The internet boom occurred in the 1990s. The internet has a big effect on almost everybody's lives. In the late 1990s the price of life insurance dropped dramatically. Many wondered why the radical change happened so fast, but the real reason is the internet happened. All the sudden people were able to compare insurance quotes to get the best possible deal. When there is competition, price goes down. Companies were publicly competing to get more customers, and all the customers cares about was getting the lowest possible price on a premium. Within a year, customers were paying $1 Billion less per year for life insurance, all because of the internet. Nowadays we see this a lot on the internet. Hotels, car rental, car insurance, etc. all having side by side quotes on the internet. In turn, this provides competition in the market which will in the end help the consumers.
The main source of the internet is used for gaining information on various topics and also news. When people are able to look at multiple sources of information, they are able to form their own opinions and be more open minded. This makes for a stronger country because people will be on both sides of an issue. Like the title of this blog post, the internet truly does benefit everybody.
That's very interesting and very easy to believe. I can easily see how the internet took supply and demand to a new level. Did the book mention anything about the companies and how their business has changed since the creation of the internet? Have their profits been more or less? Has the services they offer changed?
ReplyDeleteThe book didn't refer to the internet helping business', only the consumers. Although, clearly the internet has helped business' much like they've helped consumers. Everything from marketing to selling their goods has changed.
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