Disruptive technology. It’s a term that sends ripples through the business world, signaling change, innovation, and the need for adaptation. It refers to any technology that displaces an established technology, shaking up industry norms and creating a new wave of competitive advantage.
Consider the advent of the Internet in the early ’90s. It was a classic example of disruptive technology, transforming the way businesses operated and interacted with their customers. Companies had to adapt quickly, creating websites, utilizing emails, and seeking out their consumers online. Those who didn’t embrace the change found themselves lagging behind, their competitive edge dulled by their reluctance to evolve.
The Internet revolution also led to the disappearance of certain professions. Travel agents, for instance, saw a significant decline as online booking platforms became the norm. On the flip side, it also led to the creation of new roles and industries, such as web developers and digital marketers.
Moreover, the Internet brought about globalisation, making the world a smaller place. Businesses could now reach customers across the globe, and consumers had a world of choices at their fingertips.
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Fast forward to today, and we’re standing on the brink of another technological revolution – Artificial Intelligence (AI). Just like the Internet, AI is set to disrupt various industries, including e-commerce.
AI, embodied in tools like ChatGPT, is transforming the way businesses operate. It’s automating processes, providing valuable insights, and creating personalized experiences for customers. Businesses need to embrace this change, leveraging AI to stay competitive.
The story of Kodak serves as a cautionary tale. Once a leader in the photography industry, Kodak was slow to adapt to the digital photography revolution. Despite having developed a digital camera as early as 1975, Kodak clung to its film business. The result? Kodak filed for bankruptcy in 2012 while digital photography companies flourished.
However, Kodak’s story didn’t end there. The company learned from its mistakes and made a comeback by focusing on digital printing and functional printing, demonstrating that it’s never too late to embrace disruptive technology.
The key takeaway here is that businesses need to stay ahead of the curve. If they don’t leverage new technologies like AI, their competitors will. And in the race of business, losing your competitive advantage often means losing the race.
So, how can businesses stay ahead? By being innovative and forward-thinking. By establishing themselves as authorities in their field and communicating their expertise in an accessible manner. By inspiring and empowering other businesses to leverage the power of AI. And by being inquisitive, ready to explore new possibilities and adapt to changes.
In the world of e-commerce, AI isn’t just the future. It’s the present. And businesses that want to win need to embrace it before it outpaces them.