The economic anxiety over Artificial Intelligence (AI) and the relentless pace of automation is real and shouldn’t be dismissed.
A growing challenge Manufacturing organizations continue to face today is how to modernize their dated systems and processes to deliver digital experiences customers and employees rely on in the consumer world.
Coming out of Cyber Monday, let’s take a look at the history and evolution of e-commerce, where we can clearly see where accessibility to technology & the internet was once only available in the workplace or outside of the home. As broadband, personal computers, and smartphones became more affordable and accessible - their rapid pace of innovation continued and businesses failed to keep up.
The Evolution of E-Commerce
1984
Electronic Data Interchange (EDI) was standardized through ASC X12. This guaranteed that companies would be able to complete transactions with one another reliability.
1994
Netscape arrived and providing users a simple browser to surf the Internet and a safe online transaction technology called Secure Sockets Layer (SSL).
1995
Two biggest names in e-commerce are launched - Amazon.com and eBay.com
1998
The Digital Subscriber Line (DSL) provides faster, always-on Internet service begins replacing dial-up services. This prompts people to spend more time and money online.
1999
Retail spending over the Internet reaches $20 billion, according to Business.com
2000
The dot-com bust. Most Internet access to homes was provided using dial-up, while many businesses and schools were using broadband connections.
Coming out of the bust we really begin to see the digital divide take form as the pace of technology continues to grow with consumers.
2003
Amazon had its first full year of profit.
2004-2005
The term "Cyber Monday" was coined. In late November 2005, The New York Times reported: "The name Cyber Monday grew out of the observation that millions of otherwise productive working Americans, fresh off a Thanksgiving weekend of window shopping, were returning to high-speed Internet connections at work Monday and buying what they liked." At the time, a lot of people had slow Internet at home.
2007
The Apple iPhone is announced and released this year.
2010
90% of the Internet access subscriptions used broadband, broadband had grown to more than 300 million subscriptions, and dial-up subscriptions had declined to fewer than 30 million.
2010 - Today
With each passing season, another wave of mobile devices is released that are more capable and more powerful than the generation preceding it. We're at the point where anyone armed with a current model smartphone or tablet is able to handle almost all of their at-home—and even at-work—tasks without needing anything else.
High-Speed Internet access is readily available almost everywhere and digital platforms and apps make it easy for consumers to do business, communicate and engage through personalized experiences and transparency.
As we enter the cusp of the 4th Industrial Revolution, we work with Manufacturers to drive their Digital Transformation initiatives both strategically and tactically. Are you ready to start your journey?
-Article by Andrew Rieser, President of Mountain Point.