Table of ContentsHistoryVirtual PlatformMobile TechnologyE-CommerceSocial Media – Customer BenefitsArtificial IntelligenceThe impact of technology on traditional businesses can be determined by looking at its usefulness, application and demand. The purpose of this article is to explore the evolution of traditional business models to incorporate technological innovations as they develop and to examine the advantages and disadvantages for consumers and businesses. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”?Get the original essay Over the past two decades, we have witnessed a fundamental shift in the way traditional business is conducted. This change is due to an exponential evolution of technology. Research conducted by the University of Oxford outlined a timeline in which the technology reached 50 million users, representing the heights the technology can reach. He said it took 75 years for telephone, 38 years for radio, 13 years for television and only 4 years for the Internet to reach 50 million users. With these statistics in mind, it is not difficult to understand the importance of integrating technology into the traditional business model. If a company chooses to remain stagnant in the process, it could prove catastrophic for its long-term future. This report will cover the incredible journey of technology evolution and how it has not only changed the characteristics of how consumers shop, but also how it has impacted businesses as a result. It will examine the tangible and intangible benefits of the online platform and what merging traditional and digital business models can bring to the growth of a business. History The use of technology has become commonplace in business today, although this was not always the case. case. Before the integration of technology, businesses had to conduct all their processes and operations using manpower, they sourced inventory by meeting potential suppliers in person. This involved hours of travel and various meetings for updates at each stage of production, before their stock was delivered, provided the order was fulfilled on time. This method costs time, money and often leads to distrust on the part of the buyer and supplier. Running the office was also a slow process that involved documenting all transactions and monitoring inventory, payroll, employee and customer details using a paper filing system. Marketing methods would involve printed advertisements in the form of billboards and magazine covers which would cost a lot of money for a short period of display. The use of direct mail to customers and local distribution of flyers and brochures. When businesses began integrating computers into their offices in the late 19th century, it made these processes much easier and brought about office automation. Computers and associated software were capable of performing complex calculations, speeding up transactions, allowing employees to easily manage inventory and receive updates when a product was low on stock, making their operations more efficient and less long. Digitizing a company's employee and customer records saved physical space and ensured the security of sensitive data. ThereThe virtual platform's progress hasn't stopped at back-office processes. The development of the Internet in the late 1990s allowed for instant connectivity through the use of email and instant messaging. Communicating with employees, suppliers and customers became a simple process and allowed for a faster response time in emergencies and a more flexible deadline for less urgent issues. Email marketing was incorporated and used to send daily newsletters to customers about new upcoming arrivals and discounts on their existing stock. The creation of the Internet took the world by storm and provided a new virtual platform not only to do business but also to connect with people. all around the world in real time. This meant that activity was no longer localized or limited to customers visiting their physical store. The ability to create a website and virtual shopping experience online has given new meaning to the world of consumerism. Businesses were able to showcase their products and services on a ubiquitous virtual store with global reach capabilities providing them with the means to distribute their business internationally. The introduction of new intermediaries such as PayPal has provided consumers with a safe and secure method of paying for goods and services online. Mobile Technology Technological innovation has continued to flourish and advancements in the technology industry have taken a new step in the form of mobile technology which has completely revolutionized the way we interact with the world and conduct our daily lives. In 2003, 3G mobile Internet was successfully adopted worldwide, paving the way for the arrival of the smartphone in 2007. Mobile technology has had a considerable impact on the consumer and the characteristics of their spending habits. purchase. Many retailers have realized the need to make their website mobile responsive, meaning their website can be viewed easily on any device, including smartphones. The convenience of being able to research the brands they love and discover new deals for the same items from the comfort of their home or another store has made consumers smarter shoppers. E-commerce platforms connecting manufacturers directly to consumers exemplify disintermediation giving customers the benefit of transparent pricing. They get bigger discounts on the same products and the merchant can increase their profits while keeping their prices low. E-commerce Established traditional businesses were able to utilize this technology and all that it had to offer. Their years of building a reputation and customer database allowed them to analyze the data they had previously accumulated to further personalize the experience for their existing customers while targeting new customers by creating an e-commerce store online. By setting up an e-commerce store for a small monthly fee compared to a physical store, it meant that monetary resources could be used in digital marketing of their products. Collecting data by closely monitoring their customers' usage of their websites, tracking which products they view and purchase or abandon in their cart could be used to specifically target customers. Using correct keywords in online store content could generate traffic from all over the world through the use of search engine optimization, afeature used on search engines such as Google. Banner advertisements may also be placed on other websites whose content relates to the same products. Digital advertising is just a fraction of the cost of traditional print ads and can be changed at any time without significant expense or delay. Social Media – Benefits to the Customer Social media such as Facebook is arguably one of the biggest benefits of a company's digital marketing strategy. and Twitter. In 2018, Facebook had 2.34 billion monthly active users. Social media offers a business the most accurate way to segment the market by analyzing profile data to learn who they are advertising to and taking the attributes that best match their products, whether of a man or a woman, a demographic situation or interests. How consumers interact with a brand is a unique advantage of social media. However, this needs to be monitored from a business perspective. When a customer purchases with a brand, they have the option to leave a review on their website or social media account, as most e-commerce stores have a social media account associated via a hyperlink. Good reviews can create viral buzz for a brand and its products, which is essentially free advertising. However, there is a flip side of the coin: when a customer is not satisfied with the experience or product received, either due to delivery delays, damaged product or simply not meeting their expectations , there are ways to let people know. They turn to social media and website communities to review products to announce their dissatisfaction to get a quick response from the brand. This speeds up resolutions in favor of customers because a brand does not want bad press and must remain diligent in maintaining its online reputation at a high level. Not all traditional retailers predicted the need for an online presence. As was the case for John Antioco, CEO of the Blockbuster outlet. In 2000, Reed Hasting, the founder of Netflix, approached Antioco with the idea of ​​becoming a partner. Reed would create and manage the Blockbusters brand online and Blockbusters stores would promote Netflix. John Antioco turned down the idea because at the time, Blockbuster was the leading video site with over 9,000 stores and made over $800 million a year from late fees alone, which made up about 16% of their income. Reed's proposal involved adopting their existing business model. to accommodate customers and charge a subscription fee in exchange for keeping the DVDs for as long as they wanted if they were a subscriber. This meant removing late fees which Blockbuster was not willing to lose the benefits of that revenue. Soon after, John Antioco realized that Netflix posed a growing threat and attempted to secure its future by proposing to waive late fees that inconvenienced customers and investing in a digital platform for streaming. company, but his idea was later rejected by the board of directors. This decision cost Blockbuster the ultimate price, the survival of their business. In 2010, Blockbuster went bankrupt and only 2 stores remain open in 2019 while Netflix is ​​worth around $28 billion [4]. Although Blockbusters' traditional business model had its merits, it was inevitably the inability to take risks and merge a new concept that proved detrimental to the company's success. Artificial Intelligence.