How Disruption Can Help Drive Business Profits?
The changing trends have influenced change in industries and business approaches. With support from technology to easily help reach more customers through the internet and smartphones, the entire market scenario has changed drastically. Startups are giving tough competition to previous market leaders which have raised questions on the strategies followed by these giant businesses. But the primary factor here working in the favor of startups is disruption.
What is Market Disruption?
Previously, in the absence of the internet and smartphones, customers were supposed to approach and ask for the businesses from their end and had to search thoroughly to find their required items or services. But the easier availability of the internet and smartphones has changed the scenario and now, customers are offered the best services with the comfort of sitting on their couch while they surf and search for required products. But where does disruption fit here?
As the Cambridge Dictionary defines it, to change any traditional way and bring out pioneer change in the entire industry's operations is called disruption. And that is what many of the successful entrepreneurs have done. The success stories of Uber (On-demand ride-hailing), Netflix, Amazon (Ecommerce) and more are no exception. They all have entirely changed the market conditions and are providing excellent support and comfort of availing services at homes and that too at affordable prices.
And this has created an entire on-demand online marketplace where every business is offering its services in the best way possible, but online. And customers now have to find their required services from the best providers online rather than going out and searching for it physically.
Market Disruption: What Benefits Does It Offer?
Apart from facilitating easier services to customers, market disruption has started driving profits for many businesses including the small scale ones.
Expand Customer Reach
Market disruption has created a way to reach the maximum of a business's potential customers through the global platform available, the internet. Using an app solution to approach most of the customers, the business can expand its reach to cover the maximum of customers and market their services. Moreover, letting your customers decide what they want from the products offered turns out to be beneficial for the business only. Sounds confusing? Learn from Amazon because this is what one of the leading Ecommerce companies of today, Amazon experienced.
Understand Your Customers
The most important aspect of any marketplace is understanding customers. A report by CB Insights gives a better look at reasons why many startups fail, and it has been established by the report that 42% of them failed because of no market need for their business services. Market disruption helps you approach each of your customers individually and understand what their requirements are to serve them accordingly.
The easier availability of solutions through the internet has facilitated them to complete their demands easily and has given rise to on-demand businesses that disrupt the entire market.
Sense Forthcoming Change Easily
Customers of today are expecting more in return for the charges they pay. Without satisfying all their needs, it is not possible to meet business targets as well. The competition in the market is becoming stiff as market disruption has opened gates for startups and their enhanced service approach leads more customers to select them over others. Therefore, it is important to change according to changing market demands.
For example, the rise of on-demand ride-hailing completely replaced the traditional ways of hailing taxis. As customers are facilitated to find a cab at any hour of the day, it has become much more comforting than ever. And hence, small businesses are also choosing to opt for a uber clone that can provide similar services. However, the businesses not considering opening up to this change in the market are left behind while the ones with such mobile apps and enhanced support for every customer demand are growing exponentially.
Expand to Non-Customers Too
To expand your business over time, it is important to pay attention to every customer in the market even if they do not belong to your domain. The case of Nokia is the biggest example of it. To keep yourself updated with upcoming market changes, it becomes important to keep an eye on every change that happens. Along with studying the changing demand patterns in your customers, it is advisable to look out for others not belonging to your domain as it can provide you a chance to introduce an innovative concept in the market of your own.
Bring Innovation to Customers
The customer of today wants to experience something new that can benefit him/her in the best way. And market disruption helps you drive your business following the customer demands and introduce something more meaningful and user-friendly in the market without having to look out for market leaders snatching away existing customers.
The disruption has allowed an easier way to approach target customers and with implementing trending technology embedded solutions, businesses can introduce a whole new paradigm and if it succeeds at attracting more customers, it will spread like wildfire among them and business success is all yours!
Save on Expenses
Easier availability of development services from the software development industry is now facilitating better solution crafting at affordable prices. Moreover, technology is rapidly replacing the need for human support and is efficiently saving on business expenses. e.g., Chatbots. Enabling a business to answer its customers' queries 24x7 and not demanding salaries for night shifts, it helps reduce the employee strength and saves on expenses.
Moreover, it becomes much easier to deal with each business operation as continuous monitoring and support can be obtained from modern solutions that take up many responsibilities and works seamlessly to provide the best services. While saving on business expenses, a business can also ensure the customers are served well and increase profits.
Market disruption turns down a business only if it is not ready to adapt to the market changes. While most businesses find it to be most helpful to increase their business profits, the ultimate decision depends upon the business owner. If you are ready to meet all customer demands and update with the industry changes, disruption will turn out to be beneficial for you.
While switching your business online, there are certain things to keep in mind including the forthcoming technology updates. To remain competitive in the market of today, welcoming the changes and accepting them to change and update your business approaches as well is necessary. Hence, market disruption certainly drives increased business profits if the business is ready to switch their approaches every time the customer demands.
In the 21st century, with a rapidly changing economy, we can see a changing landscape of business. It will inevitably create new business challenges with an increased demand for smart solutions. On the one hand, refined technology is emerging, but oppositely, there is a growing demand from customers for its implementation.
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