Innovation is what grows economies.
We can't become more productive without new technology, strategies, and markets — and huge innovations can create economies all to themselves, according to Elizabeth Curmi, an analyst at Citi Global Perspectives and Solutions.
New innovations like the internet of things and electric cars are starting to create their own markets. But what will come next?
Citi Global Perspectives and Solutions compiled a list of 10 innovations that have the possibility of changing the way we think about our economy. From biotech to energy, these are the 10 best chances we have at finding the next big thing.
Read on to find out which innovations made the list:
Big data in energy
Big data is basically a buzzword for data analytics.
Big data could change the business models of energy and utility companies. Companies like Solar City and Tesla are starting to give people the means to meet their own electricity demands. If this trend continues, the main source of power for many people may not be a giant power station, but their neighborhood full of solar panels.
Utility companies could become more of a mediator between homes, using big data to seamlessly find the best source of power for a home, whether it's their neighborhood solar panels or the nuclear power plant in town.
It could lead energy to become "un-commoditized," according to Anthony Yuen, an analyst at Citi.
Contextual commerce
Take Amazon's "recommended for you" suggestions, expand that to your fridge, car dashboard and smartphone screen, and you get an idea of what contextual commerce could mean.
Contextual commerce allows a customer to purchase products wherever and whenever they might need them.
Your fridge might notice that you are low on hummus, so it suggests buying a refill. Or maybe you are chatting about a party with your friends on Facebook Messenger, and the app suggests ordering an Uber to help get you to the party.
These types of smart commerce suggestions are coming soon and provide a huge opportunity for companies that want to reach consumers when it is most convenient.
Direct-to-consumer marketplaces
Etsy lets small creators sell directly to their customers, and sites like Squarespace allow small businesses to set up online stores for their goods.
These direct-to-consumer markets are opening all over, thanks to the internet, and they represent a big opportunity to diversify industries that were traditionally bottlenecked by retail stores and middle sellers.
See the rest of the story at Business Insider
