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The Information Technology Industry in the World’s Economy

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The Information Technology Industry in the World’s Economy essay
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The information technology industry is revolutionizing the world’s economy by changing the way companies do business. Technological advancements have transformed the methods in which firms organize production, invest capital, and create new products or services. Today, it is quite difficult to imagine business without the Internet. The internet has allowed instantaneous communication from the operations of global enterprises, to something as simple as ordering a light bulb. The maturation of the digital age, including e-commerce, Big data, and social media has reshaped the way people do business. The unprecedented explosion of connected devices throughout the world has created new ways for businesses to serve their customers.

The world’s fashion industry is proving the effects of technology as the entire fashion supply chain is being completely transformed. Fashion is a $1.2 trillion global industry, with more than $250 billion spent annually on fashion in the United States (Maloney). It truly is an international industry with a long, complex supply chain from production, designing, and retailing. This requires local brands to be in communication with manufacturers overseas. The advancements in network technology has made this possible through electronic mail and video streaming, which is fast, reliable, and efficient. Telecommunication is a complex system of networks, such as the internet, mobile devices, and computers, that allows us to speak and do business with anyone, anywhere in the world. Advancements in technology not only impact the ability to communicate effectively for manufacturing purposes, but it also changed the way marketers should strategize and focus on digital advertising. In the modern apparel industry, manufacturing is only a fraction of the business. It is a highly sophisticated field that requires fashion research, market analysis, brand licensing, materials engineering, advertising and distribution. When starting a brand, it is important to conduct thorough research and gather reliable information. The internet allows firms to analyze other competitors in the market to make informative decisions, learn about a product or service, and get to know their consumer through surveys and data analysis. Consequently, not having well-founded information could result in a loss of earnings or potential buyers.

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Technology is going to change the future of the fashion industry through e-commerce, much like it already has. Many stores have become obsolete because customers are shopping online, in the comfort of their own home, rather than going out. Most of this effect is driven by people advertising and selling goods online. For example, Amazon is one of the largest platforms for e-commerce, in fact, they are expected to account for 45% of all online sales in 2018 (Howland). With consumers spending more time online, brands need to create an online shopping experience to successfully leverage e-commerce. Shoppers seek out user-generated online content before making a purchase, such as fashion and lifestyle blogs. This has created new jobs in the industry, such as brand influencers, social media hackers, and digital marketers. An article states, “The number of mobile subscriptions, 6.8 billion, is approaching global population figures, with 40% of people in the world already online” (Kvochko). This shows that in this new environment, the competitiveness of a company depends on their ability to leverage new technologies. Over the past few years, social media has proven itself as a powerful marketing tool for companies to share their brand’s image that can potentially reach thousands of people instantly. In America, “people check their phone on average once every 12 minutes” and “the average user logs 1.72 hours per day on social platforms, which represents about 28 percent of all online activity” (Time, Adweek). Social media has established itself as a powerful marketing tool over the past few years, Since consumers are always on their mobile devices, they are more likely to see a Facebook or Twitter advertisement instantly. It is less timely and more effective for brands to use mass media as a tool to reach a large audience and connect with their consumers.

E-commerce is the future of shopping and should be at the forefront of creating a new brand. Information technology is one of the fastest growing industries, creating millions of jobs, shaping the way companies think, and is an important enabler of innovation and development. Numerous public services have become available online and through mobile phones. More companies will be able to provide services through apps that will deliver immediate results from any part of the world, such as trying on clothes digitally. Millennials will continue to lead the way in the e-commerce, so mobile space and the shopping app fever is set to spread to every retail area. It’s time to catch up and plan for the future, as technology is no longer something that can be ignored.

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