The business world is constantly changing. The online business world is changing exponentially faster. With constant change, it is imperative for any business - old or new - to adapt quickly to market shifts. In the digital era, it is rare for a business to remain the same through its stages of conception, creation and establishment. Indeed some do remain the same, but at a grave cost. Here are a few real-world examples of the ever-changing world of business.
The popular image-sharing social network of Instagram started as a platform similar to Foursquare. The company, then called Burbn, quickly realized its niche in the market and after receiving $500,000 in seed funding focused primarily on photographs. Today the company has over 100 million monthly users.
The social media site Twitter began as Odeo, a podcast company in 2006. The board of the company held a meeting in which they discussed the idea of “sharing a SMS message to a small group of people”. The idea took off in 2007 when the company launched a marketing campaign at the South by Southwest Interactive conference. Six years later, the site generates 65 million tweets daily and has a valuation of over 3 billion dollars.
This fabulous e-commerce design and shopping site was once part of the realm of social media. When the site launched in 2010, it was competing against Facebook and Myspace before moving solely into design shopping. Once the site found its niche, it began expanding more rapidly than any other site on the web.
So what do all of these successful businesses have in common? The ability to pivot. Each company adapted to the environment of their respect market and capitalized upon a new area of market-fit. In a world where registering a new web domain is clicks away, every online business must be constantly aware of market trends and adapt quickly.
To see how Flash Purchase is doing this click here!