The power to navigate the world at the click of mouse is force that’s transforming our lives like none before. Anyone with computer is citizen of the world; potential buyer or seller. No business can escape the disruption caused by the e-conomy.
Here are nine ways the Internet is changing traditional business: –
1. Reducing costs
Whether it’s the ability to handle more business with fewer people or being able to do it faster, the costs associated with doing business are coming down. The use of email alone eliminates the need to send materials by mail or to use courier.
2. Extending reach
Anyone in business, whether in large organisation or two-person operation, can automatically be part of the global market.
3. Giving customers control
Perhaps the most stressful change for many businesses is the fact that customers no longer look exclusively to them for product information. Customers can research broadly and become highly informed before they buy. No longer the ?persuaders’, salespeople are now facilitators.
4. Eliminating the middleman
Distribution channels are changing and the middleman is being cut out. Why shouldn’t you get your next car loan via the Internet if you can save money and do it quickly? The Internet can focus on sending out information. Someone getting car loan from an Internet lender will get other opportunities to do business based on the data supplied. In future, the Internet bank may understand the customer better than the one with bricks and mortar.
5. Redefining service
The concept of service has changed. Just saying “we’re here to serve you” doesn’t connect anymore. The issue is serving customers when, where and how they want. If companies do business online they expect instant confirmation of the transaction, followed by speedy delivery.
6. The buying process
Customers are doing their due diligence before they let it be known they’re in the market. That’s why information-rich websites are essential marketing tools. The goal is to connect with the customer in manner that fits, by sending signals, keywords or images that serve as hooks to attract customers into the company’s orbit.
7. Demystifying sales
Having visited variety of websites, customers are loaded with data and information. They’ve discovered they can negotiate easily and successfully for everything – from hotel rooms to homes – on the Internet. The backlash may be that instead of wanting to deal with “live human being” people will choose technology-rich venues where people don’t intrude in the process.
8. Making information essential
One of the most far-reaching changes is that the customer expects to receive worthwhile information, not glitzy ad copy.
9. Altering communication
Rather than send-and-wait-to-receive process, communication is now send and receive – seamless updating online. This may well be the source of the stress that plagues so many workers and it may also be driving the desire for new ways to be wired in wireless world. There is no time for interruptions in the communication process. The customer, internal or external who doesn’t get an instant response feels abused.
