Time share brings wallet share
This week I actually wanted to touch base on Indian consumer spending and behavioral pattern, but unfortunately my laptop stopped working.
Hence I am not able to share that, I could have taken a break but didn't want to break this habit of sharing my notes
For this week, i actually have a short interesting observation and lesson to share
In tech businesses, the only wave to crack higher revenue and greater wallet share is by cracking engagement and retention
One of the largest lenders in china is
a social media app - tik tok
The biggest e-commerce app in China has gaming as a feature
What many folks don't understand is Your product will be replaced by the product that has more engagement.
You're not competing against products that are in your segment but you are actually competing with every tech product out there
Time is limited, so you have to do something to get more time from the consumer, time share follows wallet share
If you can get access to their time, it's easy to get access to their wallets
Understand that Possibilities are endless, the largest Ed tech co, can do fintech for distribution
A largest ecommerce co can solve for fintech and healthtech
A largest lifestyle company could solve for e-commerce, fintech and what not.
(Largest = A product that has much more engagement)
So constantly make efforts for consumers to spend more time on your platform
Experiment content, gaming, apart from just solving your core use case.