There is little doubt that the digital age that we all now live in has seen technology impact on most areas of our lives. Many modern businesses will operate in ways that would have been unheard of years ago to make money. This gets to the heart of why technology has had such a massive effect on businesses – it not only allows them to work in different ways but also enables them to engage with customers in new ways. From the internet to mobile phones and beyond, technology has really helped businesses to grow.
How has technology changed the way businesses generate revenue?
Modern businesses have used the rise of technology to make money in a number of ways. Here are some of the most interesting and well-known:
• E-commerce – in just the US alone, the retail e-commerce sector is worth over $500bn in 2018. When you factor in what the figure may be like for the rest of the world, you can see why this is so big now. Shopping online has become a major way that many organizations make money now. This is only possible due to the internet and the technology around it that allows e-commerce sites to operate along with facilitating payments online.
• Smartphone apps – many millions of consumers will now use their internet-connected smartphones when out to buy tickets, book restaurant tables, or a whole host of other tasks via dedicated apps. This has seen many businesses take advantage of this by developing their own money-making apps.
• Greater marketing reach – many modern companies make great use of technology to market their services. Modern digital marketing online allows for a truly global reach and therefore more sales and customers. Social media marketing is a big player, with most businesses now having a presence here to engage customers and generate leads.
• Improved working efficiency – it is not only being able to market and sell online to more consumers that technology has done for the business sector. Email may be well used now, but it is a vital tool in making communication quicker and more efficient. More recent advances such as video chat have taken this to a whole new level and helped businesses to work smarter and save money.
Investing online is also popular
The world of investing has also seen major change over recent years thanks to digital technology. Many companies now will trade the stock markets with spare profits in order to make more money from them. Online brokerages allow this to happen by using the latest internet technology and ultra-fast broadband connections. If you think that you may opt to do this, then one great tip is to have a reliable stocks and shares calendar set up so that you know of any important upcoming news beforehand.
Technology has helped business greatly
As the above shows, technology has had a profound and positive effect on how businesses operate and make money. Compared to the old days of simply owning a physical store in one location, all businesses now have access to the whole world and a greater revenue stream as a result.