Before the telephone was invented business used to be done in person between the buyer and seller. Terms were agreed and money exchanged face to face. After the telephone was created, it created a whole new way to do business - over the phone and by fax. Terms can be agreed over the phone, contracts exchanged by fax and money sent over the wire. New technology brings new ways to doing business. It helps businesses reach new customers and make transaction simpler and faster. Now we have the internet, which lets people conduct more and more transactions online. It is far more powerful than the telephone because of the amount of data and the range of data that can be transmitted online and the speed of data transmission. It can bring new opportunities to businesses who figure out how to take advantage of it and threaten those that do not. It is very important for every business to have a good understanding of how to do business online. It is not just about buying and selling online. The internet can be used by all kinds of businesses.
Online Bookings
Businesses that provide services to customers can use the internet to promote its brand, services and take bookings online. It doesn't cost anything to have a booking system hosted online and it can be accessed by customers anywhere 24 hours a day 7 days a week. It is like having a booking agent who doesn't need to rest, who doesn't make mistakes and who doesn't ask for a penny in salary.
Online booking service allows customers to reach you at their own convenience even outside of normal office hours. Even if a customer couldn't honor his booking, his/her information is stored in a computer system, where you can easily organize and manage customer data for future marketing activities.
Online Selling
Everybody should be familiar with the idea of selling products online. It is very straight forward. The seller can create a website or a virtual store on an online marketplace, load their products and sell directly to customers. Payments will be completed online. Once the seller has received the payment, the item is dispatched by post. As online gaming industry grew, it created a new segment of ecommerce revolving around the selling of in-game virtual items.
Online Advertising
Online advertising is the forte of new media companies and content publishers. It works the same way as traditional media businesses such as newspapers and magazines, where the publisher makes money through advertising. Online advertising is paid based on cost per 1,000 ad impressions (CPM) so the higher the CPM and the greater the ad impressions a website can generate the more money it will make. New media companies therefore focus entirely on creating attractive and engaging content that will attract more people to the site and generate more page views (ad impressions). The most popular types of content include games, news, celebrity gossip, jokes, forums and how-to guides. Although a few independent bloggers have also been able to create big enough followings for their personal blogs that they can make a decent living out of online advertisements.
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