Change is a formidable force that has resulted in magnificent modulation in the loom of history since the beginning of time. As humans, we have been evolving day-after-day and year-after-year for centuries to make ourselves better and advanced than our ancestors. In this amazing cycle of change or innovation, numerous factors get affected. They are restructured to match the pace of our transforming lifestyle and these include the likes of culture, outlook, attire and most importantly – Business.
Business is the most important part of our world; it has been a major influencer of culture and progress. We have come a long way from evolving business from barter exchange to the historic Industrial revolutions that ushered us into an era of path-breaking innovations. However, we need to understand the fact that change is constant and keeping up with it extremely important. Here are some fine examples of businesses that once walked the golden road but are now faded in the world of commerce as they couldn’t keep up with the changing business trends.
Kodak
Kodak is one of the popular brands in the world. It manufactured 85% of the world’s photo paper and had 1, 70,000 employees in its prime. However, it was washed away by the digital wave and its competitors, who were entrants at the time, are now market leaders.
HMT (Watches)
HMT was a well-known timepiece maker of India; the watches manufactured by the company were loved and desired by many. The brand was beaten by Tata’s Titan watches that were trendier and made watches a style accessory.
Bajaj (Scooter)
Bajaj scooters were popular and most desired scooters in the 90s. Equipped with a powerful engine and a robust body, Bajaj was the only name in the minds of the Indian audiences when it came to scooters. The brand lost to Honda’s modernly designed, fuel-efficient and customer-friendly scooter.
Rajdoot (Bikes)
The Rajdoot fad was an amazing one. The bike was more than an emotion to the millions of people who owned it. The company’s inability to m odify bikes according to the emission norms led to the ultimate decline of the brand from the Indian Market.
Nokia (Mobiles)
Nokia was the undisputed leader and dominator of the cell phone industry with mobile phones that were not just innovative but wonders that everybody wanted to get their hands on. Despite the innovative designs and the latest tech, the brand was ground between the iOS and Android war the brand lost the title of market leader in all over the world.
In today’s world where digitization has engulfed almost every distant nation, numerous brands are also focusing on becoming digital and maintaining their online presence. This indicates the oncoming industrial revolution where business will be done online and transactions will be paperless; e-commerce. If you are an existing brand or an aspiring enterprise, it is important that you get an e-commerce website or start selling your products on the various marketplace. Since the competition is moderate, it would be easy for you to create an effective online presence.
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