5 Ways That Technology Has Impacted Online Businesses

You can ask yourself the question: what came first, technology or the online business? When it comes down to it, technology wouldn’t be the same if one of the goals wasn’t to grow a platform for virtual commerce. When it comes down to it, technology is changing the way online businesses operate in a multitude of ways, but on the other side of the spectrum, online businesses are also changing technology. It is a simpatico relationship that is making it easier for businesses to succeed and for consumers to connect with more businesses. What can be better than that? Here are five ways that technology has impacted online businesses.

1.  Greater access

With more and more devices – from personal tablet computers to lighting fast and thin laptops – more and more people are shopping online. The reason for this is simple: you can literally be anywhere and order anything – from a new car to a new pair of pants. Every day, you read more and more about how tablet devices and smartphones are becoming literal extensions of the human experience. This greater access is growing revenue for online businesses, but it is also allowing online businesses to expand into new territories.

2.  More security

With more security measures, like safer payment gateways, consumers feel safer shopping online. Not only do consumers feel much safer about their financial information, but also about their personal information. In the old days, people were deeply concerned about their personal information getting into the hands of identity thieves, which really put a damper on the evolution of the online business. However, with better security measures, a lot of that worry is gone. Of course there are some instances of theft, but it has significantly waned.

3.  More intuitive shopping experience

With advanced technology, it is becoming easier to offer customers a much more intuitive and efficient shopping experience. In the old days, online shops were clunky and they were hard to navigate. Not to mention, it was hard to get a feel for what the product was actually was like, which became a major problem for online clothing retailers. These days, though, it is much easier for customers to see the product and zoom in to get a feel for what it is made out of.

4.  Better competition

With all the advancements in technology, it is becoming easier than ever for people to start online businesses, which is essentially leveling the playing field. Most people think competition is a bad thing, but having a lot of businesses is much better than having fewer businesses – business growth is indicative of a healthy economy.

5.  Smarter products

At the end of the day, as technology helps businesses and as businesses spur the economy, more enterprises are inventing and creating better products. With better products comes more sales, which creates a cycle of positive consumerism. This cycle is allowing businesses to make bigger profits, which simply furthers the cycle. When it comes down to it, as technology evolves, the supply will only get smarter and the demand will get even bigger, which is good for businesses and the consumer.