These changes, both in regard to
psychology and consumer adoption cycles, have empowered and liberated
customers, but represent a real threat to industry. As Evans and Wurster
discussed in their book Blown to Bits (Wurster, 2000), the threat for
traditional intermediaries in particular, is that their business faces
potential deconstruction if they cannot encapsulate their place in the value
chain in new ways by utilising technology and innovation. This is increasingly
why traditional intermediaries such as travel agents and stock brokers are
facing an impossible task to maintain margins and restrict churn11 or loss.
Online stock trading, first embraced by Charles Schwab and the likes of E*Trade, was phenomenally successful ...
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