Key Ways Technology Has Impacted the Economy

Every day, we are learning more and more about how technology is affecting the world around us and it is never more evident than in the way tech is impacting the economy. With so much attention being given in the media to a ‘digital economy,’ it behooves all of us to try to understand this new world we are living in and how much of what we do from here on out will be directly related and proportionate to technology as it is developed and perfected. If you are wondering, like so many small business owners around the nation, just how technology is impacting our economy so as to formulate an effective response in terms of marketing, here are three key ways to consider.

1. The Ever-Growing Popularity of e-Commerce

Within just the past ten years, we have seen emerging economies literally sprout and blossom due to the Internet and their ability to utilize technology with few other resources at hand. Many people here at home are also benefitting from these same technologies that allow us to set up an online store, sell goods we don’t own as merchandise, and make a small fortune doing so. Whether you invest heavily in merchandise, become a drop shipper, or join any number of active affiliate networks, there is money to be made in e-commerce because more people now shop online than in brick and mortar stores – except for groceries and produce that is!

2. Setting New Boundaries with a Global Reach

Since most of the progress we are making is directly related to the Internet, it goes without saying that this is one technology that allows us to easily break down boundaries that limited so many small businesses in the past. Now with just a computer and a highly successful digital marketing agency like Single Grain, it is possible to work from a small basement studio and literally earn millions by offering products and services to an almost unlimited marketplace. Not only can you reach more customers via the Internet but you can also find more suppliers and, when the time comes, top talent to join your team.

3. Empowering People to Do More with Less

Perhaps one of the biggest benefits of technology comes in the form of empowerment. From wearables to the ability to access information in real-time, technology is giving the average person the means to be proactive in their own lives. Take, for example, wearables. It has only been in recent years that medical devices were made available to patients who could then manage their own healthcare from home. Diabetics and heart patients are two groups of people who are spending less on office visits and as a result, have more to spend. These very same people are not taking inordinate amounts of time off work so they are not being hit doubly just because their health needs constant monitoring. The device does the monitoring and communicating with your doctor via a mobile phone connection and you are free to go on about your business unless the readings are out of the range of what is considered to be normal.

Technology is making it possible to automate processes, freeing workers to focus on other tasks and technology is also making it possible to invent newer and more effective technologies over time.

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