How industries have survived the economic crisis
The biggest story so far in the 21st century has undoubtedly been the financial crisis of 2007-08. The crisis saw a massive drop in stock markets worldwide, which along with the bursting of the housing bubble saw many key businesses failing, and resulted in the global recession between the years of 2008-12.
However, the liquidity crisis also presented many companies with a chance to succeed in the hostile business environment. Through a number of factors of diversification, streamlining and adaption of new digital technologies, here are some of the ways in which companies have managed to survive.
One of the biggest technological factors that has struck many media companies is the way in which information has been digitised. The minimised costs of producing and distributing media forms has meant that entire industries such as music have been decimated when trying to find solutions to new streaming technologies.
However, in the face of such hardship, can be found the success stories that have been seen in many online gaming sites. For example, sites such as Euro Palace have managed to use digital technologies to allow customers to play casino games at their own convenience in a way that has dramatically broadened the appeal and reach of such games. As well as this, Euro Palace have taking advantage of blogging to allow their brand to gain the ability to quickly utilise the power of synergy with other media forms that would have been unthinkable just a couple of decades ago.
The arrival of digital retail services has also dramatically affected the current business environment. Huge multinational online stores such as Amazon have quickly become the leading retailer in the US, surpassing many traditional stores like Walmart through their innovative approach to allowing consumers to digitally browse and purchase products.
Despite such trends, there have been a few traditional retailers that have managed to maintain their relevance in the 21st century domain. Macy’s in particular have been instrumental in finding new ways to combine traditional shopping practices with new digital developments . Such activities have included introducing their nationwide Search & Send initiative that allows consumers a much easier way to browse the stores’ inventories.
Furthermore, the brand has also maximised key features long-associated with the business, such as developing a Beauty Spot initiative that allows customers to use advanced touchscreen technology in specially-designed beauty kiosks in a way that could not be achieved in the digital domain.