In the last 20 years or so, technology has come a long way. The rise of the internet, the widespread use of smartphones and the development of numerous others gadgets and electronics have been witnessed during this time. The introduction of these technologies have meant that business models in various industries have undergone major change. Some of the biggest business models that have been affected dramatically by technology are:
Even though there have been numerous changes thanks to the internet, travel remains a huge industry even today. Previously, when you wanted to book a vacation or go for an extended business trip, you had to consult a travel agent, but this has changed now. These days, you can find tons of websites that enable you to book a trip within a few minutes and this includes booking flights, hotels, car rentals and a lot more. It takes only a couple of clicks and you have everything at your fingertips. The use of smartphones, tablets and other gadgets have also paved the way for smooth travel as you can check flight details through them, plan your routes and navigate easily.
The music industry has also undergone rather drastic change in the last two decades. First, it was CDs that wiped out the concept of cassettes and then MP3 players and the concept of digital music led to the death of CDs. Now, streaming is putting an end to everything else. Now, you don’t even have to purchase digital downloads separately. You just need to pay a monthly subscription to a streaming service and get access to your favorite music with ease.
Do you remember the vehicles that existed 20 years ago? The automotive industry has been revolutionized due to technology in various aspects. It begins from construction and design to the manufacturing process and eventually retail. Assembly line production has made vehicles cheaper, technological innovation and digital transformation has brought about the advent of smart, fuel efficient cars. Many test fixture kits by companies like Cortek Test Solutions have helped complete tests on all the new additions in the vehicles.
Predictive technology has made maintenance easier, there are sensors and GPS trackers, connected cars have become a thing and driver-less cars are being tested. Suffice it to say, the automotive industry has changed and is continuing to change due to technology.
- Book stores
One industry that has had to deal with a ton of problems because of technology pertains to book stores. In the last decade, e-readers had begun to replace old-fashion books. Now, it is not just these electronic readers, but also the app formats that have allowed people to read and buy books straight from their tablets and smartphones. Bookstores have been going out of business and only a few that have embraced technology and introduced their own readers and e-books are moving forward, but still have a lot of struggle to face.
Apart from these industries, there are those that have declined majorly such as newspapers and video rentals as their business models have found it difficult to adapt to the technological innovations.