14 Entrepreneurs Share Ideas on The Best Industries For Disruption
Every new year we look forward to expanding our scope in the industry or in a different industry. The decision on which industry one should venture in is often determined by factors such as advancement in technology and availability of capital. Additionally, the prevailing trends may favor some industry. Other industries have also proved to be more profitable over time.
We asked entrepreneurs and business owners their thoughts on the best industries for disruption and here's what they to say.
#1-The transportation and logistics industry
The transportation and logistics industry can be one of the top sectors for disruption. Logistics operations require a high degree of human intervention and are, therefore, more susceptible to errors and inefficiencies. Excessive dependence on human efforts for a smooth movement of goods from one place to another not only increases the risk of delays but also adds up to the costs; owing to operational inefficiencies. Driving endlessly for days at a stretch and carrying the insurmountable pressure to deliver on time leads to excessive frustration and burnout. Lack of coordination among the concerned stakeholders and dealing with road congestions only aggravates the misery. As the world is embracing automation with open arms, the logistics sector is highly ripe and ready for disruption. Although it’s going to be a mammoth task, but definitely not impossible. Take driverless trucks or drones to facilitate last-mile e-commerce deliveries for an example; these innovations have already paved the path for disruption and with this pace, it’s only going to get better in future.
Thanks to Ketan Kapoor, Mettl!
#2- Finance is ripe for disruption–for so many reasons!
Many aspects of this industry need to change so that investing becomes a more inclusive, transparent and straightforward process for all of us. Both being able to understand how to access capital, and invest it for multiple -bottom line returns will be important as we move toward a more just, inclusive and sustainable economy. The financial industry itself, and all of the people and institutions it serves will do better once it becomes more diverse and inclusive. With so few women and people of color in finance, it's time for more women and people of color to step in and lead by becoming financial planners, portfolio managers, venture capitalists and investment advisors.
Thanks to Kristin Hull, Nia Global Solutions!
#3- The healthcare industry
The healthcare industry is an industry that is certainly ripe for disruption. Even if we look well beyond the political landscape surrounding healthcare (speaking for the United States), there is a wave of technology that is already shaping the way providers, big and small, offer care to their patients. With the further proliferation of cell phones and subsequently video communication, the ability to “bridge the gap” between patients and doctors has become so much easier and efficient. No longer are the days of needing to set an appointment with your primary care provider weeks out because they are too booked up. Now, we can have a video conference with doctors, nurses, or other healthcare professionals from the comfort of our own home or while enjoying the luxuries of travel. This also has a positive impact for healthcare facilities as this gives an opportunity to better screen patients, provide directional care, and even offer prescriptions over the web. Thus, shortening waiting room times and limiting unnecessary patient visits. As we see mobile devices become more powerful and mobile speeds continue to ramp-up, there is no telling how far-reaching telehealth and telemedicine can be.
Thanks to Antonio Johnson, Power Digital Marketing!
#4- Any industry based on a long supply chain
The greatest potential for disruption in the years to come is in any industry based on a long supply chain. The more intermediaries between manufacturer/producer/source and end-user, the greater the potential for new technologies like robotic process automation (RPA), blockchain and machine learning to shorten that supply chain. Industries like real estate, fashion, food and even government and public services fit that description.
Thanks to Marius Ursache, DE Toolbox!
#5- Retail and fashion
Retail and fashion will always be a disruptive industry – I've seen this first hand with working in the customer service sector. There is always an opportunity for new businesses and startups to create and bring in disruptive solutions that minimize customer effort. Disruption can be done by offering an omnichannel solution, using automation, or developing a chatbot – the possibilities are near endless. ASOS for example, who we work with from a software point of view – they've made it so incredibly easy for customers to not just make an order, but get extremely quick updates and answers to their queries on any channel they like, at any time. I fully believe that's why as a brand, they are so disruptive. They've made minimizing customer effort their priority and that's setting them apart.
Thanks to Nathan Sansby, FM Outsource!
#6- Two industries
Our research with the Heads of companies listed on our platform interpret that following 2 industries are best for disruption: Insurance: Every human needs insurance. The people have started researching and comparing more options online for buying health insurance directly from the companies rather than contacting the agents and they are loving it. The online-instant-direct-cheap policies can surely bring a revolution in Insurance, especially among the millennials. The second is Pharmaceutical Retail: Gone are the days of standing in a long queue at special discount medical shops! There are apps for that with better discounts are available online with home delivery. In fact the compulsory upload of prescriptions online has made the medicine distribution quite ethical.
Thanks to Kim Smith, GoodFirms!
#7- Traditional full-service marketing agencies
One of the industries I believe is being disrupted and is going to become even more disrupted in the future is traditional full-service marketing agencies. I think branding and creative agencies will stick around a little longer but majority of agencies who focus on social media, SEO, content marketing, email marketing and paid advertising are slowly going to become a thing of the past. With AI and marketing automation taking over, CRM companies such as Marketo, Pardot, and Hubspot can guarantee efficiency and are a more cost-effective solution vs. paying for one-off campaigns or even a whole team of marketing employees. From a business perspective, it just makes more sense.
Thanks to Chelsey Moter, Cannack.com!
#8- Legal industry
I believe the legal industry remains ripe for disruption. Continuing to find better, more cost-sensitive ways to provide legal services to individuals and business owners is going to be a huge industry disruptor. Enabling those who may not be able to traditionally afford such services is going to help to level the playing field in business and in personal legal services. As the states and federal government continue to recognize the value of legal services for those who cannot afford traditional legal counsel, the legal industry is going to continue to have to evolve.
Thanks to Deborah Sweeney, MyCorporation!
#9- Motorcycle industry is poised for disruption
The traditional retail market for the auto and bike industry is facing a digital divide, and the gap is only widening. Brands that succeed will possess business models that embrace convenience, efficiency and consumer trust. While other markets may not survive the changes that Millennials and Gen Z demand, building a digital platform that emphasizes ease and efficiency while spanning the entire customer journey has made it easier for the first-time rider to embrace the lifestyle. Because of this, we’re seeing increased sales from both younger generations and female riders, demographics not commonly associated with the motorcycle industry.
Thanks to Marshall Chesrown, RumbleOn!
#10- Email marketing
In a world where emails will exceed 281 billion in number by the end of 2018 and around 40% of the worldwide mail volume is spam, relationships are the lifeblood of every business, and your best relationships are in your inbox. So what if emails included catered CTAs, specific to the user? This could be a landing page, webinar registration, white paper download or other asset depending on the current conversation between two users like a sales rep and a hot, cold or warm lead.
Thanks to Dan Hanrahan, Sigstr!
We see two fundamental forces driving change worldwide: first, increased choice, and second, decreased switching costs. When you have rapid worldwide increased choice and decreased switching cost, it inevitably necessitates an advocacy-based approach to business. If a business doesn’t take really good care of its customers, those players will end up getting pushed out due to the decreased costs to switch. We’ve seen this again and again. Google was willing to give up revenue to assure their content was relevant. In the long run, they have dominated. Banking will inevitably do the same thing. It’s just a matter of time whether banks will choose to be advocates on their own, or whether fintech innovations will take dollars or customers away from them.
Thanks to Ryan Caldwell, MX!
#12- The moving industry
The moving industry is absolutely ripe for disruption. It is fraught with corruption, every time you go to book a moving company they tell you one low price to get the deal and then show up and gouge you on time only for you to have to pay because they are holding your household items ransom. I'd love to see a tech platform come along that is similar to Upwork and has a review system built in so no one can take advantage of people trying to move their loved ones to a new residence.
Thanks to Alex Membrillo, Cardinal!
#13- Self-driving vehicles
First, self-driving cars will be ultra safe (watch the auto insurance stocks sink!). My cleaning crews will safely get to their job sites. And they will get to their jobs quicker – no more getting lost trying to find a house. Second, Tesla, and I suspect others will follow, will allow their buyers to do the uber thing. As you sit at work, your car can make you money! As my crews do their work or after hours, our cars will make money! However, it’s not extra pennies that excite me, it's portable advertising! Our wrapped cars will be continually driving, continually advertising. Finally, self-driving cars will be EV. Electric Vehicles are easier to maintain and, according to experts, be cheaper than ICE after 2022. No more expensive maintenance or repairs! Self-driving cars are an unavoidable disruption that will charge forward faster than most realize.
Thanks to Greg Shepard, Dallas Maids!
#14- Home goods space
In terms of which industries are ripe for disruption, I'm already starting to see a big trend in the home goods space, particularly in relation to furniture. We reach over 3.5 million consumers each month and are starting to get more and more interest in online couch brands, for example. A year ago, we didn't really receive any interest in brands like Burrow and Campaign. Now, however, I'm getting messages on a weekly, if not a daily, basis related to the subject. I also saw that late last year Burrow raised $4 million and then this March raised another $14 million in venture capital. I can tell you empirically that the online branded furniture space is heating up. And large venture capital firms such as New Enterprise Associates (investor in Burrow) would not be placing big bets on the category if they weren't certain it presented a very large opportunity. Online brands that provide couches, love seats, coffee tables, etc. will follow in the progression of DTC mattress brands such as Casper and Leesa. In a year or two you're going to start seeing young professionals the world over ordering a lot of their furniture online. And that's not just through normal channels like Amazon or Wayfair, it's directly from brands.
Thanks to Jeff Rizzo, RIZKNOWS!