What effects did the conquest have on the native people of America and the Europeans?

In my mind, the basic premise of your question has to do
with the idea of something called the Columbian Exchange.  This concept states that both
the Europeans and the indigenous people received something in return for their
interactions with one another in the Age of Exploration.  The impact that conquest had
on the Europeans was to be able to develop more wealth, discover new areas to colonize
and control, and to be able to develop the idea of enslaving indigenous people for their
benefit.  The effect that conquest had on the indigeneous people, accordingly, was one
of being controlled, finding their lives disrupted, and being exposed to new diseases
and elements in their environments that they could not control.  There were some minor
exceptions to this, in that European contact with some indigenous culture resulted in
new harvesting techniques or new crops introduced.  Yet, when including religion into
this equation, it becomes abundantly clear that the conquest of indigenous people on
Europeans became a one sided affair, for the most part, whereby Europeans vastly
benefited from an cultural exchange over the indigenous people who soon became "the
conquered" people.