Fashion, Music, Retail, And Ecomm: How The Internet Transformed Industries
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By PAGE Editor
Since the internet first took hold in the mid to late 1990s, the fortunes of a number of traditional industries have been transformed. We’ve also seen brand-new innovations emerge that would not have been possible in the pre-digital age.
Those who embraced the internet and had the vision to recognize its potential have benefited most, but which industries have been revolutionized in the last 25 years?
Retail Made Easy
It may be an obvious place to start but the retail sector is a perfect example of those industries that have been truly transformed. The big bonus here relates to convenience. What could be easier than browsing through an online catalog before ordering your product in just a few clicks?
We can now avoid the busy high streets and just sit back to wait for our merchandise. Convenience is important, but retail has also benefited from other factors. Speed is essential to ensure that customers get their orders in the shortest possible time frame.
There’s also increased choice that isn’t limited by physical floor space. The rise in retail has produced brand new outlets such as Amazon and eBay. In turn, the most forward-thinking high-street giants have also switched on to digital with great results.
Staking on the Future
The gambling industry has also been revolutionized by the digital age. Prior to the internet, sports betting and casino play were viewed in completely different ways that are hard to understand now.
As a generalization, casinos were seen as the domain of the super-rich while sports betting shops were dingy and unwelcoming places. Internet operators have, thankfully, risen to dispense with both of those prejudices and make online gambling accessible for all.
You can click here to learn about online casinos with real money but there is more choice now than ever before. The same applies to sports betting and, even in uncertain economic times, the online gambling sector continues to thrive.
You can Bank on it.
The benefit of convenience has helped many industries since the advent of the internet. Of all those to gain this advantage, banking has embraced the concept more than most. Prior to the digital age, it was almost impossible to carry out any financial transaction without visiting your bank.
The main exception involved withdrawing cash from an ATM, but even this was a relatively new innovation. In remote areas, cash machines were notable for their absence.
Ironically, while we still can’t get cash through the ‘net, practically everything else can be carried out online. Internal transfers and third-party payments are completed in seconds without leaving the house. Customers can even apply for loans and credit cards, without having to see a bank representative.
While high street banks may be closing as a result, the industry as a whole is thriving. The global banking sector expected to see a rise in revenue of up to 6% by the end of 2022, and that’s a significant figure in uncertain times.
Taking Greater Care
The healthcare sector has also been transformed in the digital age. Like retail operations, those that produce medicines and associated products such as toothpaste can now take advantage of online selling.
The benefits extend beyond mere sales figures, however. The ability to attend a face to face video call to discuss minor symptoms is a big advantage for all parties involved. Of course, there will always be times when it’s necessary to see a health professional in person, and that will never change, but digital healthcare is another industry to thrive in the internet age.
Extending Music’s Reach
All music fans can now enjoy greater access to their favorite artists. The emergence of digital streaming platforms has helped to give the music industry a boost in so many ways. Certain artists may have issues with the level of royalties that they receive, but they cannot argue about the extended reach that their music enjoys.
This is another sector where the big online retail giants have benefited, but we’ve also seen the emergence of new players. Spotify is a perfect example of how a brand-new entity can embrace an ancient product such as music to make serious revenue thanks to those digital possibilities.
The internet keeps evolving and it has offered a platform for technology to take hold. Virtual reality has been with us for some time, but the digital age can finally allow it to reach its full potential.
Along with VR, one of the biggest areas for growth will be seen in artificial intelligence. While these are separate phenomena, they are able to thrive because of the presence of the internet. The industries that continue to develop will be those who are able to harness these new technologies in the way that they have already shown in this online era.
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