The widespread use of the internet in business has opened up new opportunities for brand building and advertising. Retail e-commerce sales alone generated $2.8 trillion in 2018, and that number is expected to reach $4.9 trillion by 2021. In this interconnected era, small businesses and established brands alike can leverage the internet to market their products, generate leads and reach their target audience at the right time in the right context.
The Internet is the easiest way for businesses to connect with customers and clients. Internet technology invented new methods of doing business and provides great benefits for business communication.
More than 290 million Americans were using the internet in 2016. We live in a digital age when information is at our fingertips. Businesses worldwide are taking full advantage of this trend. Digital technologies such as social media, VoIP communication, artificial intelligence and e-commerce allow companies to reach a global audience and improve the customer experience.
For example, the Internet of Things, or (IoT), has a wide range of applications across most industries. Smart devices that integrate this technology are providing brands with valuable insights about customer behavior, preferences and spending patterns. This allows them to laser target their advertising efforts while saving time and money. Without IoT, we wouldn't have smart homes, smart cash points, facial recognition cameras and other interconnected devices.
Companies also use complex software programs to track sales, manage customer relations, ensure data security and streamline their business operations. Private clinics and hospitals, for instance, rely on AI-powered devices to store and process medical data, help patients manage their conditions and optimize staffing levels. Using the internet in business allows for more effective communication, increased productivity and instant customer support.
Digital technologies enable businesses to attract, retain and engage their customers in a more effective manner and for lower costs. You can use your website and social media pages to connect with prospects and market your products to those who are most likely to buy. With pay-per-click advertising, you can reach the right people at the right time and adapt your campaigns to the needs of your target audience. Marketing automation allows you to track the customer journey and reach potential clients across multiple channels.
Customer relationship management software enables users to keep accurate records of their customers' needs, transactions and buying behavior. With this data, you can personalize the customer experience and provide better service. According to Accenture, 91 percent of people are more likely to purchase from brands that remember their preferences and provide relevant offers.
The rise of e-commerce, social networking and other digital technologies allows companies to reach a global audience. Geographical boundaries are no longer an issue. Small businesses can now advertise and sell their products to customers worldwide. A well-designed social media campaign can go viral within hours, generating leads and revenue.
It's estimated that over 1.9 billion people will make an online purchase in 2019. Regardless of your budget, you can put your business in front of millions of potential customers to raise brand awareness and generate revenue. Furthermore, you can leverage the power of email and video marketing, blogging, search engine optimization and other technologies to turn prospects into buyers. Without the internet, none of these things would be possible.
There are many other advantages of using the internet in business. Web-based technologies can improve teamwork, free up employees' time and increase your productivity. Depending on your needs, you may use collaboration tools, project management tools, website builders, video conferencing and much more.
The internet has changed the business world forever, becoming an indispensable part of our lives. Companies that want to remain competitive and grow can no longer ignore its impact.