As time passes and technology continues to improve, things simply change. Sometimes, you think that a certain industry will remain untouched no matter what happens, but in no one is safe. No matter what industry you’re currently in, some changes are bound to happen during the next several years. Because of this, many business owners prepare for disruption and develop a plan for what they’re going to do during this time. Being prepared and learning to adapt are the most common ways companies can manage to survive and overcome these challenges. Here is how new technology is disrupting certain industries.
Retail
Just ten years ago it would’ve been impossible to imagine how the retail industry was going to look now. Most companies weren’t worried about selling their products online a decade ago. But online shopping has completely disrupted the retail industry. Businesses now have to adapt to the fact that consumers want to be able to shop during any time of the day from the comfort of their homes. Not to mention the number of people who’re using their smartphones to do shopping.
Retail brands now have to employ people who handle emails from potential customers as well as sent to their social media pages. For the average consumer today, it’s important to develop trust in a brand by getting in contact with them online. This is why many small companies have seen a lot of success since they understand their customers better. On top of that, artificial intelligence is also disrupting this industry. Companies now implement chatbots on their websites to gather as much data about their customers as possible.
Tobacco
Even the tobacco industry has been taking some hits recently, which was quite unexpected. Back in 2006, when the technology of vaping was introduced to the world, people found out about this healthier alternative to traditional tobacco cigarettes. Despite the fact that many were aware of the dangers of tobacco, many simply couldn’t manage to quit smoking. But thanks to the technology behind E-cigarettes now there is a cheaper and healthier alternative to tobacco cigarettes, and you won’t have to worry about inhaling any type of dangerous smoke.
Entertainment
The music industry has seen tremendous changes during the last 15 years. Many musicians found it hard to adapt to everything that’s been going on. While physical copies of albums used to be most important, now they’re somewhat a thing of the past. There was a phase when ringtones were becoming extremely popular, but the biggest change has definitely been the rise of streaming services. Now, people are able to listen to whatever songs they want without worrying about the hardware. They simply plug their headphones into their smartphones and stream music from anywhere.
Apart from that, cable TV and the broadcast TV model are also being threatened by streaming giants like Netflix, Amazon Prime, and Hulu. These companies are also investing a lot of their money into original content in order to get people to spend a lot of time watching TV shows and movies on their platforms. In an article published by The Guardian in 2018, it was revealed that Amazon Prime and Netflix have become more popular than pay-TV services.
Education
Even the education industry has been disrupted by new technology. Online courses are becoming increasingly popular every year. One of the main reasons why they’re so appealing to students is because they allow them to go over the content at their own pace. Adaptive learning technology has created a new way for students to learn as well. Namely, online courses created with adaptive learning algorithms create a unique way to present content to every student so that it helps turn their weak areas into strengths.