3 Recent Developments in Modern Business

The leading businesses have always embraced the latest developments in technology, as they recognize that these can give them a competitive edge over other companies in their sector or marketplace. Companies also are continuously looking for ways to improve their operations and functions. This can be achieved using lean working methods or agile methodologies. It is important to recognize that all businesses operate in an exceptionally competitive marketplace in 2023, regardless of what they produce for the end customer. The exponential growth of the internet has meant that competitors are not limited by geographical constraints and can sell their products and services to a truly global market. If they can offer these goods at a competitive price and ship them in a reasonable period, it is possible to gain dominance in a range of new markets. This article focuses on three key developments that have taken place in recent times within commerce. 

The Use of Microservices 

Only a few years ago, many IT departments in a business would commonly build large-scale software and application packages that were constructed as a single unit. This made logical sense in the beginning, although as the need to regularly update systems and applications became more important, these systems started to suffer from issues relating to their size. Put simply, it became difficult to modify and update large-scale programs and applications, which could lead to significant amounts of downtime and a loss of productivity. Thankfully, today, many companies now routinely use microservices for these types of applications. This is where different components of a main program are created independently of each other and can be removed from the stack once they become obsolete or need upgrading. For businesses that rely on sophisticated programs, this can save immense amounts of time when changes need to be made and can limit downtime during upgrades for the end users.

Increase in E-Commerce

The last decade has seen the exponential growth of e-commerce in all sectors of business. One of the key drivers in this growth was the recent Covid-19 pandemic, which forced millions of physical retail outlets to close for significant periods during regional or national lockdowns. Many physical premises never fully recovered from the restrictions that were put in place on the movement of populations, and many premises closed permanently as a direct result of this. However, the decline in physical premises occurred as online outlets experienced explosive growth in popularity. Today, it is estimated that 2.14 billion people regularly shop online around the world. Put simply, in 2023, it is of paramount importance that all businesses that sell goods or services have an online presence. This allows new markets to be reached and the overall growth and sustainability of the company.

Online Promotions

The rise in online trading has also led to an increase in online promotions and a general reduction in more traditional forms of marketing activity (newspaper, television, and billboard advertising). It is recognized that businesses can reach a highly specific target market when they harness the power of social media channels, such as TikTok, Instagram, and Facebook Marketplace. The costs of such promotions can be considerably less than a prime-time television advert but can reach similar or larger groups of people. Today, millions of businesses will cultivate a tailored online marketing strategy that allows them to promote their products and services on an international scale whilst reaching a higher proportion of the intended target market.