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Digital Disruptions In Real Estate Industry Essay

834 Words4 Pages

A STUDY ON THE IMPACT OF DIGITAL DISRUPTIONS IN REAL ESTATE INDUSTRY Introduction Digital innovations have caused major disruptions in many sectors in the global economy. The impact will be highly felt as most of Sri Lankan businesses are not ready including Real Estate. Digital disruptions caused by digital innovation is all about pervasive as technology associate in to our everyday life. As a result, economies are changing and markets are revolutionizing the way business is done in all industries across the globe where Real Estate industry is no exception. The level of advancement of technology faced by organizations at present is very much similar to the Industrial Revolution of the early 1900’s. Most industries have been impacted immediately and others such as Real Estate are just now feeling the Digital Transformation which has been taking place over past two decades. A disruptive product will initially underperform with regards to the existing products key performance attributes, but will offer unique set of benefits focus on being cheaper, more convenient or simpler. Most of the time, the …show more content…

A major conference is to be happen in the town and these two recent university graduates had used a simple website to successfully advertise their apartment as an “Air Bed & Breakfast” for conference delegates to save money by avoiding city’s high hotel prices. This concept grow slowly at first initially focusing on major events. And after enjoying some moderate success the website was relaunched in 2009 as Airbnb.com and services were expanded beyond shared accommodation to the rental of full residence. Airbnb has grown exponentially since and now their property listings rival the world’s largest hotel firms by promoting the concept “Live like a

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