Changes in technology
Rikke gives some examples of the ways in which changes in technology can provide business opportunities
The rise of web technologies and the use of smartphones have created new opportunities for businesses.
E-commerce
E-commerce is any business transaction that takes place using the internet. This can mean any of the following:
- businesses selling to In business, a consumer is a person who uses a product and may also buy it. (business to consumer, or B2C)
- businesses selling to other businesses (business to business, or B2B)
- consumers selling to other consumers directly (consumer to consumer, or C2C) through online auction sites or online shopping sites
E-commerce has allowed businesses to sell to different countries and customers on a much wider scale.
M-commerce
M-commerce is any business transaction that takes place through a mobile device such as a mobile phone or tablet. Businesses try to increase the use of m-commerce by developing their own mobile apps to sell goods and services. Transactions can also take place when consumers access the business’s website through mobile technology. M-commerce is now also being used in regular shops, where payment can be made via a smartphone.
Social media
Social media is an interactive computer based technology that allows the user to create and to share information and ideas through virtual communities and networks. platforms have allowed businesses and customers to interact in more ways, allowing businesses to create more personal relationships with their customers. Social media offers a simple, cheap and effective way of creating The extent to which customers are aware of the qualities and image of a particular make.. For example, clothes retailers can obtain feedback on the latest fashions or provide exclusive Use advertising and publicity to increase the sales of a product..
Businesses can also pay other businesses, celebrities or Individuals on social media who have large numbers of followers and who can influence others to purchase products through their recommendations and social media posts. to promote their brand or product by sharing photos of themselves wearing or using a product or service. This is often cheaper than traditional advertising and allows businesses to reach their A group of people or area of a market that a business aims to sell its products to. more easily.
Social media platforms are widely used by businesses to attract new and retain existing customers. For example, travel agents often promote free holidays or competitions to those who share or like their page. A smaller clothing brand might use social media as a method of cheap promotion when it is starting up.
Other new technologies
As well as these developments, there are other technological developments that affect specific sectors and companies. Examples include the introduction of self-scanning checkouts in supermarkets, A method of adding material in layers to build a solid form. of tailor-made artificial limbs, Global Positioning System. These pinpoint an exact location on the globe according to lines of latitude and longitude. for satellite navigation systems, eg pet-monitoring collars. Technological developments increase the opportunities and potential for new and improved business ideas to come about.
