We’re living in the digital age. And when you think of an industry that has been the most obviously affected by new technology, what’s the first thing that comes to mind? You probably think of the eCommerce ecosystem as the most striking example of modernization. Indeed, retailers who traditionally sell goods in physical stores have added online shopping experiences as part of the book of business to keep up with growing demand- last month alone 17 billion people visited online retail websites.
ecommerce industry overview
But there are other, more successful digital transformation examples to learn from.
Take a look at how the financial world evolved Photo Editing Services and, with it, our understanding of money.
Hard cash – once the only currency – is still around, but what do you use it for? When was the last time you paid with a check? We’ve moved on to credit cards, payment platforms, and now payment apps or e-wallets. Most money is online. Consider this: in Norway only 3-4% of transactions are completed with cash. It doesn’t seem as dramatic as the shift from retail to eCommerce, a transformation that received a powerful boost during the pandemic-stricken year 2020. However, digital transformation in finance is a lot more significant. Not only did it force companies to adopt new technologies in order to meet customer needs, but it completely altered our perception of money.
Now let’s take a step back even further. Think of any everyday activity now a part of your daily routine. We can control our homes from afar with smart home apps, and in smart cities, digital technologies control traffic lights, electricity, water supply, and so on.
Digitalization has even moved into traditional manufacturing, where the internet of things (IoT) enables digital monitoring and operation of entire production floors and supply chains.