When it comes to inventing new tech ideas, it’s so tempting to target the consumer market. You’re living out your daily life and out of that context you think: what about this new cool app that could do this and that … consumers would love it. Right?
The problem with retail apps is that they’re asking consumers to spend a little bit extra on top of what they’re already spending. While a good deal of their budget is dedicated to entertainment, that money is not currently untouched – it’s all being spent already. So when you come along with your cool app and ask someone to spend, you’re asking them to switch their spend from something they’re already enjoying so much that they’ve been willing to pay for it.
If you’re going to be successful in the consumer space, you need to take one of two approaches: Read more