THE NAIL IN THE COFFIN
Like many companies during the COVID-19 pandemic, supply chain difficulties for both printing and distribution of books led to delayed fulfilment and countless disappointed customers.
As much as I am disappointed with Book Depository’s closure, I am not overly saddened because I consume all my books digitally now.
I had started out as a big fan of Book Depository, but the last book I purchased from them was in 2017.
Their closure, however, serves as a precautionary tale to many businesses with three important lessons to be learnt.
First, never be complacent. In a dog-eat-dog world, even the disruptors will get disrupted if they are not consistently innovating.
Second, watch out for new technologies and changing consumer habits. You never know when the next fad will go mainstream and destroy your entire business model.
Third, choose your industry well. A client who was the CEO of a 200-year-old US publishing company once told me: “If you want to get rich, don’t go into the book business”.
In today’s fast-changing and volatile world, nothing seems permanent. From Tower Records to Yellow Pages and Blockbuster, these brands once stood as giants but today, have long faded from memory.
Which company will be next? Your guess is as good as mine.
Adrian Choo is the CEO and founder of Career Agility International, a career strategy consultancy.
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