The internet has changed the way people live — from communicating and sharing ideas with other people to doing their work and handling various tasks. From 2001 to 2014, internet users among American households have increased by 50%. Since 2009, the U.S. has invested over $260 billion in internet structure and broadband, as well as in ensuring reliable service at lower costs.
The internet has evolved since then, from the use of dial-up modems and emails and to more advanced innovations like Savant home automation, which make interactions in homes and offices alike in Utah or any other state more user-friendly and accessible.
How does it drive the economy?
What the internet does well is rejuvenating and re-inventing traditional tasks and activities. From offline to online stores, the shift in how products and services are sold and marketed is a simple example of the internet’s impact. Small and medium enterprises (SMEs) take advantage of this fact, even with a small location base and a workforce in more than one country.
The internet is also a driver for creating jobs not only in its own ecosystem but also for jobseekers using the web in finding work. Even though the internet has made some jobs obsolete, a global survey shows that for each job destroyed, 2.6 more actually take its place.
How does it affect small and medium businesses?
Large businesses obviously benefit from using the internet for marketing, transactions, and generating profit. But the real winners are SMEs due to how much the internet has benefited these businesses.
Startups and small businesses that utilize the internet by promoting web presence and visibility have grown fast versus companies with little or no web presence. Aside from the increase in revenues and extensive marketing, these businesses also generate almost twice as many job opportunities.
How does it impact consumers and individuals?
Driving economy also involves consumers, another winner from the age of the internet. Applications and websites help people in terms of healthcare, finding directions, comparing prices, and shopping for better deals. This results in price transparency and convenience for the buyer. In addition to this, prices are also lower online in comparison to their offline counterparts.
From an individual (consumer) or group (business and civic communities) standpoint, the internet has created many activities and opportunities that have benefited society and the economy as a whole.
The internet as a tool in boosting the economy is true not only for the United States. Countries around the world that have once been at a disadvantage are now creating new industries and opportunities by taking advantage of online presence for jobseekers, businesses, and for the benefit of society and community.
For the government and policymakers both here and abroad, the internet creates huge opportunities and must be navigated without risk to security and privacy. Creating an internet ecosystem that promotes access to an ecosystem that encourages businesses to be more competitive through innovation and human capital will maximize the already growing impact of the internet today.