When people think of business, they picture people in fancy suits working in big offices. The truth is business spans across many different industries. Each of these industries is full of various companies all vying to be the best. There is so much competition, how can companies stand out in their respected industry?
The answer is simple, they must be innovative. Innovation helps them adapt, which leads to prolonged success. So, I’ve decided to pick three of the biggest industries in the world. And, I will explain how businesses are adapting to succeed within these industries.
E-commerce
The ecommerce industry is fast becoming one of the biggest on the planet. I’d say the majority of people you talk to will shop online. Especially for clothes, electronic goods, etc. The sheer popularity of this industry has led to huge competition between companies. As such, the need for innovation is greater than ever. Companies like Amazon have put plans in motion to take e-commerce to the next level. They’re using drones to deliver items to their customers. The idea behind this is that the drones can deliver products almost as soon as you order them. Once the order is processed, the package is attached to a drone and its on its way. They claim packages can be with customers thirty minutes after they order. At the moment, they’re still waiting for regulatory support to bring their vision to the public. But, within the next few years, we should see this as the norm. Using drones to deliver products is a genius innovation that many other companies will start copying. It gets products to customers a lot quicker than a normal courier service. As a result, they’re more satisfied. What does this mean? It means they stick with the service, and ecommerce companies see more success.
Engineering & Manufacturing
Generally speaking, engineering and manufacturing are two industries that go hand in hand. They tend to overlap a lot, and that’s one of the reasons I’ve grouped them together here. The other reason is that they’re both using the same innovation. Both of these industries have seen considerable success by using 3D printing in their work. Now, I’m certain there are some of you that have raised both eyebrows in surprise here. How can two of the biggest industries on earth use 3D printing to succeed? Well, for starters, you must understand that 3D printing goes beyond printing small plastic models. The printing devices can use a range of materials to create whatever is asked of it. In these industries, companies are using them to create replacement parts for things. Let’s say some manufacturing equipment breaks, they use a 3D printer to make the part they need for it. In turn, this cuts costs and reduces downtime as they don’t have to wait ages for replacements. You can learn more about 3d printing in industries by looking online. You’ll be surprised at how many big industries use this innovative technology. Engineering and manufacturing companies use it to adapt, and they see more success.
Retail
Many people argue that the traditional retail industry is dying. They see the rise of e-commerce as the thing that will knock retail away. Why buy things from shops when you can do it online? Well, there are still many reasons people buy from shops. Especially when clothes shopping, as you can try the items on before you buy. And, it’s this form of retail that’s becoming the most innovative. Turn your attention to retail shops in South Korea, and you’ll see they’re adapting to the current climate. They know technology is popular, and they’re implementing it in store. There are high-tech mirrors that you can use as touchscreens. You can scroll through clothes and view them on you, without having to waste time in the changing room. They also have virtual supermarkets in many subway stations. Shoppers can scan QR codes and buy their shopping as they get the train to and from work. The items you scan then get delivered to your home for you. It’s a genius way of staying ahead of the competition and adapting an old business model. Soon, more and more retail companies will start bringing in new innovations like the ones mentioned. For me, it’s the only way the retail industry can continue to thrive alongside the growing popularity of e-commerce.
Innovation is welcomed with open arms in all industries. If you aren’t innovative, then you can’t expect to be successful and compete with the competition.
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