While we tend to think of necessity as preceding invention, it can work the other way around. Sometimes consumers and businesses don’t know they need something until they encounter it for the first time and wonder how they’ve been living without it. Not all experiments like this work — many never even see the light of day — but when they do, consumers get faster payments and new ways to experience old ideas, like daily delivery from the milkman.
Businesses have innovation opportunities in new markets where it hasn’t been possible before, giving them the ability to take payments however and whenever they want.
Data:
$10 million: Total funds Alibaba Chairman Jack Ma has put aside to develop entrepreneurial efforts in Africa.
95 percent: Share of card-present transactions handled by myPOS.
90 percent: Portion of blockchain experiments that never go live.
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53 percent: Amount of Canadian consumers who abandon shopping carts in-store or online over friction.
30 hours: End-to-end turn-around time on orders with delivery startup Milk and Eggs.
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