What are industry insights??? This question always comes to mind when we discuss changing scenario of the business. Be it performance, be it strategy formulation or any other commercial update of business, industry insight plays a major role in it.
The following are some of the industry insights that need our careful attention:
1. Consumer Preferences,
2. Industry and Market Trends,
3. Mobile and Internet Communications,
4. Competitive and Dynamic Business Environment,
5. Strong Business Foundation.
Nowadays as we all are well aware of the market and business scenarios, undertaking any fresh business venture should be done with extreme caution and utmost care. As an entrepreneur, it is extremely important to keep yourself abreast with the industry’s new trends. As the society is changing continuously so are the tastes and preferences of the consumers.
If we talk about Retail in specific (as an example) we have applications like Amazon, Flipkart and Snapdeal etc that have changed the face of retail market drastically in span of 4-5 years likewise Swiggy, Zomato etc have become the catalyst of the Food industry and have revolutionized the market to a greater extent. Now technology has enabled the modern day consumers to place their orders at the click of a button.
The boom in the Information Technology Sector and the phenomenal advances of the technology in general has also gone a great deal in shaping the consumers mentality.
For survival, one has to be well aware of changing industry trends as changes nowadays are sudden and sometimes unforgiving…