Four Trends in Consumer Tech

TL;DR

The future of consumer tech will revolve around super apps, where companies work together to offer unique products and services, commerce will be integrated into entertainment apps, technology will become more embedded in our physical world, and audio consumption will continue to grow.

Transcript

you see super apps are here to stay and the big Internet giants in the States already get it this trend is coming from east to west with so much technology and innovation in our everyday lives sometimes it's easy to wonder are we at the end of innovation for consumer tech I believe we're still at the beginning of a lot of change to come and today I... Read More

Key Insights

• 😀 Super apps are becoming popular, with companies leveraging partnerships for new revenue streams.
• 😀 Commerce is being seamlessly integrated into entertainment apps, creating convenient shopping experiences.
• 🌍 Facial recognition and interactive advertisements are examples of technology embedded in our physical world.
• 💍 Audio consumption is increasing, offering opportunities for marketers to create engaging audio-first content.
• 🤔 Thinking customer-centric and uncovering hidden data assets can lead to innovative revenue streams.
• 😀 Collaboration and working together will be crucial in unlocking the potential of super apps.
• 👨‍💼 Offline industries have always understood the customer-centric approach, and online businesses can learn from them.

Questions & Answers

Q: What are super apps, and how do they work?

Super apps are platforms that offer a wide range of products and services by partnering with various companies. They leverage their understanding of customers and distribution power to add new revenue streams. Example: WeChat in China.

Q: How will commerce be integrated into entertainment apps?

Entertainment apps, such as short video apps, will become distribution vehicles for commercials that viewers want to watch. Users will be able to purchase products directly from these apps, making the shopping experience seamless. Example: Buying oranges from a video ad.

Q: How will technology become more embedded in our physical world?

Facial recognition technology is already being used in airports, classrooms, and private schools for various purposes like check-in, attendance, and security. Interactive advertisements are also being overlaid on real-world objects. Example: Delta Airlines using facial recognition for check-in.

Q: Why is audio consumption increasing, and what does it mean for marketers?

Audio consumption is exploding due to smartphones, wireless earbuds, connected cars, and smart speakers. Marketers have the opportunity to create audio-first content and reach a captive audience. It is a low-cost customer acquisition strategy. Example: Knowable offering premium audio courses.

Summary

In this video, the speaker discusses four trends in consumer tech that they believe are just the beginning of a lot of change to come. These trends include the rise of super apps, the integration of commerce into entertainment apps, technology's integration into the physical world, and the increasing popularity of audio consumption, particularly through podcasts. The speaker provides examples and insights on these trends and encourages companies to think in a customer-centric way and explore new revenue streams.

Questions & Answers

Q: What is a super app and why are they important?

Super apps are platforms that offer a variety of services and products from different companies within a single app. They allow companies to better understand their customers and discover new revenue streams by offering unique products and services. Super apps are important because they provide convenient and seamless experiences for users, allowing them to access multiple services in one place.

Q: How are companies leveraging super apps to expand their revenue streams?

Companies are leveraging super apps by adding low or zero customer acquisition cost businesses to their existing high-frequency, low-margin services. For example, a food delivery service can add hotel booking, transportation services, attraction booking, and more to its app. By leveraging their understanding of customers and distribution power, they can tap into new markets and revenue streams with minimal additional costs.

Q: How can companies in the long tail of the internet benefit from the super app trend?

Companies in the long tail of the internet can benefit from the super app trend by partnering with larger existing apps. By offering their unique value propositions and customer insights, these companies can add extra value to the services provided by big players. This can lead to new revenue streams and increased visibility for long-tail companies.

Q: Can you give an example of how a company can unlock new revenue streams through hidden data assets?

Spotify, a music streaming service, can unlock new revenue streams by leveraging their knowledge of users' musical interests and playlists. For example, they could work with artists and concert promoters to help them determine which cities to tour based on user preferences. They could also help artists personalize their playlists for specific cities, enhancing the concert experience. By exploring their hidden data assets, companies can discover new opportunities for revenue generation.

Q: How are video and short video apps becoming platforms for commerce?

Video and short video apps are becoming platforms for commerce by incorporating interactive features and seamless shopping experiences. For example, users can watch a video of a farmer showcasing his orchard and then easily purchase the fruit directly through the app. This integration of commerce into entertainment apps creates engaging advertising opportunities and allows users to make purchases without leaving the app.

Q: What are the potential benefits of technology integrating into our physical world?

The integration of technology into our physical world can provide various benefits. For example, facial recognition in airports can streamline travel processes, making them more efficient. In education, facial recognition can enhance security by accurately tracking attendance. Additionally, technology can overlay advertisements and provide contextual information in real-world settings, creating personalized and immersive experiences.

Q: How is audio consumption changing and what does it mean for marketers?

Audio consumption, driven by smartphones and various hardware such as wireless earbuds and smart speakers, is exploding. This presents a unique opportunity for marketers as audio allows them to reach and engage with audiences directly. With audio-first thinking, marketers can create content that takes advantage of the audio medium, such as using sound effects and different narrated voices. Audio is a low-cost customer acquisition strategy that offers a captive audience.

Q: How can companies embrace an audio-first world?

To embrace an audio-first world, companies can focus on creating audio content that provides unique and engaging experiences for listeners. They can leverage sound effects, different narrated voices, and partnerships to enhance their content. Additionally, companies can explore ways to integrate their products or services with audio platforms and offer additional benefits or experiences to users.

Q: How can companies adopt a customer-centric approach in the super app era?

To adopt a customer-centric approach in the super app era, companies can identify what other random services or products their customers might need, even if they are not directly related to their core service. By leveraging their distribution power and understanding of their customers, they can offer these additional services or products within their app, providing a comprehensive solution and maximizing revenue opportunities.

Q: How can companies uncover their hidden data assets and brainstorm new revenue streams?

Companies can uncover their hidden data assets by understanding the unique insights they have about their customers and how that data can be valuable to other industries or businesses. By thinking creatively and exploring partnerships or collaborations, companies can identify new revenue streams that leverage their existing data assets. Brainstorming sessions with cross-functional teams can help generate innovative ideas and identify untapped opportunities.

Takeaways

The speaker emphasizes that super apps are here to stay and that companies should embrace this trend to unlock new revenue streams. They highlight the importance of thinking in a customer-centric way and leveraging hidden data assets. The integration of commerce into entertainment apps and the increasing popularity of audio consumption also provide significant opportunities for businesses. Additionally, the speaker encourages companies to explore partnerships and collaborations to maximize their distribution power and create comprehensive solutions for customers.

Summary & Key Takeaways

• Everything will become a super app, with companies partnering to understand customers and offer new revenue streams.

• Commerce will be integrated into entertainment apps, allowing users to shop seamlessly while using their favorite platforms.

• Technology will become more embedded in our physical world, with facial recognition for various purposes and interactive advertisements.

• Audio consumption is on the rise, creating opportunities for marketers to create audio-first content and reach a captive audience.