Traditionally, brands didn’t have a direct link to the consumer and had limited data points on their preferences and behaviors. The smartphone has given the retailer the power to sell more personally and more efficiently and has given the consumer the power to buy more intelligently and more confidently. Smartphones are responsible for creating the m-commerce industry effectively taking sales from zero to hundreds of billions of dollars in just a decade. In fact, Apple spawned an entire category for shopping apps and now every consumer has multiple retail apps on their phones. There is no other industry as profoundly and positively impacted by smartphones as retail. IPhone: Where Retail and Mobile Commerce Come Together Similarly, smartphones have made numerous other app-based businesses possible, such as booking accommodation (Hotel Tonight and Airbnb), sending electronic payments (Venmo), finding a date (Hinge), buying music (Spotify) and navigating (Waze).Īs smartphones become smarter and more robust, new smartphone-based businesses will continue to emerge, the economic impact is staggering. Smartphones made on-demand transportation and ride-sharing possible. It’s no coincidence that Uber was founded in March 2009, less than two years after the release of the first smartphone. Can you imagine getting to the airport without Uber? Or celebrating your birthday without posting a photo on Instagram? It’s hard to imagine, but before June 29, 2007, this was our reality.
The post iPhone launch years have created a “button economy.” Multibillion dollar industries exist today - solely because of smartphones. Since the release of the first iPhone, users have downloaded more than 180 million apps from Apple’s App Store, grossing $70 billion for developers. Trillions of dollars of economic activity has been generated since the advent of the smartphone. We have come to view iPhones as extensions of our bodies they are always in hand and are the first thing we grab when we need virtually anything - a ride to the airport, a stock price, social interaction, a new dress or even a hotel room.Īnd while smartphones afford us unprecedented access to information and unparalleled conveniences, there is no denying that smartphones equal business. In a mere decade, smartphone ownership has risen from zero to approximately 2.3 billion worldwide, with more than 223 million Americans, or nearly three-fourths of our country, owning one. Ten years, 10 generations and 15 models later, the iPhone remains one of the most influential advancements of modern technology.
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