Why Technology is Important in Commerce?
Change takes place every day and technology shows an essential part in the business industry. Businesses have become reliant on the availability of technology that the absence of it even in a second will eventually make the business world suffer and struggle to the deepest. Nearly all business establishments are using technological equipment and devices on every single form of its business activities and procedure. The use of technology in the business industry has become an emergent need.
The World Market is evolving with the technology.
Technology gave big and small businesses world wide the opportunity to expand their customer base. The internet allowed an individual, for example, in Italy to communicate with a company in Lebanon and order "Tabboule". The internet introduced a new way to advertise, think, and even approach the new customer base. The World Market quickly expanded, especially in Hong Kong in 2020, by 26% according to investopedia.com.
Technology helped in the payment system.
Technological development has improved on the initial concept of currency by inventing innovative means of conducting business. Payments can be made instantaneously over the internet. The innovative payment systems that have been developed from technology have led to the development of the business environment in the global context.
Imagining a business world without the internet, personal computers, electronic mail, Wi-Fi, among many other technologies employed by businesses today, is challenging. Technology has positively impacted business operations ranging from customer servicing to back office operations. Whilst critics argue that technology has resulted job losses, in reality researchers have discovered that technology creates more employment. I personally agree with that, ever since technology has taken over, job opportunities have increased. One study from Gartner Research states that while 1.8 million jobs will be lost by 2020, 2.3 million new ones will be created.