IndexHistoryVirtual PlatformMobile TechnologyE-CommerceSocial Media: Customer BenefitsArtificial IntelligenceThe impact that technology has had on traditional business can be determined by examining its usefulness, application and demand. The purpose of this article is to explore the evolution of traditional business models to incorporate technological innovations as they are developed and examine the advantages and disadvantages for consumers and businesses. Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an Original Essay Over the past twenty years we have seen a fundamental shift in the way traditional business is conducted. This change is due to an exponential evolution of technology. Research conducted by the University of Oxford outlined a timeline where the technology reached 50 million users as a representation of the heights the technology can reach. It is stated that it took 75 years for the telephone, 38 years for radio, 13 years for television and only 4 years for the Internet to reach 50 million users. With these statistics in mind it is not difficult to see the importance of integrating technology into the traditional business model, if a company chooses to remain stagnant in the process, this could prove catastrophic in its long-term future. This report will cover the incredible journey of the evolution of technology and how it has not only changed the characteristics of how consumers shop, but also how it has affected business as a result. It will examine the tangible and intangible benefits of the online platform and what the fusion of traditional and digital business models can do for a company's growth. HistoryThe use of technology has become commonplace in the business sector today, although this was not always the case. Before the integration of technology, companies had to conduct all their processes and operations using their workforce and sourced supplies by meeting potential suppliers in person. This meant hours of travel and multiple meetings for updates along each stage of production, before stock was delivered, assuming the order was fulfilled on time. This method costs time, money and often mistrust on the part of both the buyer and suppliers. Managing the office was also a slow process that involved documenting all transactions and tracking inventory, payroll, employee and customer details using a paper filing system. Marketing methods would involve print advertising in the form of billboards and magazine covers that cost a lot of money for a short display period. The use of direct mail to customers and the distribution of flyers and brochures locally. When companies began to integrate computers into their offices in the late 19th century, these processes were much simpler and office automation occurred. Computers and accompanying software were able to complete complex calculations making transactions faster, making it easier for employees to easily manage inventory and receive updates when supplies of a product were running low, making their operations more efficient and less time consuming. Digitizing a company's employee and customer data has saved physical space and ensured the security of sensitive data. Virtual PlatformThe progression didn't stop at back office processes. The development of the Internet in the late 1990s allowed for instant connectivity with the use of emailand instant messaging. Communication with employees, suppliers and customers became a simple process and allowed for faster response times in the event of an emergency and more relaxed times for less urgent matters. Email marketing was incorporated and was used to send daily newsletters to customers about upcoming new arrivals and discounts on existing stock. The creation of the Internet took the world by storm and provided a new virtual platform to not only conduct business but connect with people. Everything around the world in real time. This meant the business was no longer localized or limited to relying on customers coming to their physical store. The ability to create a website and virtual shopping experience online has brought new meaning to the world of consumerism. Companies were able to showcase their products and services in a ubiquitous virtual storefront with global reach capabilities, giving them the means to distribute their business internationally. The introduction of new intermediaries like PayPal has provided consumers with a safe and secure way to pay for goods and services online. Mobile Technology Technological innovation has continued to thrive and the advancement in the technology sector has brought another milestone in the form of mobile technology which has completely revolutionized the way we interact with the world and conduct our daily lives. In 2003, 3G mobile Internet was successfully adopted worldwide, opening the entry of smartphones in 2007. Mobile technology has had a strong impact on consumers and the characteristics of their purchasing habits. Many retailers have realized the need to make their website mobile-responsive, meaning their website can be easily viewed on any device, including smartphones. The convenience of being able to conduct research on the brands they like and discover new deals on the same items while in the comfort of their own home or another store has made consumers smarter shoppers. E-commerce platforms that connect producers directly to consumers illustrate the disintermediation that gives customers the benefit of transparent pricing. They receive larger discounts on the same products, and the merchant can increase profits by keeping prices low. E-commerceEstablished traditional businesses were able to utilize this technology and all it had to offer. The years spent building a reputation and customer database allowed them to analyze previously accumulated data to further personalize the experience of existing customers while targeting new customers by creating an online e-commerce store. Setting up an e-commerce store with a small monthly fee compared to that of a physical store meant that monetary resources could be used in digital marketing of their products. Collect data by closely monitoring customers' use of your websites, tracking which products they view and purchase or abandon in their cart may be used to specifically target customers. Using correct keywords within an online store's content could drive traffic from all over the world with the use of search engine optimization, a feature used on search engines like Google. Advertising banners can also be placed on other websites that present content relating to the same products. Digital advertising costs a fraction of the cost of traditional print advertising and can be changed at a moment's notice without high costs or delays. Social media: benefits for the customerArguably one of the biggest benefits to a company's digital marketing strategy is social media like Facebook and Twitter. As of 2018, Facebook has 2.34 billion monthly active users. Social media offers a company the most granular way to segment the market by analyzing profile data to know who it is advertising to and taking the attributes that best suit its products, whether it be men or women, demographic position or interests. Seeing how consumers interact with a brand is a unique advantage of social media. However, this needs to be monitored from a business perspective. When a customer purchases with a brand, they have the option to leave a review on their website or social media account as most e-commerce stores have a hyperlinked social media account. Good reviews can create viral buzz for a brand and its products, which is essentially free advertising. Although, however, there is the flip side, when a customer is not satisfied with the experience or the product received due to delivery delays, damaged product or simply not meeting expectations, there are ways to make it known. They turn to social media and product review website communities to announce their dissatisfaction in order to get a quick response from the brand. This speeds up decisions in favor of customers as a brand does not want to receive bad press and must remain diligent in maintaining its online reputation to high standards. Not all traditional retailers anticipated the need for an online presence. As in the case of the CEO of the Blockbuster store, John Antioco. In 2000, Netflix founder Reed Hasting approached Antioco with the idea of ​​becoming a partner. Reed would create and operate the Blockbusters brand online, and Blockbusters stores would promote Netflix. John Antioco rejected the idea, as at the time Blockbuster was the leading video outlet with over 9,000 stores and earned over $800 million annually on late fees alone, which accounted for approximately 16% of their revenue. Reed's proposal involved adopting their existing business model. to welcome customers and charge a subscription fee in exchange for keeping the DVDs for as long as they wanted if they were subscribers. This meant eliminating late fees that Blockbuster was unwilling to lose the profits from that revenue. Soon after, John Antioco realized that Netflix posed a growing threat and tried to secure its future by proposing the cancellation of late fees that annoyed customers and investing in a digital platform for the company, but his idea was later rejected by the council. This decision cost Blockbuster the ultimate price, the survival of their company. In 2010 Blockbuster went bankrupt and in 2019 only 2 stores remained open, while Netflix is ​​worth around 28 billion dollars [4]. While Blockbuster's traditional business model had its merits, it was inevitably the failure to take risks and fuse a new concept that proved detrimental to the company's success. Artificial Intelligence Computer systems are now being programmed to think and act like humans do, or as Artificial Intelligence (AI) is better known. Computer systems capable of processing data and information to imitate human processes such as learning, reasoning and self-correction. The first concept of artificial intelligence was conceived in the 1950s by various groups of scientists, mathematicians and computer scientists, although at that time computers had to undergo several changes.