IN ECONOMICS, it is widely accepted that technology is the key driver of economic growth of countries, regions and cities. Technological progress allows for more efficient production of better goods and services, which is what prosperity depends on. The world we live in today is not the world we were born into. In these past few years, technology has changed the way we interact, conduct business, shop, live and work. It has become an integral part of our routine and now forms an indispensable part of life.
The invention and popularisation of the internet has introduced a massive wave of changes to business, and in the way the world does it. Internet has made the global marketplace more accessible via immediate connections and lines of communication. It is obvious that the main advantage of having an online business is to increase brand awareness and customer engagement. Anambra’s economy is mostly dominated by trade and commerce, especially informal trading activities across the state. Indeed, Onitsha was once reputed as the largest market in West Africa.
The future of trade and commerce will be largely driven by aggregation, warehousing, and e-commerce also known as online business. An online car dealer in Onitsha, Mr Jude Uzo said communication is mostly important for easy flow of information,
“Technology enables a faster, wider and more efficient means of communication. This will include interactions within your team or with your clients, potential customers, investors or the general public. Video conferencing technologies like Skype and Zoom make meetings from across geographical borders convenient.
As for within your organisation, an app like Slack or Asana can help you simplify communication within your team. You can use this to track projects, details on tasks, deadlines, etc, regardless of whether they work from under the same roof or remotely. Email, newsletters, social media and other platforms are all equally essential resources for communication.
Time and money is another challenge of every business and there is no doubt that technology helps businesses achieve more in less time, with no detriment to the quality of product or service”. As a businessman, you must grab all opportunities that can profit you.
Your online presence can actually help your business reach out and connect with its audience at a global level which gives your customers the opportunity to choose online shopping over offline.
There are times when your customers might want to visit your website first, to have a look at your services, products, and reviews, before visiting your physical store. Moving your business online does not require any kind of warehouse, inventory, transportation vehicles, or staff neither do you need to spend money on utilities and maintenance of your store.
Good quality images will be made. It is so smooth that all you have to do is to sell the same product that you sell at your offline store to a wide base of customers. With the help of an online business, you can simply have products sent directly to the customers via suppliers.
Business users can access potential customers 24/7 from the mobile devices they have. For instance, one of the biggest advantages created by the internet is the ability to access and market to large audiences. Content marketing is essentially free, and businesses can create content that the audience desires, as a means of driving qualified traffic to the business.
Search traffic is a powerful method of introducing a business to an audience. If a businessman does not want to spend the manual hours chasing down customer to have traffic, he can purchase top locations in the internet and buy segments of that specific audience.
Additionally, a businessman can purchase banner advertisements through high traffic websites. He can also purchase viewers on social media platforms and utilise influencers and public relation tactics to drive website traffic. Automation through the internet has major impact, and affects everything down to the manufacturer level.
A manufacturer using robotics to make specific items can connect to machines via the internet, and it can use programs and apps to monitor and control the production abilities on its machines. Nevertheless, the new administration manifesto of the Executive Governor of Anambra State, Professor Charles Soludo has in details stated better ways by which state can grow the state economy.
According to his manifesto, Professor Soludo said, “We won’t let our people be left behind, and therefore, we must proactively prepare them for the future. We will partner with reputable business schools and consultants to develop structured training/mentorship programmes on the business models and opportunities of the future and deploy multi-media, including mobile ICT to give our traders (especially the apprentices—“Umuboy”) scalable skills and keep them ahead of the changing time.”