Hi Manushree, being a first mover will give you a lot of benefits. Once a first mover has become established, the fact that someone has already arrived becomes in itself a barrier to entry for prospective competitors. Starting with brand recognition, being first in the business will give you loyalty of the existing customers. It also draws new customers to a company’s product, even after other companies have entered the market. Brand name recognition also positions companies to diversify offerings and services.
Secondly, The first mover in an industry has a longer learning curve, which frequently enables it to establish a more cost-efficient means of producing or delivering a product before it competes with other businesses.