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Big Business Models Which Saw Huge Transformation Due to Technology

Technology has indeed revolutionized the whole world. There is hardly any domain in our lives where technology doesn’t play any role. Many things we used to do 15 or 20 years ago have either become obsolete or have undergone a significant transformation. This rapid rate of technological growth we see now has forced many industries to adapt to the change. Some have become history, some are holding on and some are still flourishing as ever.

Let us look at some of the biggest business models in the world that have completely transformed itself with the technology.

Newspapers

The Internet has changed the way how we consume news today. People are going online and they prefer to read what is going on around them in smartphones and tablets. Many newspaper companies have upgraded itself into online platforms and are going well. Many of the online newspapers let you read the news for free while some of them have paid subscription for full news coverage. While the digitalisation of newspapers has indeed saved a lot of trees, it has also closed down many printing presses across the globe, affecting the livelihood of a few people. Nevertheless, online newspapers have made most people’s lives easier by providing them with real-time news.

Bookstores

Just like with newspapers, smartphones and new gadgets are affecting bookstores too. People are slowly acclimatising themselves to e-books and pdf’s now. While those who are still reading books are buying it from e-commerce chains. As books are big crowd pullers, online sellers are throwing crazy discounts to customers, which the booksellers can’t match. This is one of the significant reasons for their decline in business. However, many Bookstores are organising functions and events that bring people together, simultaneously boosting their sales too. Independent booksellers are also curating their inventory, where they are selling a wide range of books, other than the best sellers too.

Travel

People’s love for travelling has always benefitted the travel industry as a majority of them are still flourishing in spite of dramatic technological changes. Yet, many domains in the travelling industry have witnessed huge transformation. Most people are planning their trip online and are not dependent on travel agents. Even the web-check-ins for your flights can be done with a few clicks on your smartphones. Travel agencies have completely remodelled themselves by going digital. They are now providing alluring travel packages online at reasonable rates.

Education

Online learning has become the new trend today, not just for college students but also for school going kids. The one-size-fits-all curriculum is leaving huge learning gaps among children. There are various online platforms you can see today which lets students learn at their own pace, thus improving proficiency. Students can also revisit their online courses time and again, clearing their doubts instantly. This is a big plus as most students in regular classrooms feel ashamed to ask their teachers doubts more than once. Adults and senior citizens are also opting for online learning sessions for keeping them mentally stimulated.

Tobacco

The tobacco industry is seeing drastic changes due to the technological revolution. The world is now getting to know the dangerous effects of tobacco. At the same time, many people who are finding it hard to quit cigarette at once. Switch to a modern high-tech alternative electronic cigarette which will slowly help you to acclimatise to an environment having a minimal amount of nicotine. E-Cigarettes also help you to choose your own flavour when it comes to refilling the e-liquids. Besides people are realising that vaping is cheaper as well as less harmful than the traditional cigarettes.

Health

Huge developments in medical technology have changed the face of the healthcare industry today. From diagnosis to treatment to organ transplantation, everything has been revolutionized, thanks to the ever-rising technology. Now, for eliminating the need for organ transplantation, extensive research is being done on techniques to bio print human tissues. This has the potential to change how we see surgeries. This technological growth in the medical industry has also given employment to not only science graduates but also for those who have specialized in finance, statistics, economics etc.

Farming

Farmers perhaps play the most important role in the survival of our societies. It is an industry that depends every day on the natural environment. Technology has massively improved farming over the last 50 years. Techniques like crop genetics and pest management have helped plant breeders to enhance their crop yield. Farmers are less dependent on labours and cattle and are using tractors and automatic feeders. There are also robotic machines which help to milk the cows. These technologies have enabled farmers to produce more with less labour.

Finance

The finance sector has become more streamlined and efficient due to digitalisation. Online banking and mobile payments have become the new norm now. After the financial crisis of 2008, people have lost their trust in the banks and are resorting to innovative sources that provide them with more personal control and choice. Artificial intelligence is also being used to prevent fraudulent activities in the financial industry. The workforce of financial sectors is also massively increasing, which in turn builds a healthy economy.

Due to the ever-advancing technology, we are now seeing a big transformation in most of the area that concerns our life. We might very well see an even higher exponential growth in the coming years.

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