Innovation has dominated the area of technology in the past few decades, due to the increase in competition by the business entities internationally. The business arena has been flooded with a lot of merchants, all of whom are competing for the same customers in the market. As a result, technological advancement has become the leverage for many organizations, where they are using the technology to reach the customers from geographical locations from which they could have never accessed. This has become the primary aspect of competition since the traders have similar products in the market and the customers in the market are the same. Therefore, the merchants who gain the competitive edge is the one who adopts more sophisticated technology that would serve the needs of the customers most appropriately. For this reason, the organizations are hiring IT experts to design marketing strategies on their behalf so that they can implement them in increasing their sales in the industry.
Some of the organizations that have benefited from the revolution in the technology sector can be well identified on the internet. This would be evident in the number of customers who visit these sites and also the number of visitors who are converted to customers. A website like https://botpress.io/learn/what-and-why/ boasts of having thousands of visitors frequenting it every day and a record conversion of more than 70 percent of the total visitors to customers. Others have been in the same category, but their consistency is quite irregular. When the technology is incorporated into the business quarter, a lot of benefits are expected by both the traders and the customers. Consider the below:
Reduced Operational Costs
In the past, business was considered to be huge if the trader opened branches in various parts of the city and country. The establishment of additional offices implied that the trader had to employ additional employees to run the branches. This increased the cost of running the business, and in the long run, the business never turned as profitable as the owners would have expected. Also, the traditional forms of business had to include the costs of purchasing business premises or renting some. This would be an additional cost to the entrepreneur since the expenses had to be incurred regardless of whether there were sales. However, with the introduction of Information Technology, the merchants do not require all those expensive logistics to run their business. All they need to have is a nice laptop or a PC, from where they can access the internet to interact with their clients and the potential customers.
Increased Market Reach
With the shifting of the business from the fixed, physical location to a virtual space where anybody can access, the merchants can reach the customers who they would have never reached. This is because, on the internet, a lot of people can log in to the traders’ websites and come across a product that they would wish to have, though they had not planned to purchase. This would convert them to customers through impulse buying, and hence they would contribute to the revenue of the organization or business.