Slowing Revelotion Essay
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The Slowing Revolution
Technology, a progressive tool in the last decade! Every day technology influences many Americans in their daily living, from cell phones, microwaves, CD-players, home personal computers, to lap top computers technology has made the American standard of living easier and convenient. In the last decade technology has affected many components in our American culture. The President of the United States Bill Clinton has deemed one of these components as the New Economy . The New Economy is the information technology revolution that has changed the way America does business, and has changed our market and others around the world. Can the market depend on the information technology revolution to be as prosperous in the future?
What factors contributed to the New Economy ? In the early 1990 s technology was knocking at the doors of every American s home. Affordability and convenience is what lead to the rebirth of the economy. Personal computers or PC s for short were much more obtainable in the early 90 s, with more Americans with computers in their homes Americans became one with technology. The growing popularity of PC s led to the biggest benefactor in our economic revolution, the Internet.
Today the Internet is household terminology; daily business of all sorts is performed on the Internet by all ages in the world. Users can access personal mail through e-mail, read headline news, research anything, and shop for goods and services from the comfort of home. Around 1995 the Internet Boom was recognized, the Internet became a huge shopping mall for consumers. According to Paul Kedrosky writer for the Wall Street Journal, there is an estimate of 10 million web pages on the Internet . This immense amount of growth in the Internet industry has been a key element in our economic prosperity. Many businesses have had significant gains financially in the dot-com industry (dot-com being the end part of a registered Internet business domain name), though the industry presently takes a spiraling down fall.
How can companies are so prosperous three years ago, but presently companies struggle to stay on the Internet? First one must understand what companies in the industry are struggling and even failing. John C. Dverak writer of Forbes.com categorizes what types of businesses are struggling to stay in business:
+ Common Search Engines: The first to emerge from the rollout of the Web. These operations were host to other e-companies, so consumers could access companies through a search process. Income source was primarily advertising.
+ Content Sites: Hybrid companies using broadcasting and content to sell over the Internet.
+ Auctions: On-line auction houses offered to the public. Any thing and every thing have a bid price.
+ E-tailing: Actual modern versions of the catalog business without the catalog. E-tailing is comparatively amateurish.
Reasons for distress presently in dot-com companies is the over saturation of similar business on the Internet There are websites selling the same products at the same level of service and essentially the same name. For consumers it is difficult to tell on-line companies apart! Much of this type of competition affects the E-tailing sector in the Internet industry. Companies strive to keep costumers returning and not go a stray to a rival company. Though saturation in the market is killing off dot-com companies saturation does benefit the consumers. Consumers have the upper hand in finding a good deal on the Internet for goods and services.
On-line competition is a huge cost for dot-coms. The main weapon in the dot-coms arsenals is marketing. Marketing is an essential for any business, purchasing ad space in newspapers, magazines, billboards, also in radio and television commercials in hope of promoting the business. Marketing is a costly factor of a company strategic plan to succeed. It is predicted that on-line companies will go to any extreme for exposure, advertising sales are expected to reach $2.1 billion online, and package-goods advertising is expected to hit $1.1 billion, up from $300 million and $100 million, respectively (CNET). One form of advertising and the most popular are the banner ads, advertisement space on other WEB pages. This form of advertisement is probably the most commonly used by the dot-com companies and the most ineffective. Since such ads debuted around 1995, this so-called click-through rate has plunged from an industry high of 10 percent to about 0.4 percent, according to Nielsen/NetRatings (Olsen). The decline has caused some of the largest Internet companies to race back to the drawing board for more effective formats.
Many E-tailing companies on the Internet spend more on advertising than what they have in returns resulting in negative gross profit margins. A company's gross margin is the difference between the amount it charges customers for its goods or services and the amount it pays suppliers for those goods and services. Having negative gross profit margins essentially meant that E-tailing companies lost money on every item it sold. Currently resulting in a massive death to dot-com companies.
In the beginning of the Internet boom, venture capitalist swarmed to invest in the newest and supposed best dot-com business. Hundreds of up start companies looked for financial support for their virtual gold mine, and many of them received support. Literally hundreds...
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