The rise of e-commerce and online banking have ushered in the era of business transactions in cyberspace.
Needless to say, deals by handshake are no more. Instead, millions of business transactions are completed online every day, from retail sales to processed contracts. The evolution of technology continues to expand what things can be exchanged on the Internet, and in what manner. The following are 9 ways technology has improved business transactions online.
Business transactions no longer have to be made in an office or store. With the introduction of devices like smartphones and tablets, they can be made on the go at anytime, anywhere. This also includes the proliferation of laptops. Money and documents can be sent, received and processed whenever the moment arises.
Advanced computer chips, processors and servers have made everything online much faster. For example, online stock exchanges can process millions of trades every second while money and even products can be delivered instantly. Additionally, the increase in speed affects all businesses sectors, such as using electronic signature services to have hundreds of contracts signed each day.
With technology, businesses have seen their operation costs decrease significantly. Instead of needing a large labor force and a host of office supplies, business are capable of processing transactions with only one or a few devices and a much leaner personnel.
4. Wider reach
Because of cheaper, more portable technology, businesses have the ability to reach a greater number of markets. Transactions between two businesses located in opposite corners of the world can be processed online as if both shared an office. Meanwhile, customers can buy goods from any country online.
For a business, every document, contract and receipt at one time would be stored in rooms full of long, metal filing cabinets. With technological advances in memory and storage, an endless supply of files and records can be safely stashed away and easily organized.
A business transaction online will not get lost in cyberspace like the mail. With instant processing, everything is delivered and received in a timely fashion.
Businesses are only open for a certain period each day, so it is highly unlikely that someone will manage things around the clock. With technology, businesses can take advantage of smart applications that can automate many common transactions. This way businesses can process deals at all times, even when everyone is asleep.
8. Wider offering of content
For companies that are providing information to buyers, such as newspapers or magazines, more can be offered with each transaction. Along with a single purchased copy, consumers can get more with their money like videos and interactive displays.
Technology has made transactions online air tight in terms of security. Advancements in information encryption, firewalls and even creative solutions like security questions have made users much more comfortable with submitting information online.
Countless business transactions are conducted safely and quickly every day because of technology. Where have you seen technology improve your ability to make business transactions?