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Understanding Generational Impact on Online Business: The Virtual Communities and Social Collaborations Scenario
Abstract
In today's age of technology and exploding internet penetration, customers are rapidly moving toward continuous connectivity across every facet of their lives. Similarly, business is also changing in response to this digital boom. This chapter analyzes digital tools such as virtual communities, social collaboration, and its impact on the multiple generations in managing connected customers for organizations. The technological tools make it simple for customers to be connected at all times, which has become the major challenge for organizations to formulate strategies and be competent in the market. The major types of virtual communities that can be associated with businesses were discussed in detail. This chapter proposes a model for organization to manage their customers effectively. The above-mentioned digital tools are playing vital role in retaining customers and strategies can be formulated to manage the connected customers successfully. Thus, the chapter analyzed the major areas that are important to the organizations in order to succeed in formulating competitive strategy.
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