QOD: Is the quest for companies like Amazon to lower prices and make most things affordable to all going to cannibalize industries, & what will it do to your business?

 

Amazon: We’re lowering Whole Foods prices on Monday- http://money.cnn.com/…/compan…/amazon-whole-foods/index.html

Question of the Day. I want you to read this article and consider this strictly from a business perspective. Don’t think like a consumer, but as a businesswoman.

 
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No matter what industry you’re in, you are always in the crosshairs of innovation. While some industry cornerstone companies will fare well, others will not. It’s easy to think in terms of a consumer. We’ve gone through a technological revolution where manual jobs were lost to machines. Some tasks we automated and eliminated the need to products, service and in some cases people.

We’ve seen a “democratization” of publishing. We’ve seen Amazon put brick and mortars out of business buy undercutting the prices of books AND making them available with the click of a button. We’ve seen the hotel and the taxi industries shaken to their cores with the introduction of Air BNB and Uber. People opt for the cheaper alternative to travel and riding. We’ve seen streaming services take on cable. And on and on.

Now it seems Amazon is disrupting grocery by first introducing shop online groceries and buying Whole Foods to announce they will be lowering prices. Love them or hate them, Whole Foods had their niche. It kept them going this long (whether you agree or disagree with their pricing).

As a society, the majority of people are seeking what’s best for their pockets. I see a shift from consumers looking for the best value, they’re demanding the best value AND cheaper pricing. How will this affect you? Are you prepared to adjust? What happens when we ultimately move to “democratize” everything? How will we differentiate between exclusive and everyday? Do companies with exclusivity baked into their pricing have to now give up their niche if their niche decides the price is the ultimate deciding factor?

How will you compete? Please share your thoughts in the comments section.

Til next time,
Adrienne Graham
Founder, Mogul Chix, LLC

 
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Adrienne Graham is the Founder of Mogul Chix, LLC (www.mogulchix.com), a global company and community for female founders and women entrepreneurs. She works with female-founded companies to grow, scale & making them investment ready. She is CEO of Empower Me! Corporation, a growth strategies consultancy for high growth companies. She provides Strategic Business Growth advisory services to companies with high growth potential to assist clients in creating processes and strategies to effectively scale, run, grow and position their business for success. Adrienne is an author, serial entrepreneur and avid techie dedicated to promoting inclusive diversity in the tech, VC and startup community. She is steadily building her empire one company at a time. She is also a Mentor for the Straight Shot Accelerator in Omaha, NE, which helps guide startups into successfully launched ventures.

 

 

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