Good point they are doing business where they can use the technology that helps them effectively, as mentioned nowadays people most use social media and e-commerce not to be left behind you as a owner or as working as service providers you need to learn the effectiveness of this technology for your business to make sure that you are in line with your competitors, it's a wise choose to keep your business on top and will have decent chance of success.
I also quite agree with the point you said that every businessman who uses the help of today's technology must be able to ensure the capabilities of each of his competitors so that we are not left behind by the many competitors that are present today. Because other people also use the same thing to build every business that they are able to manage well so we need to see the point in detail in order to see the level of progress of other people's businesses so that we can also use some of the best ways to be more advanced and compete wisely enough.
Technology is vital when it comes to marketing and it's evident in the rampant cases of success of businesses in just these days after the launch. Some projects that were launched in just 24 hours garnered over 10 million patronages and might have hit over 100 million in the full month. If it were to be the analogue ways of doing things, I don't think such a business can still record 1000 patrons in 24 hours in most cases.
That said, the way you use the technology matters too, you also have to pay a fortune for it to make it possible and even sustainable after the initial success. I equally align with you that every business must also be studying its competitors, otherwise, they will be ahead of you in no time regardless of whether or not you started before them. Of course, enough money plays a key role here even as the business must consider randomising the channels of marketing for higher success.
I prefer the collective efforts of Google, YouTube, Facebook etc, with other websites that both regularly advertise or review platforms and products, and finally, one must engage the influencers with huge audiences. The product/service must have gone viral this way.