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How Apple Helped Create the Connected Economy

How Apple Helped Create the Connected Economy
Written by Publishing Team

Apple dipped its ground economy bonds during daily trading on Monday (January 3), becoming the first US company to achieve a $3 trillion valuation before falling back again.

After only 10 monthsy Anniversary of Steve Jobs’ death in October 2011, the company he founded, quit, and then came back to and made an ingenious force and transformative commerce for humanity is, in many ways, the predecessor of the connected economy we now live in.

Today’s critics say the company is no longer the innovation engine that Jobs built, while supporters argue that Apple laid the foundation – some realised through pioneering marketing – for the connected economy, especially the mobile internet.

Jobs captured the technological proficiency and greatly improved user experiences that platforms and ecosystems can provide, and that’s arguably the inspiration that launched it all.

A favorite among graphic designers, Macintosh (Mac) computers kept the company a smaller, sexier player when compared to many competitors in the PC camp during the 1990s. Mac attempts to use smart devices always seem to fail, such as Pippin and Newton, which Jobs reportedly viewed as little linear extensions.

He was thinking of something else entirely.

In 2014, the Wall Street Journal published emails from the late Jobs calling 2011 “the year of the cloud,” saying “we invented the concept of the digital hub” while expressing a grand vision “to connect all our products together, so we lock customers into our ecosystem.” .”

Except for “locking,” the connected economy appears to be on a smaller scale.

see alsoThe Connected Consumer in the Digital Economy: Who Wants to Live in a Connected Digital Economy – and Why?

Jobs returned to Apple in 1997, and in 2001, the first iPod was released. It combined device miniaturization with a database approach to music (iTunes) that was light years before the dominant portable technology at the time – a Discman-playing CD and 2lbs of CDs.

Music and device are now virtually one, and that was a huge leap in connectivity.

Calling the 2007 introduction of the iPhone “game-changing,” on this rare occasion, is an understatement. The Blackberry was the well-established smartphone at the time, and they dedicated millions to the BlackBerry. They mocked the first iPhones, but within a year or two, they owned one.

What changed the consumer’s opinion? Seeing their friends effortlessly take and send HD photos and videos, and share YouTube music on something called Facebook. When the App Store launched in 2008, it began a long-standing love affair with mobile computing that deposited us on the cusp of the connected economy of 2022.

In 2012, Apple added its own mobile wallet, followed by Apple Pay in 2014, closing the loop in a fully interoperable ecosystem where consumers can watch TV, listen to music, play games, communicate, shop and pay, all while sitting in Uber, the plane seat – or wherever they choose.

Read also: 73 million American consumers already live in the connected economy

So far, iPhone owners haven’t adapted to Apple Pay in huge numbers. The PYMNTS report “Apple Pay at 7: Winning the Battle but Ling the War In-Store” notes that “Apple Pay does better than other US mobile wallets, but that still puts it on the losing side of the war in payments.” -store. Consumers use mobile wallets for just 4.5% of in-person shopping in 2021, 26% less than in 2019 – which means Apple has increased its share of the shrinking market.”

We haven’t heard of the end of Apple Pay, just as we haven’t seen the last of Steve Jobs in 1997. It’s easy to imagine he would have been pleased with brief fireworks in today’s stock market.

Get the report: Apple Pay at Seven


New PYMNTS data: Documenting Identities in the Digital Economy – December 2021

on:More than half of American consumers believe biometric authentication methods are faster, more convenient, and trustworthy than passwords or PINs – so why do less than 10% use them? PYMNTS, in collaboration with Mitek, surveyed more than 2,200 consumers to better define this perception versus the usage gap and identify ways companies can boost usage.

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Publishing Team