How Does Technology Affect Our Economy?: How is Technology Affecting The Marketplace?

The innovation of online shopping has made it easier to buy goods quickly and often much cheaper, so retail stores are getting much less in-store business. The retail sector would have a loss of almost 40 million jobs in the next twenty years if online shopping continues to grow in popularity. On average, 6 percent of all retail sales are done online, and it is projected to increase to at least 20 percent within the next decade. This type of technology has become a positive effect on the economy because consumers tend to make more informative decisions on products with the use of technology, but it can easily hurt consumers because online shopping makes it easier to buy on impulse. Shipping companies are getting much more business because of these purchases as well. Consumer spending has increased because of technology, which leads to a healthier economy. When people make confident buying decisions, the economy typically does better.