Digital Focused Companies Increased Sales in 2020
It takes years to build a brick and mortar business and only a few months to destroy them.
The boomers who ignored digital are being replaced with startups that established digital first business models.
Digital can scale up and scale down easily without the significant overhead costs and time. The new problem is the boomers who ignored digital are now trying to make decisions on digital strategies. The smart ones are giving up control where the foolish can’t keep their hands out of the tools they didn’t believe in.
The boomers who are still thinking with that older mentality and really have no understanding how digital works yet can not give up control. They continue to want to make the decisions in something they don’t understand and never really believed in until 2020 hit and there was no other choice.
I’m noticing this in many multi-generational family run businesses along with companies founded in the 80’s and earlier. There is about to be another major market correction as these companies consolidate or cease to exist.
Companies that are digital first will replace all other business models post covid.