Using Balikbayan Box Technology to deliver boxes to the Philippines is an innovation you should consider in your business.
Innovation is the driving force of the economy and society to survive the “New Normal,” this is defined as an advanced form of change, where you make every consideration to meet the needs of your company and customers.
The end goal is to create value in simplifying work and improving your effectiveness in a way that entices people to do business with you.
These factors are highly determined by a company’s drive to succeed. To prove just how relevant technology is to innovate your business, here are 8 stories of innovation and lack thereof.
There is a detrimental impact of not innovating, and these three former industry leaders demonstrated how making the wrong decision to not take the risk and focus on the market, has affected their business to failure.
The leading photographic film company in the 1970s, where up to 90% of cameras and film around the world were sold by Kodak. Despite inventing the first digital “filmless” camera, they failed to see how digital photography would be innovative.
Another well-known brand, Xerox chose the path of copy machines despite being the first to invent the PC. They chose not to take the risk of going digital and changing up their technology.
Pioneers of the arcade, game consoles, and home computers, Atari made their technological mark in the 1970s. However, their downfall was because of their views that gaming was limited to an individual process, instead of a shared experience as the gaming we know today.
As we explored brands like Kodak, Xerox, and Atari, they could have stayed on the top if they pursued developing their inventions, used new technology, and thought outside the box. The lack of confidence or willingness to take a risk to disrupt is the only thing that’s actually keeping you from taking the leap.
There are 5 considered as the biggest tech companies in the world today, that they even have their own special acronym known as “FAANG” (Facebook, Apple, Amazon, Netflix, and Google).
Even under a global pandemic, they prove themselves to be resilient because of how innovative their technologies are.
Here’s how they dominated the industry and replaced former leading brands.
Monthly active users on Facebook average at 2.27 billion, an exponential comparison since it was founded in 2004. Today they have acquired other big social network names like Instagram and WhatsApp. But before they rose to the mainstream, there was MySpace.
Starting the whole concept of connecting with people online, MySpace pretty much invented social media. They recognized people’s interest to meet new people and present themselves through photos, videos, and posts. This was their initial innovation, but failing to develop over time, and pay attention to trends in user behavior and technology, caused their downfall.
Facebook may have started on the web but they have ventured to mobile apps and continue to evolve with the times, something that MySpace has failed to do.
Apple in the 90s was known for nearly going bankrupt before Steve Jobs returned to the company he co-founded. Today, Apple has a market value of more than a trillion dollars and is the biggest in the world, thanks to their mobile gadgets, digital content, applications, and cloud services. What came before Apple may spark nostalgia among the older generations because it was Nokia.
The Finnish company was the creator of the cellular network and global leader of mobile phones in the late 1990s and early 2000s. After the arrival of the Internet, other mobile companies ventured into making data (not just voice) the basis of communication. Nokia focused on their hardware because they didn’t understand that consumer behavior can adapt to changes, and that includes improving software development.
Apple managed to revolutionize mobile phones into a full screen and no-keyboard device, otherwise known as the first-ever smartphone.
Amazon started in 1995 as a humble online book store, while Borders Books & Music thrived and generated annual revenue of USD 1.6 billion. Today, Borders is gone and Amazon is valued in the market at USD 1 trillion. Amazon revolutionized retail into the eCommerce space, but before they transformed into the household name that they are right now, they received a lot of innovation backlash from other companies that are now in the corporate graveyard, including Borders.
Back then, online shopping was frowned upon and considered scary, yet providing a convenient platform that guarantees a seamless and secure shopping experience was Amazon’s defining trait. Borders used a fatal strategy of franchising around the world, which blurred their customer focus and eventually resulted in bankruptcy.
Amazon may have started with books, but founder Jeff Bezos wasn’t going to make the same mistake of not paying attention to the customer needs, and expanded to sell everything under the sun, both tangible and digital.
Netflix was an Internet upstart that offered a DVD-by-mail service, which became highly popular in the 1990s and offered a partnership with former mogul Blockbuster for USD 50 million to pioneer the online service which the latter rejected. Today, Netflix is valued in the market at USD 196 billion, while Blockbuster has faded to dust.
Blockbuster focused on retail and failed to understand that the Internet is not just a niche but an evolution in consumer behavior. While the DVD rental business was popular, they failed to innovate and realize the impact of streaming on the consumption of today’s media.
Netflix has transitioned into online programming with fast bandwidths and download speeds to attract users. Their innovations push further as they venture into creating their own programs that are on par with major studios, making them a significant player online and production.
Hearing Google, everything about the internet comes to mind. The world’s leading search engine is also the innovator of gadgets, biotechnology, internet provider, and smart homes. Their parent company, Alphabet, Inc. is valued today at USD 879 billion thanks to their long-term innovation projects.
In the early 2000s, it was Yahoo that topped the industry, owning more than 20% of the online market. They failed to innovate when they focused on being an online portal and focused on just media. There were a lot of business opportunities they missed such as acquiring Google and Facebook.
If we were to tie it with the forwarding business, the Balikbayan Box industry has been around for 40 years, the same time when all these innovations entered the market. However, there are no significant changes to the industry or any form of Balikbayan Box technology.
Compared to the money remittance sector, Filipinos overseas, both overseas residents and OFWs, can send money to their relatives using their devices over the Internet or with a mobile application. Acquiring modern technology and considering consumer behavior are important factors in becoming a successful business today.
At reternX, it’s our mission to empower customers and businesses with the help of Balikbayan Box technology. You can improve customer experience and simplify your business operations with our innovative platform.
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