The Economy and Emerging Technology

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by Megan Curtis4 views·Updated May 3, 2021
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  1. Hi, I'm Megan Curtis and today I'm going to be
  2. talking to you about today's economy as well as the
  3. impact technology has had on the market, the fashion industry
  4. and macro economics as a whole.
  5. Since COVID-19 was declared a pandemic by the International World
  6. Health Organization in March of 2020.
  7. The economy has been in a state of distress, causing
  8. the world to go into the biggest recession since World
  9. War II ever since.
  10. Then, factors such as mass unemployment, digital inequality and prolonged
  11. economic stagnation have been fighting against the economy.
  12. Even though digital inequality has been dwelling on parts of
  13. the economy, it has also been expanding in other sectors.
  14. The pandemic forced the previous face to face world.
  15. The virtual.
  16. In a matter of weeks, this included working remotely school,
  17. fitness and all forms of shopping.
  18. People were fast to adapt and businesses were forced to
  19. adapt or ultimately end up going bankrupt.
  20. Technology has been aiding e commerce since 1979, when inventor
  21. Michael Aldridge introduced electronic shopping by connecting a modified TV
  22. to a transaction processing computer via telephone line.
  23. This invention was quickly followed by the first e commerce
  24. company called boston Computer exchange company, launching in 1982.
  25. After that, companies such as books, tax unlimited, amazon and
  26. Paypal were introduced into the e commerce rolled throughout the
  27. 19 nineties.
  28. This made electronic shopping become a more common occurrence as
  29. more and more people had access to these forms of
  30. technologies in their homes.
  31. Since then, technology has been a major source of economic
  32. growth, overall income and a driver Consumer purchasing powers, businesses
  33. that were focused on the in person experience prior to
  34. the pandemic, quickly shifted to expanding their economic value on
  35. their omni channel presence, as well as supply chain interactions.
  36. In the midst of the pandemic.
  37. Since most transactions were happening via the Internet, executives have
  38. increased funding for digital initiatives more than ever, which has
  39. accelerated the digitalization of customer transaction globally by three years,
  40. implementing more technological practices has resulted in greater market efficiency
  41. and less waste and operations and processes productivity advantage and
  42. improved human capital since they are providing their employees with
  43. more online tools to assist their work and and overall
  44. improve customer utility implications such as curbside pickup online ordering,
  45. delivering services as well as improved efficiency of omni channels
  46. have aided the economy to move forward.
  47. The fashion industry is a sector of the business world
  48. that has also seen improved market efficiency by the emergence
  49. of prevalent technology.
  50. For example, digital only fashion has started to become a
  51. growing sector in the fashion world due to the fashion
  52. house, the fabricant who strictly produces garments digitally to reduce
  53. their environmental waste and admissions.
  54. Three D.
  55. Fashion designs have also expanded dramatically with the software system
  56. clo Close speeds up the preparation time in the design
  57. process, which allows for more versatility and possibilities at zero
  58. cost far ahead of regular production.
  59. Meet times these modernizations of digitalization in the fashion industry
  60. has promised that has prompted the technology sector of the
  61. market to gain value due to investors.
  62. With normative economics in mind, us spending Online reached approximately
  63. 375 billion in 2020, experts forecasted that by the end
  64. of 2020 for online shopping will surpass 476 billion.
  65. It is also forecasted that there will be a creation
  66. of more three D.
  67. Social media systems.
  68. Interdigital agents gradually taking over more and more time consuming
  69. tasks, more drones assisting with surveillance and delivery tax on
  70. demand manufacturing three D.
  71. Virtual experiences improve facial and voice recognitions and plenty more.
  72. The fashion industry is projected to continue growing their digitalization
  73. with more usage of technology that breaks the boundary between
  74. online and offline shopping, such as virtual fit in the
  75. utilization of three D.
  76. Technology. The effects of this technology will help create a
  77. more sustainable and accessible shopping experience for consumers all over
  78. the world.
  79. The economy is experienced economic growth due to emerging technologies,
  80. and this sector of the market is projected to continue
  81. on the path for the foreseeable future.
  82. Thank you.