative ways. Some embrace the fact that they can reach their target audience with a few clicks of the mouse while others see the business that they have been running for many years crumble due to the fact that they are …show more content…
“Stretching beyond the geographical limits of their immediate surroundings, these businesses are able to increase revenue through technology-enabled commerce, which helps their small companies to better survive in the long term” (Cohen). It is less expensive and easier for these small businesses to stand out among the big players having the same access to the same amount of potential customers. Now every company is on an equal footing and it does not matter the kind of company it is as long as they hit their target demographic at the right time. Having a way into the homes of people whenever a business needs can prove helpful because now they do not have to wait for television commercials or billboard advertisements to get the name out. Now for the first time in the history of mankind everyone can be reached at the same time, anytime of the day. The Internet contributed $141 billion dollars to the US economy in 2011, with the Internet helping to drive nearly all part-time businesses, with 90% of all those surveyed using the Internet to conduct at least some of their business, and over half saying that they couldn’t conduct their business at all without the Internet” (Christenson). Small businesses can use many techniques to get the name out and while they can do this without the help of the Internet they would be at
The internet has changed the world as we knew it. The world no longer communicates, does business, or perches commodities in the same a traditional way. E-mail, instant massager and chat rooms were the first innovations to be used by the public. As time went on more and more people depended on the internet to communicate with each other. It did not take long for the U.S. Postal service to see the decline in mailed letters. With the internet being so easy to access and email being so easy to use it quickly became the preferred way to communicate with family and friends over long distances. Companies soon followed suit to better serve their clients.
The internet offers the potential to achieve a global market success for any business. Businesses that go online increase their opportunities to reach their target market and is cost effective when compared with other forms of marketing. It creates opportunities, benefits and challenges for a business but in the long run is worth it for the added publicity and hopefully profits. Going online has benefited many organisations including Tesco PLC. I will be using Tesco as my example of the benefits, opportunities and challenges for a business by using the internet. Tesco has operated on the Internet since 1994 and started an online shopping service named 'Tesco Direct' in 1997 which
It is now, not only commonplace to have a website detailing the operations of your company, but expected. ?The reality is consumer ? likely even you ? turn to the internet to discover what to do, where to go, who to buy things from and more. Keeping this in mind, shopping online isn?t the only reason people go online. Instead, being online leverages multiple avenues for small businesses to gain visibility among consumers.? (Leinbach-Reyhle, 2015). For a small business trying to compete with other small and larger businesses, visibility is key.
The internet, a new form of communication between computers developed by the military in the 1980s, would have an unprecedented effect on business. During the 90s, business old and new began to make their appearance on the internet. Although, at first, it was a new and dangerous medium, causing many businesses to fail in the Dotcom bubble, the internet caused business and economy to flourish for years to come. US investment in the internet and computers helped it gain much economic power in the 90s and 2000s, leaving other nations who neglected their potential in the
Details: The internet has created new ways to do business for organizations with much less capital planning as opposed to the high capital needs of traditional brick and mortar organizations.
E-Business and the internet allow for businesses to reach large sections of the population. It has changed the way we conduct business. It has impacted the way consumers make their decisions. The internet has enabled long distance purchasing as there are no geographical barriers. This is very evident from Zappos.com one of the first companies to take advantage of this.
Businesses are discovering the Internet as the most powerful and cost effective tool in history. The Net provides a faster, more efficient way to work colleagues, customers, vendors and business partners- irrespective of location or operating system harnessing this powerful resource gives companies strategic advantages by leveraging information into essential business asset. The "technology of the future" here today. This is a fact. Businesses making the transition will, and are prospering; however those that do not will most certainly suffer the consequences.
nominal monthly fee for software that enables them to build a site that is then hosted by
Business has thived on the internet, internet business are able to reach a wider market [2]"Through the internet, a business of any size can compete in the global marketplace. In fact, on the internet, the size of an organization's operation makes little difference because the internet is an open environment. " because anyone has access to the internet businesses can reach anyone also giving the customer a wider choice of products.
The internet has given a new outlook to the way we do business. It has made the world look like a small place because we can order or sell anything and everything around the globe. Internet has become a boon for the upcoming companies as they can promote their new technology, their brand name through the internet. Now net banking is possible in which we can directly check our balance, open new account or can directly transfer the money in someone’s account without even going to the bank .We can pay all the bills and book the tickets online just by sitting at home. There is no more need to stand in queue. We can shop online, compare all the clothing brands just by sitting at home and we get the desired product within some days at our door step. We can even return the product if we are not satisfied. The internet is used by companies to build better relations with customer. We can send large chunks of data through email. Small part time business have also become successful ,if someone is good at baking cakes so they can ship them online and earn good amount of money for this. On the contrary, there are some risks doing business on the internet. Our accounts, card detail can be at risk while making any transactions and someone can
In today’s world of business, everything is computerized and most of the companies use the Internet and information business to help keep their quality, save time and also cost. It also can reach out to more customers worldwide. For an example, with a website in the internet, it would relay the message to millions of viewers worldwide regarding the product and service that the particular company can provide and indirectly saves cost in advertising in television and print advertisments.
Innovation gives an extensive variety of tools entrepreneurs can use to guide their new organizations through the start-up and development stages. Small business accounting, advertising and communication have been upset by advances in computer, network and communication innovations, and organizations in a scope of businesses persistently adjust to exploit innovative advancements.
Utilizing information technology in business leads to business survival. Gone are the days of you only shopping at your local mom and pop stores, everyone is searching for the easiest way to get the exact product they want. Most people do not care where it comes from, just that they are getting the best deal. Information technology allows this to become feasible for business to compete among the big dogs of the industry. A small bakery which does not have a website and is only open during regular business hours will not make nearly as much as the bakery down the street with the same hours but has a website to order exactly what you want online. IT will help grow that business and allow it to survive in the ever-changing global economy we live in. Survival of the fittest is not just a phrase for Darwin anymore; a business either uses IT to enhance what it already does, be innovated and develop a new product or it will cease to exist.
Firms must understand consumer behavior and go where the consumers are to market their products. With the wide use of online websites and shopping, firms must adapt to the environment and develop a virtual storefront to market directly to consumers (Corley, Jourdan, & Ingram, 2013). Additionally, internet marketing can increase product awareness, help find new consumers, develop new business interest, and improve market penetration across borders (Mathews, Bianchi, Perks, Healy, & Wickramasekera, 2016).
The internet provides a way for small businesses to start up. In the world of commerce, "The Internet threatened established incumbents with oblivion and that small upstarts could find opportunities in the digital age". (Ryan)