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A tangled web – Five reasons why Thomas Cook went from boom to bust

We are a society driven by digital technology, it has changed the way we live our lives and the way we run our businesses. Companies today must be ready to behave with agility in the digital era to secure their place in the market or like Thomas Cook, even with their heritage, they will quickly fail.

Today we look at five ways the online revolution has changed businesses. 

Are We Heading Towards A World Without Physical Retail? 

The world of retail has spun into an existential crisis with large stores closing every year.   

Bricks and mortar stores have become a try before you buy – online! With lack of footfall and sales it becomes a self-fulfilling prophecy of unsustainability. The challenge presented to stores by online shopping is how to match their convenience and value.

The Power of Comparison Sites 

Comparison sites can have a positive effect on businesses who are actively advertising online. 

There is a range of different comparison sites and although you may not rank first place on all of them, they provide a tremendous advertising platform for your business. 

Anyone that visits a comparison site will see your business, whether you’re the cheapest on the market, offering the best services or have the best customer satisfaction rating. Comparison sites can help elevate your business and bring in new custom. 

From Billboards to The Internet 

Advertising has experienced some major milestones, from the printing press industry to the television and radio revolution. However, there’s been one medium that’s had a bigger impact on advertising than anything that came before - The World Wide Web. 

Now that we’re ensconced in the digital era, some of the most successful businesses have built models for their growing companies by producing content for the digital market. Clearly the most popular of these platforms right now is social media - the biggest, most effective content driven medium to ever exist! 

The Web Community 

The internet hosts the world’s largest community and users initially socially share vast amounts of content on a daily basis. Businesses have taken advantage of this and are now fighting to become the topic of conversation. 

Blogging is the key to information and content-sharing, businesses use blogs to provide their audience with trusted reviews/information on their products and services. It allows consumers to communicate their opinions and ideas, creating a relationship between customers and businesses that has obvious benefits for both parties. 

The Fast, Easy and VFM Generation 

Consumers now want their goods to be value for money, delivered to them as fast as possible whilst experiencing a seamlessly easy purchase journey.

The question is, how has the market changed to suit the new generation of customers? 

Many businesses have used the internet to their advantage - Supermarkets offer online food shopping as a matter of course, clothing brands use social media influencers to promote the latest fashions and many companies offer apps, allowing consumers to access products at the press of a button. 

TyTek understands that it’s imperative for your business to offer customers the best service and value for money using modern innovative technology. 

We offer businesses manufacturing solutions that help transform ideas into reality, by taking your product ideas and solutions to market and once there taking advantage of all of the above in our marketing package.

We want to hear your Eureka moment so together we can develop your existing business or product, start a new one or simply help solve a problem!

Get in touch with our team of specialists today.