Technological Disruption
Technological disruption refers to the process by which new technologies significantly alter or replace existing industries, products, or services. This often leads to changes in consumer behavior and business practices, as innovative solutions can make older methods obsolete. Examples include the rise of smartphones disrupting traditional cameras and landline phones.
Such disruptions can create both opportunities and challenges. While they may lead to job losses in some sectors, they also generate new jobs and markets in others. For instance, the emergence of e-commerce has transformed retail, prompting businesses to adapt to online shopping trends and changing consumer preferences.