How the Internet Became a Basic Necessity
The Internet has been around since the late 1960s and e-commerce or online shopping was invented in 1979. By 1997, established websites such as Amazon.com, had hit $150 million in sales for books alone. Today, accessing the internet became a part of almost everyone’s daily routine. Various influencers, advertisements, marketing stunts, and articles can be seen each time a user opens their social media account. Even when using search engines like Google, services, products, or businesses often come up. Before long, individuals and companies realized that social media can be used as part of the marketing mix because a post has the ability to reach a wider audience while keeping expenses at a minimum. This essay will discuss the major ways business operations have been affected by the internet.
The first major impact that we will discuss on how the internet affected business operation is the way it shaped the modern global market arbitrage. Market arbitrage is the simultaneous buying and selling of the same securities in different markets and results from the removal or disintegration of trade barriers. The internet has made obsolete the trade boundaries created by geographical border collaboration. The creation of global market arbitrage eliminated extra expenses such as trade barriers like tariffs and goods transportation costs.
Businesses today operate in more favorable ways where buyers and sellers can conduct business freely at any time across the globe. Moreover, the internet has opened a variety of avenues for exchanging viewpoints and ideas through various communications platforms. Thus improving the communication skills of businessmen and setting grounds for superior products and services.
Next is the impact of the internet on global business regulation and oversight. The internet has enabled business operations to move more efficiently and effectively. With the help of the internet and gadgets like laptops, personal computers, iPods, and up-to-date devices and programs, old-fashioned ways of managing tasks have been phased out.
Today, business people and individuals within organizations can easily keep track of their financials, events, and tasks at any time and place. This goes to say that streamline operations and organizational bureaucracy are no longer problems for businesses. Regulation and oversight committees no longer need to make unnecessarily long and expensive country-to-country business trips. The internet has made managing businesses with global coverage so much smoother and simpler.
The third major impact of the internet on global business operations is how it reduced running costs significantly. The internet has the ability to reduce both advertisement and distribution costs. Social media managers or marketers, for instance, do not have to go through advertisement intermediaries such as mass media. It is now possible to reach potential customers directly through the use of social media. Social media managers set the image of the brand and make sure that their content and posts are performing well and getting positive feedback.
Through the use of the internet, social media managers can reach a much wider audience and keep those that already know of the brand engaged and well-informed. The company does not need to be big or prominent for this to be advantageous. Not only does advertising through the internet reduce advertisement costs, but it also reaches a bigger audience, which translates into higher sales and bigger profit margins.
Lastly, having mentioned advertisement, the internet has made it easier for startups and small businesses to conduct their businesses online. This means that a relatively small capital fee is sufficient to start a business that has the possibility to grow and attain global coverage. Small businesses no longer call for physical offices and stores in order to exist and operate normally.
The internet made it possible for merchants to sell anything from the comfort of their homes. For example, a vendor could manage to sell homemade cakes by simply posting about the product online. The vendor can utilize social media or create a website where the product can be seen and noticed by cybercitizens. Internet marketing has also made it possible for customers to shop from home, or for businesses to shop for supplies online without having to make physical visits to the seller. On the other hand, internet marketing gave rise to cutthroat competition as businesses try to impress their customers while staying ahead of competitors.
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National Research Council. Funding a Revolution: Government Support for Computing Research. National Academy Press, 1999.