If you were managing Harvey Norman and being threatened by Kogan and Amazon, what would you do?
Question:
If you were managing Harvey Norman and being threatened by Kogan and Amazon, what would you do? Conversely, what is the best way for these newer entrants to gain success against entrenched players and get customers to switch? When it comes to start-ups and entrepreneurial businesses, then the age we have entered of digitalisation is the perfect storm for both birthing new businesses and threatening old ones. Whereas many other sectors are only partly or minorly impacted by digitalisation, industries and companies that make their living through telecommunication or pure services provision are finding that they had better get on the digitalisation wave or get out of the way and give their markets up for those that do. Consider Borders bookshops and Blockbuster, and further back in time, Kodak, which failed to keep up with the digital world. Many retailers have lost market share to Amazon that continues to grow through digitalisation of its offering, on a global basis. Uber has taken a lot of the market from taxis and Airbnb from hotels, through making effective use of web-based apps and connected technologies. Similarly, UberEats and MenuLog have changed how people consume from restaurants.
Step by Step Answer: