Introduction
There are many internal and external agents capable of radically changing the existing market system, and disruptive innovation is one. According to Twin (2021), “disruptive innovation refers to the innovation that transforms expensive or highly sophisticated products or services … to those that are more affordable and accessible to a broader population” (para. 1). Today, market players and consumers are witnessing the Digital Revolution. Huseby and Dombi (2016) note that “recent studies point to digital as the primary force driving the business and societal changes…” (p. 20). One can safely say that all of the market players have experienced the various effects of disruptive innovations associated with the digital field many times over the last decade. Many more are yet to come, and analyzing current products and services widespread and popularized by disruptive innovations may reveal what market changes should be expected in the future. In this work, I will share with the audience what products and services related to these phenomena I use on a daily basis.
Products I Use
Uber
The fast, widely- and easily accessible Internet has spawned new business niches and has dramatically changed existing ones. Among the latter, the private transportation area has experienced the emergence of new business entities, services, and products. One of them was Uber, “the global ride-sharing application, founded in 2009, disrupted modern transportation … and at one point grew to become the highest-valued private startup company in the world” (Blystone, 2021, para. 1). Such global success is driven by a unique business model, ongoing customer communication, rigorous selection of drivers, and high-quality service.
Until 2017, I only used traditional private taxi transport. However, one day I saw Uber in one of the online ads and decided to check what it offers. I read the official description and customer reviews and decided to give it a try. I was satisfied with the price of the trip and the overall quality of the service. The main reason I switched to Uber was their pricing policy. They were significantly cheaper than traditional commercial taxis. It is also worth mentioning that Uber is a pioneer in producing self-driving vehicles (Blystone, 2021). It shows that they understand that digital and technical innovation is what makes them more potent as a market actor.
Spotify
Another business model that has emerged because of the fast development of digital technologies and the online space is music streaming. Spotify is the current leader in the industry; they create new market trends and set an example for its competitors. The digital service emerged in the mid-00s as a response to widespread music piracy that was causing musicians and music producers to lose millions of dollars in potential profits (Robinson, 2021). An innovative music distribution system and subscription model with different plans have allowed the company to forge partner relationships with music giants, solve major market problems, and become one of the most profitable digital applications globally.
As I remember, I have been listening to music almost every day since my childhood. Music is what made me happier in the good times and supported me emotionally during the bad ones. I used to learn about new artists through TV and buy new releases of my favorite bands from record stores in my childhood and pre-teen years. I agree here with Robinson (2021) that trying new artists was expensive back then. In 2013, I found out about Spotify, and since then, it has become one of my favorite apps. Thanks to their recommendation algorithm and friendly pricing policy, I discovered many new major and niche musicians and genres.
Light Emitting Diode Bulbs
Digital Revolution is not the only distinctive feature of the current times; environmentalism is another one. The Light Emitting Diode (LED) bulbs are a shining example of a new approach to the production of ordinary things, where advanced technologies allow making products that are not only of high quality but also safe for the environment. One can say that LED technology is the result of innovation not only in the technical field but also in attitude to nature. Their superiority in durability, efficiency, color and size variability, and environmental friendliness compared have allowed them to push other products out of the market (Team LEDMyplace, 2019). I did not pay attention to what kind of lights I used for a long time, but I started to get more interested in environmentalism as I got older. After reading related educational literature, I realized that LED lights are what I want to light up my room. Currently, I have multicolor LED bulbs in my room, and I can change the lighting according to my mood.
Conclusion
In this work, I describe what products and services related to disruptive innovation I use every day. These include Uber and Spotify online applications, as well as LED bulbs. In each of the three cases, here is an explanation of how each of the three things has become widespread and popularized through disruptive innovation. Moreover, I also share with the readers how I got to know each of the products.
References
Blystone, D. (2021). The story of Uber. Investopedia.
Huseby, T., & Dombi, J. (2016). Building a business strategy in a digital world. Chain Drug Review, 20-21.
Robinson, K. (2021). 15 years of Spotify: How the streaming giant has changed and reinvented the music industry. Variety.
Team LEDMyplace. (2019). How LEDs have changed the lighting industry forever. LEDMyplace.
Twin, A. (2021). Disruptive innovation. Investopedia.