It is a fairly well documented fact that some breakthrough innovations come from spaces that are not originally considered to be competitive. Nevertheless, it is still fun to witness one of those shifts firsthand.
If you have done any traveling in densely populated areas lately you may have witnessed a few of them. Have you noticed how fewer people seem to be wearing wristwatches – especially young people? Where did the competition come from? Cell phones…A quick online check indeed validates that the worldwide market for wristwatches is down by 10-18%.
So what else is happening? Are there fewer people carrying laptops in favor of web-enabled cell phones with email capability? Are more people using their phone to take snapshots instead of compact cameras? A quick online check does not offer any validation of these trends yet – if indeed they are real trends. But could the cell phone disrupt the wristwatch industry, the laptop market and the digital camera space?
Do you know if your industry may be under siege by stealth competition like this? Are you even looking outside your space?