Markets and technologies are always changing, and companies who adapt and change with the times remain successful, while those who don’t, grow stagnant and risk being acquired by larger companies, or even going out of business.
The book, The Innovator’s Dilemma by Harvard Business School professor Clayton Christiensen, describes how innovation takes place and why market leaders are set up to fail as technologies and industries change.
According to Christiensen, a successful company–of any industry–with established products will get pushed aside unless managers know how and when to abandon traditional business practices.
Not unlike the business-to-consumer (B2C) industry, successful companies in the realm of business-to-business (B2B) have adapted well to changes in the market and technology by investing in their E-commerce strategies.
According to a 2020 E-commerce study, 83 percent of B2B companies report that their buyers are actively asking for broader selection, with 21 percent “frequently” or “always” requesting an expanded selection. B2B companies that don’t address this call for better selection will lose market share to those that do.
B2B business leaders can tackle the innovator’s dilemma by improving their E-commerce strategy through the implementation of an online marketplace. Launching a marketplace helps companies increase product selection without investing in more inventory or warehouse space, which keeps customers happy and provides a one-stop-shop for all items.
Through the planning and launching of the right marketplace approach for each company from start to finish, the MarketPush B2B marketplace solution helps distributors stay competitive and ahead of the curve for years to come.