One of the products they were known for was a beautiful purple dye that came only from a particular shellfish. Because the shellfish were so tiny and the dye so hard to extract, it was very expensive, and only very rich people could buy the purple cloth made from the beautiful dye. This is why purple came to be known as the color of royalty.
The Phoenicians developed a system of writing in which each letter symbol stood for a sound. This alphabet had no vowels, but it was certainly easier to learn than hieroglyphics. The Phoenician traders carried the alphabet with them, in addition to their items for trade. About 800 B.C., the Greeks adopted this alphabet and added vowels, thus creating the alphabet which we have today.
The following 2 minute video explains how the Phoenician alphabet came to be. Why do you think the Phoenicians felt they needed a change from the hieroglyphics they were used to?
Follow Up Question:
Why did the Phoenicians develop the alphabet