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The Steam Engine (1769)
Impact on Business: The steam engine allowed businesses to operate faster and more efficiently, especially in factories. It also made travel and shipping goods easier, opening up new markets for businesses.
Impact on Consumer Behavior: With faster transportation, products could be delivered more quickly, which lowered prices and made goods more accessible to people. This created more opportunities for consumers to buy things. -
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The Sewing Machine (1846)
Impact on Business: Businesses could now mass-produce clothing more efficiently and at a lower cost. This led to the rise of ready-made clothing stores.
Impact on Consumer Behavior: As clothes became cheaper and easier to produce, more people could afford to buy them. This also meant that businesses started advertising their clothes more to stand out in a competitive market. -
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The Assembly Line (1913)
Impact on Business: The assembly line reduced production costs and increased the number of products businesses could make, especially in the automobile industry.
Impact on Consumer Behavior: As cars became cheaper, more people could afford to buy them. This changed people’s daily lives, allowing them to travel more freely, which also increased the demand for other products and services. -
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The Computer (1940s)
Impact on Business: Computers allowed businesses to improve their accounting, manage inventory, and analyze data more effectively, leading to increased efficiency.
Impact on Consumer Behavior: The rise of personal computers gave consumers access to more information and services online, like shopping and banking, which changed how people made decisions and interacted with businesses. -
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The Internet (1990s)
Impact on Business: Businesses could now reach customers all over the world. E-commerce grew rapidly, and businesses had to adapt to new online marketing strategies.
Impact on Consumer Behavior: Consumers could easily compare prices and products online, which made shopping more convenient. They also started expecting fast delivery and better customer service from businesses. -
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Smartphones (2007)
Impact on Business: Smartphones allowed businesses to create apps and services that customers could access anytime and anywhere. This changed how companies reached their audiences.
Impact on Consumer Behavior: People became more connected and started shopping, communicating, and getting entertainment all from their phones. This led businesses to focus on mobile-friendly websites and apps to keep up with demand. -
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Artificial Intelligence (AI) and Automation (2010)
Impact on Business: AI helps businesses automate many tasks, such as chatbots for customer service or algorithms that recommend products to customers. It has made business operations faster and more efficient.
Impact on Consumer Behavior: AI has personalized shopping experiences for consumers, like product recommendations based on their browsing habits. It has also made people expect even faster service and more customized experiences.