Business is the backbone of any economy and online business seems to be the most feasible step to take to keep up with the new commerce trends in today’s new economy. This is true even after the so-called aftermath of the infamous “dot-com” bubble that shook the world economy and almost sent it to the verge of collapse on March 10, 2000.
The internet has been ever present even before the “dot com” bubble period that existed from 1997 to 2000. However, at that time the internet was not explored by the business owners just as much as it is explored and used extensively today. There are two primary reasons for this such as:
- The capabilities of the internet in the business territory was limited at that time due to the lack of infrastructure and
- That it did not provide support at the desired level to encourage the increase in sale in large scale.
After that period, the field of digital technology has seen its own share of evolution so much so that it resulted in an epic Industrial Revolution. This has resulted in a few significant changes in the periphery of business that started to turn online making the best of the internet.
- This dramatic development in digital technology has influenced the lives of the people as well as how businesses operated.
- It also resulted in the growth of businesses based on the internet or online businesses that are not essentially driven by investments.
Therefore, it paved the future of the use of technology extensively in business operation as well as in all its transactions. The development of technology has therefore given the business the present stature. The huge rise in online business is merely driven out of need.
Hence, taking the modern times into consideration, online businesses now are considered to be the natural response to the dramatic evolution of technology as well as its use in the world of the internet back in the past to this present day.
Step into the new economy
To day you will find all types of businesses are done online which was unthinkable in the past.
- You can book airline ticket from the convenience of your home
- You can buy your favorite clothes from any store
- You can order your favorite food from any restaurant online
- You can make dealings with foreign clients from anywhere
- You can make payments online using different payment gateways and
- You can even apply and get loans from banks and several online money lenders as well in quick time.
What is more, you can even hire different services as well through online apps and websites whether it is for fixing a lark in the plumbing line or choose any suitable debt relief program for you with a simple click at reliable sites such as Nationaldebtrelief.comand others. The online business, therefore, is the future of commerce and if you want to step into the new economy then this is the right approach.
The world has changed a lot after the Cold War and especially in the new millennium even after some dramatic effects on the economy after the economic meltdown in 2008 or the 9/11 incident or Iraq Invasion and different other changes in the course of history. All these events have caused significant turbulence in the economy and businesses had to find a new way to confront and navigate through high tides of the sea. This means a lot of things and has given rise to new approaches by the businesses.
- In such a situation efficiency is the most crucial factor for survival.
- According to studies, several large businesses in the United States integrated telecommuters in their business development strategies.
- A large number of businesses also hired and relied on the work-at-home personnel for their business development purposes. For example, you can also visit at Indian Prime Minister’s National Relief fund link https://www.pmnrf.gov.in/
This gave rise to online business which took over traditional business system pretty fast. A recent study conducted by CTrip showed that:
- When businesses used telecommuters for their business development experienced 13% more productivity as compared to the regular office staff
- It generated most cost savings per employee each month the tune of 1,900 US dollars and
- There is a significant shift in the corporate strategies followed to streamline the costs so that the quality of work is not compromised.
Therefore, it resulted in the new human resource revolution.
Digital presence as an option
Therefore, previously, the digital presence was an option for the businesses but now in this age of digital revolution, it is no more an option but has become a necessity.
- It is the internet that has changed the way companies operate today and has opened new avenues for all online businesses to explore the larger and probably better potential market where there are billions of potential buyers at the click of a mouse.
- Add to that the extensive use of the social media channels has also given the businesses a more efficient and result driven way to connect to their consumers and at the same time get valuable feedback.
- This feedback and information are now used to develop their business strategies even further proving that in this new economy, using the internet is no longer an option but a necessity.
Typically, online business is a two way street for generating more income from it. This is because:
- It first helps you to make a more impactful online presence through your own official website. This helps both your clients and customers to find your business more easily.
- Secondly, when you make your website work in conjunction with the savvy social media marketing methods, it gives you an enhanced opportunity to acquire new customers for your business in a more cost-effective and time-saving way.
Therefore, if you start your own online business, you will be able to live up in the time of digital prevalence in business and find it easier to deal with companies and clients in the virtual workspace. The commuters will make useful contributions to the bottom line and enable you to reduce the cost of operation and increase the volume of productivity significantly.