Business Driven Technology Research Paper Example | Topics and Well Written Essays - 1000 words

Business Driven Technology - Research Paper Example In the modern era, two popular business driven technologies are social networks and e-commerce. These technologies are considerably transforming the retail industry (Mercier et al., 2012). Based on this aspect, the paper describes the way in which these technologies have transformed the retail industry and also provides example of two companies that have applied them in the businesses. How Social Networks is Transforming Retail Industry The proliferation of social media is transforming the way people connect with each other and how they make purchasing decisions. As the channels for sales have increased and boundaries between them are disappearing, consumers are in higher requirement of combining brand experience. Due to social networking, consumers are more empowered and influential than before. Through social networking, they can easily compare prices, review products’ quality and evaluate the opinions of other customers which facilitate to shape the products and services of retail companies. The retail industry is already exploiting the social media for the purpose of marketing and commerce. The social media trends are forcing the industry in the direction of individual oriented marketing approach from retailers comprising components such as social commerce, real time marketing and supply chain collaborations. Essentially, this approach is subjected to transaction history of customers in combination with pertinent social networking behaviors. Social networking is starting to play an essential role in the associated retail experience. The retail shopping experience is facilitating to target individual customers (Symphony Teleca Corp., 2013). Social Media Strategies of Walmart Walmart is an international retail company which provides general merchandise products and groceries. The following figure demonstrates the SWOT analysis of one of the largest retail chains, Walmart. Walmart has learnt regarding the management of social networking in its business. The company faced several challenges due to controversial commercial activities and hence, it has utilized the social media for promoting the brand. For example, in the year 2008, the company introduced ‘checkoutblog.com’ which features the employees of the company. They provided their valuable opinions regarding the product varieties of Walmart and also gave supportive recommendations. It helped to develop a positive image of the company for large audience. Apart from this, Walmart also sponsored a blog named ‘Eleven Moms’. This blog has rapidly become a large community where women consumers’ converse subjects about motherhood, health products and budgeting (Barker, 2013). Walmart has attempted to leverage the technological tendencies of social networking by investing in mobile marketing services. For instance, in 2011, Walmart had acquired a social networking technology company namely Kosmix. This acquisition is essentially intended to utilize the monitoring application and to enlarge the online business. The Walmart program for iPhone delivers guidance to the customers while shopping electronic products, reviewing products and placing orders. These social media services are quite convenient and enjoyable for the present generation of customers (Barker, 2013). How Electronic Commerce is Transforming Retail Industry The other important business driven technology