Examples of companies entering new markets
Here are some examples of companies entering new markets:
- Amazon's entry into the grocery market: Amazon acquired Whole Foods Market in 2017, allowing it to enter the brick-and-mortar grocery market and expand its online grocery delivery services.
- Apple's entry into the wearables market: Apple launched the Apple Watch in 2015, entering the wearables market and competing with established players like Fitbit.
- Google's entry into the physical retail market: Google opened its first physical retail store, Google Store, in 2015, allowing customers to experience its products and services in a physical setting.
- Uber's entry into the food delivery market: Uber launched UberEats in 2014, expanding its ride-hailing business into the food delivery market and competing with established players like GrubHub and DoorDash.
- Microsoft's entry into the gaming market: Microsoft acquired Mojang, the developer of Minecraft, in 2014, entering the gaming market and competing with established players like Sony and Nintendo.
- Airbnb's entry into the experiences market: Airbnb launched Airbnb Experiences in 2016, allowing users to book unique experiences and activities, such as cooking classes and guided tours, in addition to booking accommodations.
- Tesla's entry into the energy market: Tesla launched its energy storage products, including the Powerwall and Powerpack, in 2015, allowing it to enter the energy market and compete with established players like Sonnen and LG Chem.
- Warby Parker's entry into the prescription glasses market: Warby Parker launched its prescription glasses service in 2010, allowing customers to order glasses online and receive them at home, disrupting the traditional eyewear market.
- Lyft's entry into the bike-sharing market: Lyft launched its bike-sharing service, Lyft Bike, in 2018, allowing users to rent bikes for short periods of time and compete with established players like Lime and Bird.
- Dollar Shave Club's entry into the personal care market: Dollar Shave Club launched its subscription-based service in 2011, offering affordable and convenient personal care products, such as razors and shaving cream, and disrupting the traditional personal care market.
These examples illustrate how companies can enter new markets by:
- Acquiring existing businesses or assets
- Developing new products or services
- Expanding into new geographic regions
- Entering new industries or sectors
- Disrupting traditional markets with innovative business models or products
By entering new markets, companies can expand their customer base, increase revenue, and gain a competitive advantage in their industry.