Technology has come a long way and it has changed the way business is carried out. There was a point of time when computers were a stand-alone product and were limited in function. Now is the time when it is impossible to manage a business without a computer. A lot of industries have undergone drastic change due to the advances in technology and this has ensured a strong, double-digit growth of the industry.
1. Publishing
Earlier, publishing was an industry which was dominated by editors and every writer wanted to be a part of the New York Times Book Review section. This industry has undergone significant change and book lovers can now read through glowing devices like Kindle. Online sales dominate the market and bookstores have become obsolete now.
2. Estate planning
More than 50 percent of Americans do not have a will in place and in the event of death, there is a lot of confusion and trouble that the families go through. Estate planning is a legal procedure which is considered to be pricey and tedious. There are some attorneys who charge a flat rate fee while there are many who charge on an hourly basis. Technology has come a long way and there is estate planning software for attorneys which allow them to create wills and are user-friendly.
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3. Retail
The retail stores which once seemed permanent in the culture of the United States have now been reduced to online shopping stores. Stores like Macy’s as well as Toys R Us held significance at one point of time and due to the growth of e-commerce, they have been replaced by many other brands. Macy’s has shut down numerous stores and people blame the retail landscape for the same. For consumers, online shopping has become quick and convenient but for retailers, it has brought difficult times.
4. Food
It is impossible to imagine eating being replaced by technology but the food establishments have gone through a transformation and the franchises which were once flourishing businesses are investing in logistics for home delivery. Small cafes are struggling to keep up with the orders and mobile apps have changed everything all at once. There are numerous companies which facilitate quick home delivery and have reduced the time and cost of ordering food. It is a boon for a large number of small restaurants while the supermarkets are struggling to stay in the business.
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These four industries are crucial for economic growth and they have gone through drastic changes over a period of time. Technology has brought about changes which have made the traditional industries look critically at the developments while there are many others which are thriving in the business. Every business owner should keep in mind that the technology will not only disrupt businesses but will actually bring in new opportunities to build a business. If businesses do not accept the latest technology or try to stick to their old ways, they could lose out on the business.
