New technology is shaping the future of societies, economies, companies, and individuals. Many individuals and businesses are starting to realize the huge array of opportunities that are created in this process. Opportunities may come in the form of new services or new products, access to new customer segments, or access to new sales channels.
But new technologies can also carry risks to established market players – who might not even be aware that technological changes affect their ability to be competitive. Many times, changes in technology also change customer behavior, which in turn has a huge impact on the ability to deliver value and monetize accordingly. This goes back a long way. Even massive improvements in the supply chain to produce, store, and deliver ice could not prevent the advent of mechanical refrigeration and put traditional ice manufacturers out of business.
Nowadays, making your customers visit one of your retail outlets to purchase one particular album on compact disc is similarly challenging – even if you extend opening hours. The alternative of paying a monthly fee and having immediate access not only to this album but to all your favorite artist's albums is far more attractive.
You might be tempted to believe that such transitions only happen in the high-tech industries or the online world, but chances are, you are wrong. We here compiled nine concrete examples of industries currently in transition. In those examples, we can already see or will soon see the inevitable consequences of disruptive technological advances for established companies.
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