Technology has changed the way we work. Take a quick glance around your workplace, store, stockroom, even a building site and you’ll see smartphones, computers, hand-held gadgets connected to the internet transferring data to servers all over the globe. For most of us, technology rules our everyday lives. We may not even realize it, but we have become ever so dependent on technology all around us. Your smartphone is more potent than first generation supercomputers. It literally drives our lives, both personal and professional.
Working with others has become easier
Mobile phones mean we’re constantly in touch and we’re constantly available. We can work anywhere and still stay in touch. Smartphones are like an office in your pocket. In a lot of ways, technology has helped us work with others easily and efficiently. Technology helps us stay connected without the need to be physically present.
E-commerce is becoming mainstream while brick and mortar retail is facing existential challenges
Having the comfort to shop whenever and from anywhere is a significant help that drives the over $1.5 trillion annual online sales. With this number anticipated to rise to $4.5 trillion by 2021, the convenience to shop at midnight or in your sweats is an imperative thought for more and more customers.
Consumers are also pointing to the hassle of shopping in a store, such as standing in line or dealing with crowds, as a reason they turn to online retailers. Compare this with a 24 x 7 store with an unlimited choice that allows you to shop and be done in less than a minute. E-commerce is winning the war of retail and it’s doing so frightfully fast!
Social media is driving public opinion and customer behavior
Making a virtual home for your business on an online networking site offers you broad chances to build your visibility with shoppers and start a community. Inviting them to the site gets you free traffic. On the customer’s end, nonetheless, that freedom implies that product or service reviews, good or bad, are going to be instant and usually non-forgiving. The community that gives can also take back.
Big data analytics is allowing marketers to know their customers more and more
In the age of the unlimited computing power, every action the consumer takes, implicit or explicit, allows marketers to know more about them. While customers think that they alone and not companies are driving business decisions, this is far from the truth. Big Data analysis helps companies gain critical insight about their customers and this allows them to design communication and products that appeal to their target audience.