The digital era has been called the ‘ third industrial revolution ‘ by many experts in the business and technology sector.
Current impacts on business include the use of mobile phones and changes from site to cloud computing are examples of how business owners in especially ‘ baby boomer’s’ need to adapt.
The virtual marketplace
The digital revolution has started a virtual marketplace, For example, more and more business owners have started to give their employees the option to work remotely.
Virtualization has also created a global market place, which has seen an upswing in foreign direct investment.
Digitization of Brands
In today’s virtual marketplace, branding across multiple channels and especially on social media has become crucial to marketing. In recent years, social media has established a new branding paradigm where two-way consumer interaction with brands has displaced older one-way marketing.
This will make brands more susceptible to social media meltdowns when customers share bad reviews.