Describe the innovation and how it is disrupting the market. Explain what benefit the innovation provides. Describe what barriers limit the adoption of this new technology. Explain how many people are affected by the problem. Market Disruptions and New Technology

Part 1: Disruptive Innovation

E-Commerce

We have witnessed remarkable advancements in technology that have resulted in innovative products that continue to shape different industries and markets. E-commerce is one of these disruptive innovations. E-commerce is a business model that allows companies and individuals to sell products and services, such as B. Video streaming, to various consumers around the world via the Internet. This is achieved through a website where sellers can upload their products and potential buyers can access them via the internet (Oláh et al., 2019). The difference between e-commerce sales and traditional retail sales is that the latter is a physical sale of products, which means that buyers must go to the store to view and purchase products for use. In the first case, the buyer accesses the product online, places an order and waits for delivery.

E-commerce is beneficial in many ways. For example, e-commerce does not require a physical storefront; thus, merchants do not rent expensive strategic stores. Second, due to the convenience brought by e-commerce, e-commerce has become more and more common in modern times. Customers do not have to go to a store to order and receive their products (Oláh et al., 2019). Thus, the time saved can be used for other valuable activities, thus adding more value. E-commerce online sales expand the market share as people can buy products from another continent and have the items shipped to their location. Hence, this innovation helps local companies enter foreign markets and thus gain higher market share.

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