The rise of the internet has lead to economies and big business growing in many countries. However, the real benefits of this era of technology are to individual consumers, small business owners and entrepreneurs. The Internet, therefore, has had a far-reaching influence to empower people to prosper in different niches.
But what else can we achieve to reap the full rewards of the Internet? This was a question at a recent Foreign Commonwealth Office International Cyber Conference.
A Life-changing influence
The Internet has brought so many changes that its influence has been life-changing. We work differently, socialise in ways we would never have thought possible, and access, share and create digital information to facilitate the movement of people, products, and concepts all around the world.
Positively impacting on GDP
But perhaps we still fail to fully appreciate the scale of the transformation? Over the last 5 years, 21% of growth in the GDP of well-established economies is down to the Internet. In that time, Facebook has grown its member base from a few thousand to over 800 million world-wide, participating for personal use and, increasingly, for business use. Many leading brands and companies use Facebook to advertise and keep their customers updated about their products, services and more. Additionally, other social media platforms such as Instagram are influencing e-commerce sales that are impacting on GDP. This uncomplicated way to trade is well explained in an online article by Neil Patel that outlines the easy steps to generate business.
A power that’s continually developing
If the Internet were a sector of the economy in its own right, like agriculture or manufacturing, it would account for a very high proportion of the GDP. Despite this, the full potential of the Internet in terms of the huge changes it will bring are still in embryonic form. In the future, we’ll see a higher number of technological developments such as enabling systems and payment platforms. The Internet will continue to connect more people, places and information, engaging at a greater level and growing exponentially.
Keeping up with a giant force
As a result of this growth, businesses and governing bodies will need to keep up with the massive potential the Internet holds without neglecting safety, security and privacy. The last 20 years have highlighted the need for a healthy Internet environment that can achieve multiple goals providing, for example, ever versatile and easy access while creating a space where competition can thrive and innovators and entrepreneurs come to the fore. Harnessing this power will ensure the Internet continues to have a positive impact on strong economies and the overall wealth of all countries.