There have been significant developments regarding how cities perform. Technology has majorly driven this. The events of high tech things have profoundly influenced how operations in various sectors in the city perform. There have been emerging trends on how urbanization in the different parts of the world has impacted the economy of these places. These patterns have always required diverse approaches, policies, and strategies. The modern technology in most of the sectors in smart cities has majorly depended on how information and communication technology is being intertwined in the sector. ICT has led to various discussions on sustainable conservation of resources in the smart cities and most particularly in the smart city economic sector at large.

Various cities in the various parts of the world face various challenges that are posed in the economic development sector. The ancient rural economy grows to give way to an urban economy which in turn contributes to a major share in the national domestic sector. Therefore, we might be left asking ourselves one type of a question. What is smart city economy? This can be viewed in different perspectives and fields in the smart city economy. These include transport industry, smart shops, and smart industries among other. We may, therefore, have a look at how they impact to the economy and how technology has been applied in such fields to make sure they are a success economically.

Common technologies in smart city economy

There have been various changes in the buying behaviors of people. In the modern smart cities, a lot of individuals are now attracted to shop and seek services in places that are attractive and offer faster, smooth and reliable services. There has been a shift in the buying behaviors, and people will only shop at your place if at all you have incorporated the use of modern technology in the shops. It is not only attractive but also good for clients to get services as they deserve. The internet of things can be used in these smart businesses to enable the shop owners to manage and plan for their businesses success and prosperity economically.

In the smart city economy, the shop owners can use different types of point of sale systems in the IOTs which come with various software that can be reliable for the business. The smart city economy has led to a new development in the marketing field where the stakeholders have now transferred from selling in actual shop locations to setting their shops online. Thanks to the Wi-Fi and 3G/4G internet speed available in the various smart cities. Citizens can now enjoy the e-commerce concept that is being adopted by the various business owners and service providers. Through mobile phone platforms, the various mobile app developers have ensured services can be delivered online where the clients can order their goods online, and they can be delivered to the customers at homes or whichever location they are found. The businesses can also have websites which clients can browse and get the various services offered through the online portals. The ICT applications can now be used in all aspects of urban technology to promote the economy of these areas.

How smart city economy impacts citizens

Positive impacts

The smart city economy has seen an improvement of service delivery through increasing the speed at which the citizens in these cities get services. Through the use of the point of sale systems in the smart business areas, the services offered are efficient, and the speed of offering the services is improved than how they were done previously. There has also been an improved in the efficiency of how the services are offered through saving of time. The e-commerce has developed to a culture where retail shops are now found online, and when we need anything, we just have to make an online order.

Negative impacts

The citizens who own building in these cities more so the commercial building is now facing major blows from the business owners since most of them are abandoning the businesses spaces to set up online shops. As a result, more empty commercial houses are being left. This can be a worrying trend and a discouragement in the real estate departments more so in the smart cities. Setting up a smart city economy is also very hard since it’s prone to expenses. Setting up an e-commerce shop is hard because of the costs of having a website and mobile applications.

Applications of the smart city economy

Smart city economy ideas can be applied mostly in the business that can now shift toward making their businesses accessible to many people through setting websites and applications that can be used by the clients to make orders for the products. This will enhance the businesses since clients can make orders from any place they are located within the city and the shipments are made. The e-commerce can also be applied by the citizens who will need to enquire more about services being offered in the various businesses.

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