In today’s fast-paced world, technological advancements are a driving force that shapes the business landscape. Technology is frequently updated and released. These external technological influences have a huge impact on businesses.
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Availability of New Production Equipment
The availability and adoption of cutting-edge production equipment and technologies revolutionize industries, enhancing operational efficiency and Product quality.
Impact on Businesses and Enterprise:
- Adoption of Advanced Equipment: Businesses adopting new production equipment can streamline processes, reduce production time, and improve product quality. Enhanced efficiency can lead to reduced costs, increased output, and potentially improved customer satisfaction.
- Lagging in Equipment Adoption: Businesses failing to adopt advanced production technologies may face productivity gaps and quality limitations. Lagging behind competitors in technological adoption can lead to decreased competitiveness and potential market share loss.
Increase and Improvements in Mobile Technology (M-Commerce)
Mobile technology advancements have transformed the way businesses communicate, market, and interact with Consumers.
Impact on Businesses and Enterprise:
- Leveraging Mobile Platforms: Businesses embracing mobile technology can reach consumers directly, enhancing marketing efforts and customer engagement. Improved mobile engagement can lead to increased brand loyalty, customer retention, and potentially higher sales.
- Neglecting Mobile Channels: Businesses ignoring mobile technology might miss out on direct consumer interactions and effective marketing opportunities. Reduced mobile engagement can lead to lower customer satisfaction, decreased brand loyalty, and potential revenue loss.
Growth of E-Commerce
E-commerce
E-commerce is the activity of buying and selling online.
E-commerce provides many advantages to businesses and consumers.
One advantage of operating online is that it is cheaper to have an online Location, rather than an expensive physical location where the business serves customers, additionally, online Customer service can also save time and money as advisors can deal with many customers at once, as opposed to face-to-face where they will only deal with one customer at a time.
E-commerce also allows businesses wider access to more customers 24/7 hours, giving them access to customers that it wouldn’t be able to target before, they can then ship the product to the customer at their location.
Shopping online is also convenient for customers as they can browse from the comfort of their own homes 24 hours a day. This is also convenient for the business as they can operate 24 hours without hiring staff to run the store at night, perhaps leading to the recent decline of the 24-hour stores.
A disadvantage for businesses and customers of e-commerce is that the products may not meet the customer’s expectations, for example, they might not look the same in real life. 30% of all products ordered online are returned as compared to 8.89% in brick-and-mortar stores (source). This increased return rate is an additional Cost to the business and inconvenient for customers.
M-commerce stands for Mobile Commerce, stemming from the increased usage of apps and mobile devices for online shopping.
Many businesses choose to have an online presence in addition to a ‘brick-and-mortar’ (physical) location. While some simply choose only online or just a physical (though less
The growth of online commerce, or e-commerce, has transformed traditional business models and consumer purchasing behaviour.
Impact on Businesses and Enterprise:
- E-Commerce Integration: Businesses adopting e-commerce platforms can expand their market reach, targeting consumers globally and offering convenient online shopping experiences. Increased online sales can lead to revenue growth, improved profitability, and potential international expansion.
- Ignoring E-Commerce: Businesses failing to embrace e-commerce might miss out on the growing online consumer base and the convenience it offers. Reduced online presence can lead to decreased sales, missed revenue opportunities, and potential market share erosion.
