The two most important impacts of this transformation were increased population and increased trade. These also led to a more urbanized population.
Beginning around the year 1000, agriculture experienced a boom largely due to new technology. This meant that each farmer could produce a larger surplus that previously possible. This meant that a bigger population could be supported and more of the people from that population could go live in cities and towns instead of having to farm for themselves.
As more people lived in cities and didn't have to farm, more trade became possible. There were more people to work producing goods for trade. As trade developed, all of Europe became enriched as people all over the continent were able to enjoy goods made in various places.