Hypercompetition is a state of perpetual change in the rules of competition within an industry. Since these rules are in a constant state of flux, organizations can’t sustain competitive advantage forcing them to vigorously and continuously compete in cost and quality, timing and know-how, strongholds and market invasion, and the deep pockets of competitors. Requiring a constant reinventing of competitive advantage, an organization achieves the greatest advantage by competing against its own areas of strength. But in a global economy, this can result in an exhausting treadmill.
You know what I think about strategy? In this episode I share some thoughts on developing business strategy. Sun Tzu taught us centuries ago that gaining a competitive advantage comes during the planning stage, not with the execution of the plan. For once the plan is put in motion, our strategy becomes apparent.
You know what I think about e-business strategy? According to e-commerce analytics firm, Ever Merchant, e-commerce generates almost 2 and a half million dollars every minute.. Think about that number for a second: Two and a half million dollars. Almost two million of those sales are done over the desktop, while the remaining 500 thousand dollars are generated over mobile device. Almost 1.4 million dollars is spent on credit, debit, prepaid, and store cards, and just over a million dollars are alternative payments, like e-wallets, direct debits, bank transfer, or cod. It’s not surprising that Amazon soaks up almost 200 thousand dollars a minute all by itself, while eBay does 150 thousand, and Apple processes about 36 thousand dollars every minute. And let’s not forget social media, which generates a ton of sales, with Facebook bringing in 11 thousand dollars a minute, and Pinterest and Twitter bringing in just under 10 thousand, each. Without a doubt, the Internet is a powerful tool to facilitate commerce, but to be truly effective, it must be in the forefront of business strategy.