For businesses, the above statement can be both good and bad. The good thing is for markets that were originally difficult to enter, are now much easier to penetrate using technologies. For example, a jewellery e-commerce platform can leverage its existing customer base to upsell clothes. Before that company would have a hard time managing stocks, logistics and customers for one category alone. With technologies, it is now possible to manage hundreds of categories and thousands of SKUs. The bad thing is, traditional barriers any business once had are gone. The competition will be much fiercer; thus, businesses must quickly transform and equip themselves digitally to preserve its customers and expand market share!
With the rise of the Internet, consumers are more knowledgeable than ever. They would do their homework very well before selecting your products or services. Furthermore, since they have a lot more choices now, they would simply switch to your competitors or degrade your business the moment they are dissatisfied. This is true not only for your customers, but also your partners, employees, and vendors. Thus, understanding your consumers and staffs to satisfy them is vital, and doing this traditionally is way too costly in both time and money. Via digital applications, you could conduct deep learning of all users accurately, efficiently and effectively.
The law of Darwin, survival of the fittest, describes the mechanism of natural selection. It can be understood in various ways, however, in the current business environment, any company with more technology advantages then others are much more likely to survive. Where those ancient humans that had stone tools to hunt, they would become leaders and alpha packs which stood above others. Businesses that have been equipped with highly professional digital applications such as website, mobile apps and systematic applications are more likely to gain more attention and be treated more favourably by clients, vendors, partners and employees; as they are understood to have more chances to survive in this harsh business environment.