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5 Businesses Models That Were Completely Changed by Technology

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Over the past decades, technology has come a long way. We have seen new gadgets and tools, methods and pieces of equipment that make living easier. Technology has deeply penetrated into our daily lives and doesn’t seem to stop too soon. Many of the technological advancements that we witnessed over the years were aided by the Internet. The online environment is one of the most useful things that humanity created. The seamless processes that we find online have contributed enormously to the way in which we interact with our gadgets and appliances. But most importantly, technological advancements contributed to the way we do our jobs. Numerous business models have been changed completely by the Internet and new tech advancements. But which are those businesses that have been transformed beyond recognition?

#1. The Travel Industry

Before these amazing technological advancements, the only easy way to book a trip and the transportation means necessary to reach your destination was through a travel agency. A travel agent would help you to find the hotel, book the rooms, find plane tickets and book those, and in some cases, plan the entire trip. If you wanted to manage the entire process yourself, you would have had to spend hours on the phone with hotel managers and airline representatives. This would have translated into higher costs, as phone subscriptions weren’t as generous as they are today. In our day and time, agencies moved online.

The Internet has made it possible for us all to book trips and find airline tickets in a matter of minutes. The plethora of websites targeted at travellers makes it possible for everybody with a decent internet connection to manage what in the past was a complicated process, in several minutes. Airline booking apps feature a variety of widgets that people can use to book their car rental and hotel room. Platforms such as Booking.com allow the user to find amazing hotel rooms, Airbnb properties and private rentals at affordable prices. All these steps can be carried out by using your pocket device: your smartphone.

The younger generation isn’t as thrilled by the idea of becoming a travel agent like older generations were. These advancements might make these positions and jobs obsolete, in the near future.

#2. The Printing Industry

We live in the online, but this doesn’t mean that print materials are obsolete. In fact, these can help companies and businesses achieve higher levels of consumer loyalty. A mix of online and offline marketing efforts is always better than online marketing efforts on their own. But technology has made the printing industry a more efficient and accurate one. In the past, posters were painted by hand. Artists spent hours to complete a single piece. Today, digital inkjet printers make everything easier. The experts at this Singapore poster printing business claim that a high-resolution poster can be now completed in a matter of seconds, once the design is created.

Graphic design tools and software have also made printing businesses more profitable and efficient, in the past few years. These tools and features increased file compatibility and allow increased collaboration between graphic designers in different geographic areas. 3D design technology allows nowadays the creation of better designs, without a deeper engineering knowledge, like in the past. The cost-effectiveness of these business models also increased, thanks to these advancements. This is most visible in the case of those businesses that print business cards. Fast name card printing Singapore business models reached an impressive effectiveness, thanks to intelligent software solutions, but also high-tech pieces of equipment.

#3. Video Rental Business Models

Today, we have Netflix. But in the past, people who wanted to enjoy a film in the comfort of their own homes had to go to a movie rental shop and rent a DVD. Only a few months ago, the Blockbuster shop in Bend, Oregon, remained the last one standing. Back in the day, this was an incredibly successful business model, with shops all across the US.

In this day and time, everybody with an Internet connection can enjoy the latest movies in the comfort of their own home, without even leaving the house. Smart TVs and smart Home Cinema sets made the movie rental business model obsolete. While Netflix is a reliable solution for film amateurs, pirating is also an option that many choose instead of renting movies. The industry today looks nothing like it used to a decade ago. The music industry and music rental shops face a similar transition.

#4. Newspapers

The change in the newspaper industry is one of the most obvious out there. While in the past people had to buy newspapers to remain informed, today, a few clicks away, there lies unlimited information. Press agencies were perceptive to the change and embraced it. Numerous online newspapers offer their information free of any costs. Many newspaper agencies completely gave up the physical version of their products. On the negative side, many of those who had a career in the newspaper printing industry remained without a job and had to find alternate career paths. But this is one of the few downsides of this industry’s evolution.

#5. Book Stores and Libraries

Thanks to Kindle, we don’t quite need a paper book to enjoy our evening lectures. Old-fashioned books are replaced by modern versions. And what would previously fit into a whole library is compressed today in digital form, on e-readers. The digital format of books made them widely accessible. You can read a book on your commute from your smartphone, today. For many passionate readers, the physical version of their favourite books is still the best. For the frugal ones of us, a smartphone or Kindle will suffice.

These five business models were deeply changed by recent technological advancements. The younger generation is thrilled by these changes, while older generations see their jobs and positions threatened by this evolution. However, nobody can debate the positive aspects of technology. We are moving faster than ever today, thanks to it. We can work more accurately and deliver better results in the workplace.

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