Competing in a world of sectors without borders

25 August 2017

Growth of online businesses that compete across a range of sectors - such as Amazon, Rakuten Ichiba and Tencent - are creating strong competition for single-industry businesses.  Technological advances are enabling these businesses to grow and develop by removing sector borders and shifting customer expectations at a rapid pace. This means that in order to stay competitive, many businesses across a wide range of industries need to consider working across multiple sectors. The growth of digital ecosystems and rising customer expectations for personalised and fast solutions mean that companies need to become a part of customers’ day to day experiences, learn customer preferences and offer seamless user experiences. This report offers insights and suggestions about doing business across multiple sectors. Industry shifts and sectors without borders mean that business owners who want to maintain their competitive advantage need to adopt an ecosystem mind-set by considering opportunities across multiple sectors, and collecting consumer data for translation into business insights and plans. They also need to build emotional connections with customers, and collaborate with a wider variety of partners. This report shows that businesses need to prepare themselves for cross-boundary competition and look for opportunities across sectors.

Read the full article on the McKinsey website.

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