This introduction of technology (for example, the Internet/mobile technology/software) has eliminated some industries and has significantly impacted/threatened several others. However technology has also created entirely new markets and formed the basis of thousands of new businesses. The Internet has enabled new products and services, new business models, and new industries to rapidly develop.
As a consequence of technology and ecommerce, universal standards have developed that any company can use them, reducing the competition of rivals to comparing price and service alone, and for new competitors to enter the market. Since information is available to everyone, the Internet and use of (mobile) technology has raised the bargaining power of customers, who can quickly find the lowest-cost provider on the web.
An example of an industry or business or market that the introduction of technology / the Internet has rendered obsolete/redundant or has severely threatened it
An example of an industry or business or market that has been created with the introduction of technology / the Internet.
Include the following in your discussion:
The benefits that this industry, business or market has brought to the customer or any challenges that have impacted the customer.
How do you believe the business process has changed, if any, since the introduction of technology?
Discuss whether / how the product or service has changed to cater to the customer (whether online or physically)?
How has the infrastructure changed to accommodate the industry, business or market?