Home Mobile Financial Solutions Tech savvy consumers: A rising trend

Technology in modern times have picked up pace in both evolution and adaptation. May be it’s because of the users acceptance towards new technologies which was much less in olden times. People have become more open to trying out new gadgets/equipments without being judgmental. Back in 2000s public rejected the very idea about self driving cars but the same is not true after a decade, companies have realize the importance of this technology in the future and are investing heavily in this.

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When radio was first introduced in 1900s it was new and innovative way of mass communication for that period of time but it still took more than 50 years for full and widespread adaptation. The next major innovation was the television which happened in the late 1920s, by that time people were familiar with radio thus making the adaptation faster than the radio but still painfully slow almost 25 years. This same pattern repeats for all new technology products, but always has faster adaptation rate than the previous. The current trend in adaptation has not changed a great deal, but the adaptation period has significantly reduced in time span from years to months now. If we look at mobile phones which was first introduced by Motorola in 1970s, it took around a decade to get acceptance but when it came the turn of smart phone it took less than 5 years to get widespread acceptance while the tablet computers took even less.

The acceptance and adaptation may have increased due to the usefulness of the technology in itself or to the fact that people are getting accustomed to technology. It also helps that tech companies are packaging the new products as user friendly to target wider audience. Technology is evolving at a rapid pace in all aspects, but the most noticeable changes are in size, power and cost of products. When computer was first introduced it was a big bulky box which could do very basic tasks and usually costs an arm and leg to buy. But when companies package it in a beautiful well crafted design with eye candy colors it is a must have device for everyone. That’s what the iMac did to PC.    

Companies have realized that there is no money to be made by sitting idle. So they are pouring money into Research and Development hoping to find the “next big thing”. Consumer Product companies in recent times are greatly profitable and are the largest public companies in the world beating out the oil companies. They are determined in finding the next big product and everyone wants it to be from their company. When a new product gets widespread acceptance from the users, it moves from indulgent usage to necessity and subsequently gets displaced by a better product based on newer technology.

This is an exciting time for consumer as innovative products are being created at an unprecedented pace; technology has enabled us to create new products and categories. It’s exciting as a consumer to get countless products based on the latest technologies.  The faster the consumer embraces products based on latest technology the faster companies try to come out with newer technologies to create better products and the cycle continuous. The mobile phone replaced the landline; smart phone replaced the basic mobile phone and the cycle continuous on.

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