The Internet may kill some businesses, even if they reside on the web.
The year was 2001 when Marketing Strategist, Michael E. Porter wrote in Harvard Business Review that internet will jeopardize competitive advantage. Fast-forward to 2016 when almost everybody is on the internet, everybody on the internet claim to be a professional, Facebook is seen to be more efficient than billboards and Twitter breaks news faster than cable-based televisions.
The internet has brought a bank of data nearer to companies than researchers have ever done. Companies may now be victims of extreme competition, as all information about them, their strategies, product portfolio and clients can be gleaned from the internet.
It doesn’t just stop at that but…
It is easy for competing companies to copy each other and whatever Unique Service Proposition (USP) means is sunk in competitive convergence.
As the word is evolving digitally so does business because digital capabilities emerged as the trends change faster. Only companies that are fast developing new capabilities will survive.
Perhaps the worst harm the internet is doing to the business landscape is the opportunity given to everybody to be whoever he/she wants to be on the web. Amateurs can launch a website, which is even more competitive in contents than the websites of professionals. Online content has superimposed the need for value and structures; social media savoir-faire is the new professionalism, and copied pictures and false testimonials seem more adequately credible.
in this era of new business model, connectivity is the key enabler. Nearly 80% of the new start-ups are technology driven,
hence there is every need to get yourself equip with digital skills in order to stay afloat.