Six Ways Technology has Changed World Business
How some people are still struggling to see the changes brought about by technology is difficult to explain. No one can deny the fact that everything data related has become so easy to process. Like data analysis, data processing, cloud computing, etc. It is clear as day that the current economy is 90 percent driven by technology. From mobile payments to credit card checkouts and the way advertising is thriving on digital platforms, we can’t pretend that the world business would be same in the absence of technology.
But just to make things clearer, we have rounded up some of the biggest ways technology has changed world business, starting with the arguably the biggest discovery in the last century – the mobile phones.
- Mobile solutions
Imagine businesses without the mobile phone! Even by just being able to pick up your mobile phone and call a customer across borders, you’re using technology. Apart from that mobile phones have become the marketing platform. All content marketing campaigns are now targeting mobile in a bid to reach people at all times.
- Cloud computing
Cloud computing is another major factor. Cloud computing simply involves setting up of extra large databases that can store years worth of data. Analysts can then tap into this data in a bid to forecast trends in different industries, to the benefit of different companies.
- Customer service
Through technology, brands are also able to provide better customer support. In a world without technology, consumers would probably need to walk back to a store to complain about delayed delivery and such issues. But with technology, these issues can be raised and instantly resolved over the phone and on social media among other platforms.
- Customer segmentation
The mobile age has also made it a lot easier to understand consumers. Marketing is almost impossible if you can’t understand your consumers and what they need. Through technology, it is now possible to track and observe these consumers in their remote locations, allowing brands to offer better products.
We also have to appreciate the manner in which technology allows us to remain connected throughout. Whether through calls or SMS on mobile or via social networks such as Facebook and Twitter, technology allows sellers and buyers to connect in a way we would have only dreamt of. You can now easily get an offshore merchant account from emerchantbroker.com and quickly get down to selling your products across borders because technology makes all of it possible.
- The rise of the buyer’s market
Today’s market is called a “buyer’s market” thanks mainly to technological advancements. Technology empowers people. It gives consumers information at the fingertips allowing them to make better, more informed decisions.