How much value consumer goods of technology products lose after being purchased has been shown by a recent study. According to a study by Texas-based Self Financial, the value of well-known consumer goods may drop by up to a fifth (19%) in just one year.
Consumers are continuously searching for the newest and best technology in a world powered by it. Although a new gadget frequently has the potential to make a person’s life better, customers shouldn’t mistake these purchases for investments. Electronics depreciate as soon as they are used, just like a new car does.
Consumer devices including smartphones, headphones, and smartwatches have lost more than double this amount in the past year compared to this total. According to the research document, the depreciation during the last 12 months ranges from 41 to 44 percent.
While technology is a subject, there are many fields in technology and some of the students do tech diplomas, which are beneficial for their careers in technology. As a result, during course studies, students are required to write a technical review, essay, or dissertation on any product like mobile phones or laptops, but they are unable to write because they lack information or writing experience, so they seek out help from best assignment services. The students are assisted in completing their tasks by them.
Additionally, technology has an impact on communication, for better or worse, because it is a part of our daily life. It affects how we work, enjoy ourselves, and communicate.
The typical elementary-aged child may be seen with their head buried in a smartphone and be inclined to view what technology has done to us in a pessimistic light.
Why do gadgets lose their value?
One of the most common reasons is that people purchase a new gadget because it has more features than the old model. After all, it has more features than your old one. You can use it for a longer period and get better results. Due to the regular release of newer gadget models for sale, gadgets often lose value. To replace the deteriorating software of last year’s smartphones, tablets, laptops, or TV, businesses are force to create more dependable and quick products
The main reason why people prefer new model technology items is that they are more efficient and effective than their old version counterparts. The reason for this is the fact that there are many more improvements in the new model gadget than in the older variant. A few of them are give below:
Improved design
A lot of new models have been designing to look better than their older counterparts. They are also made with better materials and parts that make them more durable, reliable, and functional. One example of this would be air conditioners which have become much more efficient since they were first introduced to the market.
Excessive use depreciates the value
Everyone is fascinate by the excessive use of technology, whether it be children or adults concern about the corporate world. They simply cannot imagine living without it. But at the same time, it’s also important to explain how communication affects relationships in the work setting because of technology. For instance, users used to communicate using Nokia smartphones and Blackberries when they were first introduced a few years ago. In other words, they were fix on it, and as a result of its overuse, it has lost its appeal. As they continue to release new features, Samsung and iPhones have become the new standard in the world. People are constantly craving new experiences.
Better performance
Another way to improve an item’s efficiency is by making it perform better than its predecessor. This can be do by making adjustments or upgrading its components so that it works as intend without any issues or malfunctions. For example, new models of cell phones have increased battery life and faster processors compared to their predecessors which make them easier to use while still providing great performance at a low price point.
Laptop
The problem with technology products is that their purpose changes over time and they stop being useful after a while. For example, if your laptop breaks down, it’s no longer useful for doing work so you have to buy a new one. This means that instead of buying just a laptop, you now have to spend money on something else too – like a desktop computer or an iPad – which doesn’t help much because those devices also need replacing all the time.
This problem doesn’t affect every single technology product out there; some will last longer than others and will still be useful after some time has passed since the purchase.
Manual washing machine vs. automatic washing machine
The old model washing machine is manual, you need to open the door, pour water in it, add detergent and then close the door. The new model washing machine is an automatic and dryer factory, you don’t need to do anything, and just put clothes in it and it will do everything for you. This makes life much easier than before because we don’t need to spend more time doing things that we used to do manually. This is the reason with new technology; the old one loses its value.
Old model car vs. new model car
The old model car doesn’t have enough space for passengers. But the new model car has enough space for passengers and luggage. Also, the old model car doesn’t have a cruise control system. So you can’t drive smoothly on the highway with only one hand on the steering wheel. But the new model car has a cruise control system. Which helps us drive smoothly on highways without any fear at all.
Conclusion
Technology manufacturers have gradually reduced. The lifespan of their new products by adding in more components that become obsolete or go out of date. This has caused them to fall short of their life cycle value so rapidly.
References
- PES.2019. How Ai Is Transforming The Educational System. Online Available at: <https://www.professionalessayservice.co.uk/how-ai-is-transforming-the-educational-system/> (Accessed: 6-august- 2022).
- Lee, M., Yun, J.J., Pyka, A., Won, D., Kodama, F., Schiuma, G., Park, H., Jeon, J., Park, K., Jung, K. and Yan, M.R., 2018. How to respond to the fourth industrial revolution or the second information technology revolution? Dynamic new combinations between technology, market, and society through open innovation. Journal of Open Innovation: Technology, Market, and Complexity, 4(3), p.21
