Since the era of IBM computers, technology has created many more new business opportunities. The Internet era has just done the wonders. New business models have been created and implemented in the age of technological revolution. Even this is not enough. The new generation businesses are more demanding and extremely competitive, as the Internet has brought about a big change in the area of communications-a change that requires the world to catch up with it. For any kind of business, this is a challenge.
The Internet has already begun its transformation from the earlier level to Web 2.0, creating newer and more efficient business models, strategies and much more. But the users are failing to catch up with the latest trend. The brick-and-mortar models still prevail while the burgeoning market of tablets is yet to replace that of more productive devices like laptops. On the other hand, the laptops are yet to completely make desktop PCs dispensable. To quite an extent, they have been successful in creating their own demand, but for some reasons, the people still turn to a workstation of greater magnitude. Similarly, even with the booming market of online stores and the rise in e-commerce, people still like physical locations of shops where they can touch and feel a product before they purchase it. For services, especially, like doctors, people still prefer actually going to the clinics for check-ups to getting online advice on medical care. There's no doubt that anyone with access to the Internet has virtually looked up gift items or gadgets or even health articles online before pursuing them in reality. People visit the websites before going to the store to buy something; they may read up on heartburns or cramps before paying the doctor a visit. And this is true even today, when we are believed to be in the age of technology - the 21st century - the digital era.
Organisations have all the resources at their workshops to be competitive and successful in the online market. People are looking for interaction with anyone they do business with these days. Organisations are adapting to this change to give their clients new personal experiences through delivery of their products.
The Internet drastically reduces the business transaction costs, or you can say it is creating, sending and storing information and also making that information extensively available. The Internet gives companies the opportunity to collect and analyse more accurate information about their clients and also allowing these companies to market their products and services in a better way. It can help companies create and capture profits in new ways by adding extra value to existing products and services.
Internet has brought about a dynamic change in business and competitions. It is a new way of delivering products and services online. Competition goes beyond well-known competitors to include new businesses, ideas or methods of improving existing services.
As all business players are digitally connected, the digital world is together forcing companies to react to transformation and giving them the gears by which to stay ahead. Information technology helps one devise one's business strategy with organisational response. Without information technology there will be no fast response - and no business.
Behind all the transformations in this 21st century, it is the single and powerful idea: Internet, the powerful force behind business success. But ultimately, an organisation succeeds or fails based on several small or big steps that employees take every day.
The writer is an MBA graduate, Department of Marketing,                Long Island University - Brooklyn campus, New York.                              shariful.alambhuiyan@gmail.com
Catching up with business trends in Internet era
Shariful Alam Bhuiyan | Published: December 03, 2013 00:00:00 | Updated: November 30, 2024 06:01:00
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