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A recent IBM report showed that web and app-based businesses are disrupting all retail businesses. The largest taxi company in the U.S. (Uber) doesn’t own any cabs, the largest accommodation provider (Airbnb) owns no hotels, the largest phone company (Skype) has no telco infrastructure, the largest software vendors (Apple and Google) do not write apps, the most popular media provider (Facebook) creates no content, and now, the fastest growing consumer lenders (Lending Club and Prosper) are not banks and do not have branches.

These changes are in addition to the old news of tech disruption to brick and mortar retail stores, music and video distribution and services, and this was the first holiday season when consumers spent more time online than in stores. And most of their purchases were made on smart devices.

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