The Connected World Driving Innovation (VIDEO)
The writing is on the wall. The Internet is all around us, giving every consumer a voice and this is something governments and corporations cannot ignore. The Internet economy will total $4.2 trillion by 2016 and businesses must take this opportunity with both hands if they want to thrive.
We touched on the BCG’s report, The Connected World, back in March and remarked on how the Internet was impacting on the lives of workers and citizens in the biggest economic development since the Industrial Revolution.
Part of the BCG’s findings were nicely packaged in a video infographic you can view here.
In 2010, there were 1.9 billion people connected to the Internet. By 2016, this number will grow to more than 3 billion. That means 45 per cent of the world’s population will be using the Internet.
The Internet economy is 4.1 per cent of the total GDP of the G-20 nations. The Internet economy was worth $2.3 trillion in 2010 and it will be worth $4.2 trillion by 2016.
British shoppers are leading the online spending trend, with 13 per cent of retail purchases made online (20 per cent in four years).
The BCG’s research found that companies that had embraced the online world, including harnessing the power of social media, experienced incredibly higher sales growth than businesses that had shied away from the digital environment. For instance, companies in China that were active online experienced sales growth of over 24 per cent, while Chinese businesses with little/no web interaction actually had sales drop by 4.7 per cent. The total online retail spend in China alone will be $360 billion by 2015.
There are 90 per cent of Internet users in countries such as Argentina, Brazil, Mexico and Indonesia that have active social media profiles. Citizens in these countries have a voice and social media is a trend that is not going away.
- Five Steps to use Innovation to find Market Growth Opportunities - September 23, 2019
- How to recognise Innovation Theatre - September 2, 2019
- 5 Ways to Create a Customer Centric Strategy - August 22, 2019
- The Future of Leadership – Empathetic Leaders - August 11, 2019
- Creating Time for Innovation - August 5, 2019
- 10 Lessons to Learn From Startup Failures - August 5, 2019
- The Top 5 Digital Transformation Insights from Mary Meeker’s 2019 Internet Report - June 20, 2019
- Bridal Wear and Business Model Transformation: What do They Have in Common? - June 19, 2019
- How Amazon is Reinventing Retail – Literally from The Ground Up! - May 28, 2019
- Bezos’ letter to shareholders showcases great communication and strategy - April 29, 2019
Managing Director, The Strategy Group
Dr Tobias is an accomplished innovation consultant and entrepreneurship strategist, drawing expertise from the academic, entrepreneurial and corporate worlds. Jeffrey’s commercial and business experience is particularly focussed on lean startup, design thinking and leadership. Prior to The Strategy Group, Jeffrey was Cisco’s Global Lead for Innovation in the Internet Business Solutions Group helping Fortune Global 500 companies improve customer experience and grow revenue by transforming how they do business.
Jeffrey is a professor of innovation and entrepreneurship teaching MBA students at the Australian Graduate School of Business at the University of New South Wales. An active angel investor, Jeffrey is on the board of various well known startups. Jeffrey’s corporate background includes leading global innovation strategy at Cisco, working with large corporates such as Adobe, Westpac, Telstra, Woolworths, and Perpetual.