Impact of Web 2.0 on Business

Web 2.0. plays a massive role in each of our lives. Its potential led to business development and fostered new concepts like electronic business and electronic commerce. These have proved to be extremely profitable electronic alternatives to the traditional way of doing business or commerce.

Web 2.0 created a business revolution due to the shift to the internet as a platform that allowed sharing content and offered collaborative opportunities to people to help them express themselves online. This improved version of web1.0 is characterized by the change from static to dynamic content and the growth of social media.

Web 2.0 Technologies

Web 2.0 has rich web applications, web-oriented architecture, and social web. The content of web 2.0 applications is not permanent unlike web 1.0. It can be removed, edited, modified, and recycled by users. Web 2.0 stresses the supremacy of the creation of content over its consumption. Some of the web 2.0 technologies are:

• Social networks
• Wikis
• RSS filter
• Mashups
• Blogging

How Web 2.0. changed the way business was conducted

Web 2.0 changed the modus operandi of conducting business. Below are some impacts:

Communication: Web 2.0. developed a new dimension to connectivity and the dispersion of information. The stakeholders of a business are in constant contact through email, instant messaging, video conferencing, and office intranet.

Collaboration: Geographical boundaries are no longer a barrier for projects and information sharing.

Business Transaction: Web 2.0. has resulted in the boom of online business or e-commerce. This led many players to initiate e-commerce venture which make use of Internet banking, payment gateways, etc. which are now incorporated in the supply chain transaction.

Work Flexibility: Web 2.0. has enabled employees to log in from remote locations and home. It has enabled on-the-move employees to communicate better and to be in touch with work.

Web-based application: Web 2.0. is accompanied by the development of concepts like cloud computing, online forms, shopping carts, word processors, spreadsheets, file scanning and conversion, and email programs which have facilitated the reduction of the infrastructure cost of the company.

Companies have gained business benefits in several areas of operation as a result of using Web 2.0 technologies. Due to the better ability to share ideas, increased access to knowledge experts, and the reduced costs of communication technologies, travel, and operations it is now easier to conduct business. Web.0 tools have also decreased the amount of time required for marketing, and have opened up new scopes in the marketing domain. This has created new areas of employment such as SEO expert, cloud product marketing, digital marketing, etc. An increased level of employee satisfaction is also observed. Another area that experienced significant improvement is customer relationship management. This stemmed from the companies’ ability to forge closer ties with the customer thereby increasing brand awareness and recall. Similar gains are also observed in the ties with suppliers and partners. The biggest advantage however is the ability to gain access to expertise outside company walls at a quick phase.