In the advent of technology and the digital age, people are spending more money on technological solutions, gadgets and services in order to make their lives somewhat easier. In fact, one might argue that people today are immersed in their smart devices and live vicariously through the internet and social media.
This is also corroborated in the statistics on global expenditure and investment in technology, more so as 2020 forced many to switch to remote working and making use of online and digital solutions for communication. Some of the leaders in the technology industry, such as Apple, continue to introduce new and innovative devices that attract the masses and urge them to spend on yet another device, accessory or software.
For example, smartphones are continuously being developed and rolled out, and each year, customers that are loyal to that particular brand often upgrade and switch to the latest device on offer. It is therefore safe to say that even without realising it, technological advancements may be costing you more than you realise.
As much as technology has led to people continuously looking to be in possession of the latest device, it also provides money-making opportunities through online platforms. Given the growing interest in forex and stock trading, many novice and experienced investors have also turned to digital solutions for trading USD with online brokers, as it is one of the most popularly traded currencies. The internet provides a wide selection of such for one to choose from, however, it is always advised to opt for a credible and reputable broker that has a track record that speaks for itself.
Financial impact of technological advancements
Much like most things in life, there are both pros and cons to technological advancements, some of which have already been noted. When zooming in on the impact of technology on your pocket, it can be said that new technology is often more expensive because of the expertise and newer parts that they require before being introduced to the market. This ultimately means that it costs a lot more to develop them and thus, they are sold at a much higher rate. So, when one thinks of buying new technological products, it may be worth considering the value that the new improvements or developments will make in your life, compared to how much you will be paying.
This will help you determine whether or not it is worth buying the new gadget or software. Although, this is not always easy for tech-savvy people and tech enthusiasts. In fact, developers have caught on to how to lure them in and make them purchase the new technologies. An industry insider openly admitted that when developing products, he prioritises the customer obsession over digital transformation. Simply put, before making any changes to existing products, he carefully studies customers’ responses to what is currently available, note their concerns and wishes, and then figures out how to incorporate the feedback into a new product or services.
These improvements are rarely ever rolled out at the same time, in fact, each new edition or iteration of a product or service may only comprise one small change. In this way, developers will maintain a hold over customers, leading to them spending on a new device for the slight change, which can be quite costly in the long run.