Why Are We More Dependent on Tech to Make Money?

Technology is everywhere we look. From our homes and workplaces to streets, parks and municipal buildings, tech is wherever you care to look. Without it, the ability to do much of what we take for granted would be lost. Imagine a world without being able to check your email account on your smartphone!

Integral to making money, tech makes the world go round. Using retail as an example, around £1bn is spent online every week, amounting to 16% of total retail spending in the UK. When the stores are closed and we don’t have a lot of free time, a few clicks on an ecommerce site can get that last-minute gift when it’s needed the most.

Convenience is a byproduct of the proliferation of tech. In making sure that websites, apps and devices are easier to use, businesses have found it easier to get money rolling in. The explosion of ecommerce correlates with the internet’s growth – both saw their popularity skyrocket just before the start of the new millennium.

Simple Transactions

Making a transaction online is simpler than ever. This applies to more than just buying a shiny new TV or the weekly groceries. The mid-90’s saw two ecommerce giants – Amazon and eBay – launch. From modest beginnings in 1995, Amazon grew to transform the way online cash transactions were made.

Technology has governed some transactions long before the advent of ecommerce. The financial markets are one such area, where computing systems process data pertaining to stocks, shares and indices. They manage any fluctuations in prices, relaying them onto screens in major stock exchanges.

This is certainly the case with foreign exchange (forex) trading. This is where someone can predict whether one global currency changes in value against another, for better or worse. Until the late 1990’s, many individual forex traders could only realistically get their work done on the stock exchange floor or over the phone, but not now.

Desktop to Mobile

Forex trading has been made possible on a number of devices. Aside from the humble desktop, laptops, tablets and smartphones have apps that enable traders the world over to buy or sell in a matter of seconds. The global nature of the forex markets means that traders are now able to do their work at any time of the day, on currencies from the US Dollar to the Malaysian Ringgit.

Without an app or device to hand, let alone an internet connection, trading on any financial market would be rendered difficult. Doing it by calling a broker would be time-consuming and, in the fast-paced world of forex, ineffective.

Speaking of pace, tech is also essential for knowing the value of a currency, stock or share. Live data provided by apps makes it possible to monitor real-time data, enabling savvy traders to make a decision on whether to open or close a trade.

Flexibility is another reason for our increasing dependence on tech to make money. Being able to choose what, when and how to sell would be far more difficult in a physical shop or warehouse. Of the 1.2 billion websites currently online worldwide, many of them have something to sell, knowing that money can be saved and profits maximised.