Updated May 20, 2023
Introduction to Uses of the Internet for Business
There are 4.5 billion Internet users worldwide out of a total population of 7.7 billion; in India, the number of Internet users is 0.56 billion out of 1.37 billion. Growth in internet users in India is at 11%. This statistic throws a tremendous opportunity for businesses to utilize internet platforms to reach their end customers online and accelerate their business growth. This topic will teach us about the Uses of the Internet for Business.
The Internet was initially developed 50 years ago by the US defense team to share information across computers. Nobody in that team would have thought the internet would be used worldwide in almost all fields, applications, and all walks of life. The Internet paved the way for the evolution of new technologies, new businesses’ birth, and new business ways.
In this article, let’s analyze the uses of the Internet for Business.
Uses of the Internet for Business
Here are the following uses of the internet for business mentioned below
1. E-commerce
The Internet provides a perfect marketplace wherein customers access the website of e-commerce vendors and order the product they want to buy online, and make the payment through the gateway. The goods ordered are delivered to the customers within the agreed number of days from the vendor’s warehouse. The market share of e-commerce retail in India is 5.7%, with sales of 38.5 billion US$ in total retail sales of 672 billion US$, and it is growing year on year.
Ecommerce Website provides a rich experience to their customers by enabling them to
- Browse through the products catalog and select the brand
- View the photos, texture, design, and other aspects of the products closely before the selection
- Compare the prices of various brands and read the reviews of the current users of the products they choose
- Order the products online and track the delivery status until it is delivered.
- Pay on delivery
- Return the products if the customers are unsatisfied, the size is not fitting, etc.
- Have a feeling of shopping in a physical store.
There are renowned e-commerce vendors in India, like Amazon, Flipkart, Myntra, Snapdeal, etc. Service vendors like Ola, Oyo, Uber, and Swiggy offer taxi, room, and food delivery services.
While Flipkart and Snapdeal are selling products from third-party vendors, Individual organizations can also develop and host their websites to sell their products and services online.
2. Media site of a company
The Internet offers a perfect medium for businesses to reach out to their customers and the common public on their website’s products and services. The company posts financial results, performance details, and other achievements on this site. This media site provides good visibility, publicity, and branding to the company.
3. Social Media
The organization keeps tabs on social media sites like Facebook and Linked In to track the posting of the common public on their products, services, and any other matter relating to the company. The company will use the postings gathered from these social media to improve its product/services, correct the processes and manage situations.
4. Customer Relationship Management (CRM)
The Internet enables the organization to connect with all its customers and build a strong network with its customers. New customer leads can be generated through this CRM portal and converted into prospects and orders with a systematic follow-up.
This portal enables the creation of visibility on the marketing campaign and service programs conducted by the organization. Customer feedback and their input on the company are used to improve the efficiency of the operations and take the company to the next level.
5. Supplier Management
Information on supplier’s purchase orders, amendments to purchase orders, supply schedules, receipts, rejections, and performance details are shared with suppliers on this site, hosted on the Internet. Suppliers create shipment notices on their supplies on this site, and it is visible to the company to plan their production accordingly. The Internet enables the organization to collaborate with suppliers by sharing design details through this site and cutting short design life cycle time.
6. Employee Productivity enhancement
- The Internet connects employees to their offices, allowing them to work from home and avoid commuting hassles.
- Employees undergo online training at their own pace.
- Youtube, blogs, and content on the internet provide input to employees to enhance their skills.
- Tools like Skype, Slack, and Trello available over the internet help employees collaborate with each other effectively and clear the hurdles in the project on time.
- Project management tools hosted on the internet connect remote employees in the project review and efficiently manage the project.
- Productivity enhancement in employees leads to business growth and prosperity.
7. Video conferencing
Video conferencing facilities offered through the Internet help the organization to hold meetings and conferences with participants from multiple remote locations. It saves travel costs and speeds up the decision-making process.
8. Market Research
The internet provides access to information on products/services, market requirements, demand from various geographies for a product, competitor’s business data, and other market-related data. These data will be useful in market research and marketing strategy.
9. Cloud hosting
Business can host their applications in the cloud to save costs and achieve agile operations, and users can access the application over the internet. Internet connectivity enables hassle-free access to the cloud, and users perceive no difference between on-premises access and cloud access.
10. Advertisement
Advertising through Youtube and other popular sites will help the business to improve its sales.
Why Should Businesses Use the Internet?
The business should embrace the Internet to
- Build new applications using internet technology to improve efficiency and enhance revenue for the business
- Enhance the visibility and increase sales
- Build brand value for the organization.
- Start a new line of business built on new technology offered by the internet.
- Adopt innovations offered by Net to improve the existing product
- Analyze competitor’s strategy and fine-tune its business model
- Improve Employee’s productivity and stimulate business growth
- Cut down product development time by engaging with suppliers on collaborative design
- Track customer’s views by listening to the social media site and correct the situations
- Remain connected with customers, suppliers, and other stakeholders to share information and get feedback to improve the operations.
Conclusion
However, The advent of new technologies like AI and IOT on top of the Internet provides many new innovative business models for existing businesses. It spawns new businesses that were not considered. The business should be agile in adopting these technologies and prosper.
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This is a guide to the Internet for Business. Here we discuss the Uses of the Internet for business and why a business should use the Internet. You may also have a look at the following articles to learn more –
