Are you being digitally disrupted?
The phrase digital disruptor refers to game changing elements that go against traditional mindsets and business practice. These elements can come in the form of events, products, start-ups, services and campaigns.
How Do Businesses Become Digital Disruptors?
First, you need to know your consumers well. On the scale of need vs. want, digital disruptors are far on the need side. The only way it’s possible to release such a product or service is by tapping into customer loyalty. Most of the businesses that succeed in becoming a digital disruptor have either been around the industry for an incredibly long time or are experts in the field.
Digital disruption has to go beyond buzz and trends. This is done by aiming to disrupt structures and traditional business models. When these elements are at risk, companies have no choice but to adopt the new product, service, or concept. Some companies do this by targeting consumers on a personal level, which leaks into their work and general lifestyle.
Lastly, a digital disruptor must be easily adoptable and needs to have the ability to create opportunities. In order for something new to thrive, it needs grow. A digital disruption is basically a seed that businesses and consumers latch onto and establish as their own.
Top 5 Digital Disruptors In 2014
Cloud-based systems: Pioneer cloud data service companies Dropbox and Box (just recently filed for an IPO) have disrupted the way businesses organize, share and store their documents. The adoption of cloud-based systems is quickly making its way around leading industries. In the past two years, software companies have integrated this form of file distribution and storage in their products. An example of this is Intacct, a cloud-based accounting software that offers financial solutions for medium-sized businesses.
3D-printers: The developments of 3D-printers have become rampant in the past two years, as newer and cheaper models are rolling out, targeting mainstream consumers. The boundaries of just how far 3D-printers can go are still being tested, but it’s clear that large companies already have their eye on this product.
Smartwatches: Tech companies such as Apple, Pebble, Sony and Samsung have been busy promoting the capabilities of smartwatches and how it can be incorporated in people’s lives. Wearables are here and consumers seem to be accepting the concept quickly. Fitness and automotive industries have also taken interest in smartwatches as a platform in providing users with real-time data.
BitCoin: Bitcoin has recently erupted as the top virtual currency. The stability of Bitcoin is highly questionable, as the value dipped this month due to mining issues. Despite the controversy, many popular online platforms and businesses are accepting Bitcoin as an optional mode of payment. Talks about opening up a BitCoin ATM has surfaced as well. Not to be outdone, Amazon released their own virtual currency called Amazon Coins, which is now available for Android users.
Self-driving cars: Self-driving cars are slowly becoming a reality as top car manufacturers, Audi, Tesla and Toyota (backed up by Google), continue to release footage of their advancements. Many individuals are considering this technology to be the answer in preventing car accidents caused by human error.
What other types of digital disruption are slowly making their way to your community? Let us know what you think.