This has impacted on traditional business models. Even legal tender is being supplemented by crypto-currencies – though it will be noted later that this is one development about which there may be reason to be sceptical.Īlongside all these positive developments, digitalization is provoking major disruptive effects in the consumer marketplace. It is even suggested that big data can allow for personalized contracts or even personalized legal rules that match individual needs and preferences and promote more efficient outcomes.
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These often involve new ways of doing traditional offline services (like taxis and renting rooms), but they are made possible by digital platforms that connect potential consumers with suppliers. Online platforms have also spawned new services, or more accurately new providers of services, which form part of the so-called sharing or gig-economy. Potentially, these open up markets to global competition and allow small enterprises easier market access. The internet has allowed new platforms to develop to sell products and services. Even, the way products are made may be changing with consumers able to buy a disc containing the design instructions that is used to print a product at home using a 3D printer. The internet of things is upon us: One product can talk to another, so a mobile phone app may be able to control the thermostat on your central heating system.
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Products are being reinvented: Autonomous vehicles may one day replace traditional manually controlled cars, but in the meantime, aspects of vehicles are becoming increasingly automated even if the driver retains ultimate control. For instance, delivery of shopping may be triggered by a certain event such as stock running low in the refrigerator. The contractual process is even becoming smarter (i.e., automated). We use “free” messaging services such as Facebook and Instagram whose business model is driven by access to and exploitation of our personal data. Traditional maps are increasingly being replaced by online App services available immediately via mobile phones. Products are being replaced by digital content: Vinyl records were loved by many and even retain a (growing) niche market, but most consumers take advantage of subscriptions to cloud services offering access to catalogues of music on demand on a scale that they could never afford to purchase. We are in the midst of the Fourth Industrial Revolution that builds on the electronic and information technology of the Third Industrial Revolution in a way that combines technologies and blurs the distinctions between the physical, digital, and biological (Schwab 2016). Digitalization is affecting the consumer market in ways that could not have been imagined a generation ago.
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