By Amin Rozani
The recent strides in the field of technology have made ideas that were once a figment of imagination stark reality. Technology now plays such a crucial role in how we function in our day-to-day lives as it enables us to order our favourite meal from miles away or have a virtual face-to-face conversation with a friend sitting in a different part of the globe.
Needless to say, with the advent of technology and the growth of digitalization, not only has the manner in which we live, operate and function changed, but it has also affected the way in which companies go about doing their business and other transactions. Aiming to succeed and keep pace with the digital era of the modern world today, business leaders and conglomerates need to focus on the changing needs and trends, while also trying to find a balance of both the traditional and digital methods to run a business.
With the internet as an incredibly potent tool available to companies, business owners have the freedom to choose what is best to make the business grow and the perfect communication model to reach out to their respective target audience in the minimal amount of time. Improved standard of living, technology to use the internet and affordable accessibility have led to a tremendous increase in the use of internet in India in recent years. Since online businesses depend on the use of technology and the internet, it becomes paramount for businessmen to understand its impact and growth in both urban and rural India.
Although the traditional methods of doing business may exist and sustain, it is certain that the online presence of a business will help it dominate a market further as the reach of the company will not be limited to a certain geographical area. One of the main reasons why people have started going digital is because it saves them a lot of time, money and effort. Additionally, when one conducts their business online, every transaction can be accounted for, hereby maintaining full transparency in their operations. Considering all the above-mentioned factors, it works in favour of both the supplier and buyer, thereby expanding the opportunities for both of them.
The fact that e-commerce is on a steady rise should be an indicator for all of us that online businesses are blooming. Entrepreneurs wishing to start their businesses online will have one of the greatest advantages and tools to set up and run their businesses with minimum or low capital investment and overhead costs. Online businesses help entrepreneurs in collecting, maintaining and using the data for detailed customer profiles to further guide their online advertising, product development and continue to grow their business.
However, no mode of communication is perfect, and in the case of online businesses, while it does make you reach out to a much larger audience, it becomes challenging at the same time to provide them with satisfactory customer service. Competition on online platforms is very high and cut-throat since there may be multiple entrepreneurs running similar businesses. Therefore, sustaining such businesses in the market becomes challenging for new and emerging entrepreneurs.
Despite the challenges mentioned above, an entrepreneur knows that the ability and potential to grow for their business with the internet and technology at their disposal cannot be matched by offline and traditional methods.
Amin Rozani is the Co-Founder and Managing Director of The Spartan Poker
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius