New, successful ventures are on the rise this year – and so are the older brands and companies getting ousted because of them. Here are the businesses teetering on the brink or getting ready to fall thanks to innovative newcomers.
Uber and Taxi Companies
It’s no surprise that Uber has become the go-to travel option for urban consumers, particularly younger generations who love opening up their apps and ordering an insta-cab to wherever they want. Uber’s on-demand app model set the foundation for hundreds of similar apps and reinvented what city travel looks like. It’s no surprise, then, that Uber is being directly blamed in taxi cab bankruptcies. Of course, Uber is also facing a lot of pushback in the form of outrage against rate hiking, new legislation and various other efforts, so this battle is far from over.
Apple and Business Phones
Apple, Google and Microsoft have taken professional mobile devices for themselves, and while the competition here is tight (including manufacturers like Samsung), the news is all bad for old business phone manufacturers like Blackberry. Remember those little hardcase keyboards? They’ve been entirely replaced now, and Apple is taking further strides into the business world with products like the iPad Pro. Believe it or not, Blackberry is still churning out phones while trying to hold onto a few percentage points of market share. So far, a stranglehold on government agency contracts is the only thing keeping Blackberry alive.
Primp and Salons
Much like Uber, a new host of salon apps has risen, including Primp, Priv, GlamSquad, Vensette and others. Open the app, order a stylist, and they’ll show up at your home with everything they need, based on your own unique demands. What old salon could compete with that? Not many, which is why you can expect more salon bankruptcies in the coming years.
WhatsApp and Twitter
You may not have noticed, but WhatsApp recently went entirely free and is working to add more features to its social messaging service. .. while Twitter continues to fire its leaders and search desperately for monetization that investors can live with. Look, Twitter is about a decade old, and that’s really old in the tech world – new companies are looking at the dinosaur and thinking it’s time for a change. The only thing keeping Twitter important is that so much SEO and trend research depends on it, but that’s a fragile thread. Look for major changes in the future.
Artisan Food and Olive Garden
Olive Garden recently replaced many menu iteams in an attempt to turn the company around, and the diner is far from alone – similar businesses like Red Lobster are performing poorly. The culprit is the rise of local, artisan food places that are faster, innovative, healthy and hold vast appeal to younger customers. Old diners are on the way out if they can’t adapt fast enough.
Change is natural and business happens in cycles. If you are experiencing a downturn in your finances, you are not alone. Contact Morgan & Morgan if you would like to discuss your options or follow our blog for more financial tips and trends.