Everybody knows the story of how Kodak failed to switch from photographic film to digital images and how Blockbuster made the mistake of failing to move out of physical videos and into digital downloads and streaming.
There are many other examples of such calamities and there will no doubt be many more because one of the toughest things in business is for managements to disrupt their successful businesses by introducing a new way of working. It was the worry of many retailers that opening online stores would suck sales from their physical outlets and so they delayed making the shift online. It was a serious mistake because it let other – pure online players – move in and steal their trade.
Read the full article from the Retail Insider here.