Once upon a time, ecommerce was the new kid on the business technology block. Fast forward to now, it seems the only way to do business. In order for companies to remain competitive, many have adapted to the digital space and adopted the technologies powering this revolution.
Traditional ways of doing business are losing ground to young startups. In fact, this has happened so often that the term “disruption” has been used to describe this phenomenon. When the old way of doing things has become stagnant, newly arrived visionaries are willing to drive it away, in some cases for good.
“It is a big, big force, and it has already disrupted plenty of industries, and it will disrupt more,” said Warren Buffett at Berkshire Hathaway’s annual shareholders’ meeting in 2016. While he was referring to ecommerce, he was also addressing the reason his company had cut its share in Wal-Mart Stores Inc.