Thanks to Amazon, our retail experience has largely shifted from brick and mortar shops to online platforms. A recent poll by Marist College and NPR shows that 76 percent of adults consistently make online purchases. Through convenience and ease of use, Amazon was able to disrupt the entire retail experience. As one of the most successful companies on the planet, Amazon is only one example of a startup that made waves in its industry when it did something new and exciting at a time that was ripe for disruption. How can you tell when your market is ready to be disrupted? Below, we’ll be covering a few signs that your industry is ready for disruption.
Consumers don’t trust the current system
Facebook and the rise of social media have put consumers in a unique place to give their data away for free. Even though it’s happening, social media users don’t really like that it is. Startups like Ello and 23snaps are using that distrust to their advantage by creating new platforms that meet the demand for data protection. Both platforms refuse to sell their users’ data to third-party advertisers, and since so many users don’t trust the way that larger platforms with their data, it might only be a matter of time until users switch over to trustworthy social media sites and leave behind the ones they don’t. Social media is only one example of this, but other industries that have seen similar disruption include advanced tech, politics, and even housing.
New tech innovations aren’t being used
While we’ve had the necessary technology for streaming services for decades now, cable companies have held power over broadcasting and entertainment. In turning a blind eye to such innovations, they’ve brought their own demise; we have the numbers to prove it. eMarketer data show a continual annual decline of about 3 percent in cable subscribers, and that number is only growing. The data also show that 192 million people stream via YouTube and 147 million people access Netflix every month. Big businesses unwilling to adapt to technological advancements is a paving stone to industry disruption.
The product or services aren’t affordable for the general population
If a product or service is out of reach for the everyday consumer (read: middle-class citizens), then the industry is waiting to be disrupted. An example of this happening includes web-building platforms like Squarespace and WordPress, which allow you to build a beautiful website for $100 or less when previously you’d have to hire a designer for thousands of dollars.