The pace of innovation in business is rapid. Each year, new pieces of tech, applications, or software platforms help to improve how businesses operate and the services they can provide to consumers and clients. As IT processing power continues to improve at an almost exponential pace, businesses can harness this power to modernize their operations and make data-driven decisions with insights that could not be gained from human staff.
These are just two examples of how technology is driving the evolution of business. In this article, the focus is placed on businesses that operate online. In this growing sector of commerce, there have been some key developments in recent times. Read on to learn about three of them, with information on how these advances have helped the creation of new forms of online business or the evolution of existing ones.
1. The Transition to the Cloud
Millions of businesses have made the journey from using locally-held IT services (such as servers and key business applications) to moving them to the cloud. Today, it is estimated that 94% of all companies use cloud computing services as part of their IT infrastructure. This mass adoption of cloud computing has helped to create a growing sector of business for cloud service providers and industry experts who function as consultants and help organizations plan and manage their cloud operations.
One of the key benefits for businesses with cloud-based services is that they can be used to support remote and hybrid models of working. Since the COVID-19 pandemic, these new forms of working have become commonplace in business and remain after the worst effects of the virus seem to have passed. Cloud systems can be accessed from any computer that has internet access and the required login credentials. These applications effectively support remote working and ensure that businesses can achieve high levels of productivity without needing to rely on centralized physical premises.
2. Tech-Led Innovation in Online Casinos
The world of online casinos has enjoyed spectacular growth in the last decade, reaching a total market value of $23 billion in 2021. Today, gamers can enjoy the best casino games simply by logging on to sites from their smartphones at a time and location that suits them. The mass adoption of smartphones has helped to drive the online casino industry, and companies now ensure that sites are designed so that they can be enjoyed on smaller screens. In addition, the rollout of faster internet connections (in the form of fiber optic supplies) has allowed casinos to offer additional services that rely on high bandwidth. Commonly, online casinos now have video chat facilities, live dealer games, and immersive gaming environments that are increasingly hard to differentiate from traditional brick-and-mortar establishments.
3. Drop Shipping as a Low-Cost Entry Point Into E-Commerce
One of the easiest ways to enter the online marketplace is by creating a company that specializes in drop shipping. Put simply, this is a business model whereby the entrepreneur acts as an intermediary between the supplier and the customer. A drop shipping website is created to list the items for sale, and when an order is placed, it is fulfilled by the supplier. Today, the global market for drop shipping is worth close to $250 billion. Drop shipping does not require expensive start-up costs, warehouse facilities, or the need to purchase stock. As such, it provides an easy and effective low-cost method of entry into e-commerce for millions of young entrepreneurs without the need to visit commercial, financial lenders or crowdfund to start the business.